I am stuck paying an old 10 year old debt. I naively agree to pay a debt that was not even on my credit;( I have pretty good credit now. I wonder if the debt that was at one point on my credit and dropped off can be put on there a second time.
Country relating to Question: United States
Thank you for your question. What state is this? What type of debt is it?
Texas and it was a Discover card I defaulted on back in the day when I was broke and young.. I naively agreed to an installment plan with Northland group this past year. . I agreed to paid 57.68 for 12 months and they would stop sending me letters and I could stop feeling guilty. I paid for about 7 or 8 months ... I miss one due date this past month cuz my father had a heartattack.... Then they cancel the settle ment and they want to start my settlement over for another year. I said no and they wanted 500. I said no and I offered 200 and they came back with 265.00. So I agreed.... I should of know the law... It wasnt even on my credit but they made me believe it could hurt my credit;( indirectly of course. So now I think by paying last year I started the SOL again last year. No? I am going to pay the 265 cuz I agreed,but I was wondering if discover remained on my Credit Report 7 years ago. If they report that I paid the money will it show back on my credit although it's already been their 7 years??? I have pretty good credit and I am freaked out because Im afraid by correctin a old debt I just hung myself;( please help
Thank you. Payment alone would not reset the Statute of Limitations. It may be that the creditor would not be able to collect on the debt and that it may not affect your credit. Because the debt appears to be beyond the statute of limitations, the only way to renew your obligation is for you to sign an acknowledgment in writing that you owe the debt and agree to repay. (Texas Civil Practice & Remedies Code Section 16.065). You haven't indicated that you signed an agreement, but if you have not signed anything, the creditor may not be able to collect on this debt. If it is reported to the credit bureaus, you can dispute the debt with them.
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I'm sending them a money order for the 265 to get this over and done with. I didn't sign anything in Texas, but they have me on the phone with conversation recorded talking about the debt. Does that renew the SOL ? Can thy report the debt paid in my report although it was already on there for 7 years and dropped off?
No, the statute is clear that the acknowledgment must be in writing, so any oral agreement you made is not binding. Here is a link to the statute so you have it:http://codes.lp.findlaw.com/txstatutes/CP/2/B/16/D/16.065The creditor should not report the debt if it is past the statute of limitations, and if they do so, you can dispute it.
You are wonderful!! Thank you!!
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