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07/09/2008 15:30:06
Jennifer
Debt Counselor
Re:collection
Sounds like it is with a collection agency which if you pull a credit report you will know which one or call your credit card company. In the past with people I was able to work out deals with the agency for them even a payment plan. Dont ignore it though or it will keep growing and you can get denied in the future for all sorts of loans ie house, car etc.
07/09/2008 15:27:29
support
Administrator
Re:collection
First find out if this has been sold to a collection agency. After seven years, it most likely has been. Your best bet is to try to make a deal with the collection agency. They bought it for a very cheap price and are just trying to make money off you with late fees. The worst thing you can do is keep paying the minimum due to a collection agency. Lots of them are willing to work with you if you're willing to pay a portion of the total due. You can try to offer them the original $300.00 in return for them taking it off your record. It doesn't always work but worth a shot. They might come back and say they'll mark it paid instead. The Fair Credit Reporting Act says standard negative remarks can't stay on your report for more than seven years but they've found ways around this especially if it's still an outstanding debt.
07/07/2008 02:59:48
elaine karth
User
collection
I have an old credit card with a $300 credit. I lost my job and wasn't able to pay; that was 7 years ago. I paid and paid and paid far beyond my $300. the balance is about $3000 and I do not want to may anymore. My credit is terrible, but that card is a dark hole. What will happen if I don't pay?
