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The law has an economic logic behind it. Businesses must settle or take action on debts within a specific period of time in order to avoid "clouding the economy" with hangover liabilities and unpredictable claims. There is also the notion of adverse possession (borrowed from the law of real property), which holds that if you know someone is settling on your land, and you take no action for years and years and years, you constructively cede your title to the adverse possessor.
These are large companies with many employees, sophisticated computer systems, attorneys, and plenty of opportunities to pursue any legal claims within the statutes of limitations. If they choose to abandon their rights, that is their decision. They have no excuses. If they try to dance around the law and come back after the allotted time with scare tactics or false claims - shakedown tactics - they deserve to be penalized.
The "pay your bills" moralists are an interesting lot. They seem to be stuck in the 1950's. When you visited your local banker, in person, for a simple interest installment loan. Perhaps you had credit at a mom and pop grocery or pharmacy. Defaulting on those accounts, was indeed a "drag" on the local community. Usually the bank and the merchants would work with the debtor to make things right. These business' knew the consumers personal finances, and would never let the individual acquire more debt than they could handle to begin with.
Times have changed.The moralistic crap has no place in today's environment. Big banks are out for themselves. Money is nothing more than numbers scrolling down a computer monitor, or some value on a magnetic strip.
If the big banks hand out out credit cards to every living human, they deserved to get screwed.
There are much greater threats to society, than some poor soul who can't make a credit card payment to a multi-national bank.
I will be kind but I have to say..why are you spending money on a lawyer (of course the lawyer will take your case and money) for money you admit you never paid and should have paid.
IMo you should call the company and try to settle with them to make monthly payments so you can pay it off and it will be sooner off your credit report than by waiting and still having to pay it. Don't we have to pay what we spend, even if times are worse, if you spend it you have to pay sooner or later. I hope there will be a good solution for both parties.
This one needs some education in regards to The Fair Credit Reporting Act.
I guess a discussion of credit repair techniques would really ruffle some feathers around here.
I will be kind but I have to say..why are you spending money on a lawyer (of course the lawyer will take your case and money) for money you admit you never paid and should have paid.
I agree, American Women have such a sense of entitlement...SMH
If you can't pay cash for something, that's a sign you don't need to be buying it...try living within your means.
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