Should You Pay Old Debts?
Filed Under (General) by on 16-02-2009
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Third, you will want to consider negotiating these debts and attempt to have them removed from your credit report. This is no easy step and will test your negotiation skills. You will want some agreement in writing that states the item will be stricken if the debt is paid. You can even attempt to do this at a lesser amount than the debt owed.
Many times the debt holder is not the original account that you had. This happens as the debt if sold to other agencies who buy it for a lesser amount and then try to collect. These agencies can be very difficult to deal with and you must realize that all they care about is getting paid. Be very careful and never agree to anything you are unsure of. This again is the point you should seek legal advice also you will want all agreements in writing to further protect yourself.
Like stated above, have these old debts will prevent you from getting approved on things such as a home loan. And if you are on the road to financial well being, you should fell some obligation to paying these old debts.