Old credit card debt?

I made mistakes when I was young owing several credit cards debts ranged from $2000 to $3000 each. That was in 1992. I left the country right after and return in 2001. In 2004, I pull out my credit report and nothing bad was shown except several inquiries. Recently I received a letter from a collection agent demanding and offering a 1/3 payment of original debt amount within 30 days. Should I pay for it? I am not trying to bury my head this time but I don%26#039;t want other creditors follow either. If I decided to pay, how should I negotiate with them and make sure all the old debts go away. Thanks.

Old credit card debt?cheap loans

The debts are beyond the reporting period and cannot be put back on your credit report.

While the number of years would seem to make the debt beyond the Statute of Limitations (SOL), the timeframe to bring lawsuit, leaving the country may have tolled the SOL. Meaning put the clock on hold while you were out of the country. So these old debts could come back.

On debts this old, you should be able to settle for less than 1/3. The collection agency only paid pennies on the dollar for that debt. Offer about 20% or 25%. Point out that the debts are long past the SOL. Get a written settlement agreement and don%26#039;t give them access to your bank account.

Or you could just send them a cease and desist letter. They would have to stop contacting you and would probably just sell the debt off to another collector.

Old credit card debt?

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Although, in good conscience, you owe this money (shame on you for being dishonest!), I don%26#039;t believe that, legally, anyone can force you to pay after all this time. Have you applied for a credit card since you returned here? If your application is rejected, that will let you know your credit report may not be accurate. I would begin to establish a good credit record by purchasing an item to be paid off in instalments but gives you the option to pay the balance in full. If this requires 12 payments, for an item, pay it off in 8 - this will be reflected on your credit report as a %26quot;positive%26quot;.|||You should probably pay the credit companies...especially if their riding your case...because even if the debt doesn%26#039;t show up currently on credit report they could always put it on there. Paying the settlement the collection agency offered you would be a good idea. If the debt were to show up on your credit report and you had settled the account it would show up in a better way...than not have paying anything on it. Once a settlement is reached and you pay it...they account is closed out., and it is illegal for the creditor to contact you anymore. It might be good to have cease %26amp; desist letter signed though. Just to be on the safe side. Did you check your credit report from all 3 credit reporting agencies, because some creditors don%26#039;t report to all 3 of the agencies.|||1. You are past the Statute of Limitations in all 50 states for credit card debt. This means that they can%26#039;t sue you no matter what they might threaten. (They can try to sue you, but the case wouldn%26#039;t go anywhere)

2. They can not add the debts back to your credit report. Adding the debts at this time would be in violation of the Fair Debt Collection Act.

3. You should pay the debts, not because the creditors are asking you to, but because it%26#039;s the right thing to do. Come up with an amount that you can afford to pay on each debt and call each collection agency. Tell them the amount you will settle for. Either they%26#039;ll take it or they won%26#039;t, but it%26#039;s best for them to take it since they have no means of legal recourse against you. (Beyond those same companies not extending you credit again.)