Reply to Outstanding Debts from 199...????

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Reply to "Outstanding Debts from 199...????"

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[quote=Anonymous][quote=Anonymous]You may officially "owe" the money - it is just uncollectable (creditor cannot sue you for the debt).  So the debt may appear on your credit report money owed (and reflected in your debt to equity ratio).  Your credit report is meant to report your payment history, so a failure to pay from more than 7 years ago should not appear.

FYI - it is [b]7 years from the last payment,[/b] and if you make a new agreement to pay old debt that you no longer or required to pay, you can basically restart the clock.[/quote]

Seven years plus a bit, because the date of default will be sometime after the date of last payment.  I actually don't believe that, in Virginia, partial payment restarts the statute of limitations. The debt collectors think it does, that's why they try to get you to pay even only $20 on these very old debts. It is actually the case of paying a little bit can leave you much worse off than paying nothing at all, from a legal standpoint.  That's why all the people above saying that you have a moral obligation to pay off the debt are just ridiculous. Deck collectors take advantage of people's ignorance pure and simple. [/quote]

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