Re: Bankruptcy...or wait it out...or re-pay????

Posted by Why Chat (209.240.198.61) on September 23, 2003 at 23:24:47:

In Reply to: Bankruptcy...or wait it out...or re-pay???? posted by gundy on September 23, 2003 at 22:55:44:

Your 6 year Wisconsin SOL is past, your 4 year Florida SOL passed 2 years ago.

There is no longer any legal obligation to pay these debts.

If you DID decide to try to pay to your original creditors, you will find they wrote them off years ago and obtained a tax break on the loss.

The early collection agencies who bought you debts for 10¢ on the $, have since resold them to the bottom feeders of the industry for about 1/10 of a ¢ on the $.

Your best best is to
1- "opt out" this prevents the CRA's from marketing yor ame and address to others, including these bottom feeders who illegally reage and reinsert accounts.

2- wait a month for the opt out to take effect, then get your credit reports and check for errors and reaging of accounts.
dispute any errors.

3- if you are contacted by a collection agency, DO NOT believe a word they say, get their addreess and sen them the SOL letter from my website. (scroll down to 9/20 and look for the *Newcomers* post)
4- take the funds you were planning to give to a BK lawyer or a lowlife collection agency and use the $$ for something worthwhile in your community,an animal shelter or homeless shelter.

5- your credit will be fine in another year or 2 if you follow these suggestions.

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