Question

As far as accounts in collections how old should they be before I just let them stay there. I have two that are still six years old should I just let them go and worry about the two that are three years or less ? Yes I know I was bad even last year thank God for The budget mom

Answer 1

Eventually they will take you to court, where you could have wages or income taxes garnished, bank accounts affected and be responsible for the fees tacked on. Take care of it before it gets to that point.  

Comments

@deflocculate I’ve had that happen before and I’m trying to prevent it now that I’m better I just wanted to know if I should really worry about the ones that are 6 years old

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@ferdie I would be super concerned

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@deflocculate I am I’m starting a new job Monday and don’t want any garnishments when I start

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@ferdie they have to take you to court before a garnishment starts. Now if you ignore a summons they could garnish without your agreement. but they make multiple attempts to contact before that happens.  

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@deflocculate the funny thing is in the past I’ve never gotten anything it’s been weird

Answer 2

I've been in your position. It's tough. You can do this! My first recommendation is to check your state's statute of limitations. My state is 5 (or maybe 7? ) years. So, basically if it has gone 5(or 7) years with no payment or contact at all, they cannot take you to court. Each state has different laws. Do your research. If it were me and there was a similar statute of limitations, I would work on the more recent accounts. (This doesn't apply to federal student loans. )

Answer 3

Thank you  

Answer 4

I had one that was about five years old show up and when I called the collection company to get more detail so I could take care of it, they could not locate the information. So I disputed it and it was gone the next month.  

Comments

@locomobile I’ve disputed them on credit karma and they always come back valid

Answer 5

Having a family who owns a collection company, i would suggest you pay what is due. If they have communicated with you recently, it won’t be uncollectible any time soon. It’s up to the discretion of the collection company if they want to pursue court action. And if they have already purchased your debt, there’s a good chance they want to recoup those costs.  

Answer 6

I would pay them - they’re you’re debt that you accrued. However, you don’t have to pay the full amount. They will more than likely take much less and it will be considered settled. The reason why I suggest this is because statue of limitations also extends to how long they can sue you. My state, for example, can sue up to 15 years. So the 7 year thing doesn’t really apply.