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Old 09-18-2020, 10:27 AM
 
35 posts, read 24,073 times
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Hi guys, I was wondering what happens to old debts that fell off your credit report? When I was younger in college I was irresponsible and took out multiple cards and went into debt.Fast forward 10 years and I have good credit, every payment on time on my new cards. Is it worth trying to track down these old debts and pay them off at this point? They aren’t on my credit report anymore so I don’t even know how I would find them as I believe they were all sold to collection agencies. If I do find the old debts and pay them will they come back on my credit report negatively impacting it ? Thanks
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Old 09-18-2020, 11:59 AM
 
Location: Florida
5,633 posts, read 5,294,429 times
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Since you owe the money it is your responsibility to pay the debt. Does not matter what a third party credit bureau or anyone else doses.
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Old 09-23-2020, 01:29 PM
 
458 posts, read 266,631 times
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Quote:
Originally Posted by rjm1cc View Post
Since you owe the money it is your responsibility to pay the debt. Does not matter what a third party credit bureau or anyone else doses.
I will disagree simply because the OP will not be paying the debt to the person he/she originally borrowed from. They were sold for pennies on the dollar maybe a couple of times in the intervening years.

The original lender wouldn't know what to do with your payment so the person you would be paying would be a third party to whom you have very little moral responsibility. And it won't affect your credit history except to maybe reactivate these zombie debts' clocks to make them look like fresh defaults based on when they were paid off.

Sometimes you have to let the moral thing sort itself out in other ways. I'd say this is one of those times. You got a second chance, so to speak, so be grateful and maybe even generous to someone who hasn't and needs a little help to keep the lights or something on.
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Old 09-25-2020, 04:27 PM
 
Location: Texas
2,813 posts, read 1,925,776 times
Reputation: 9115
No, all you will accomplish is to open another can of worms.
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Old 09-25-2020, 05:14 PM
 
Location: Victory Mansions, Airstrip One
4,895 posts, read 3,101,834 times
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Quote:
Originally Posted by txfriend View Post
No, all you will accomplish is to open another can of worms.
Yes. It's best to let sleeping worms lie, haha
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Old 09-27-2020, 06:27 PM
 
Location: Lake Norman, NC
8,276 posts, read 12,398,501 times
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Totally agree that you may open a can of worms by trying to settle the dead debt.

I would "pay it forward" as a donation to a good cause versus paying it back.
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Old 10-03-2020, 07:49 AM
 
409 posts, read 141,415 times
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I would contact them first and do what is right.
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Old 10-05-2020, 08:38 AM
 
24,248 posts, read 7,749,015 times
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Quote:
Originally Posted by Deuce88 View Post
I would contact them first and do what is right.
If its a situation where the place they owed the money to, had sold off the debt to an 'old debt buyer'...it would not be the 'right thing' to contact them and attempt to pay the debt.


Since they have sold the debt off, means, they have already 'washed their hands of the debt', and/or been compensated fairly for the debt.


Ive seen 'zombie debts' before that have vanished into thin air without a trace! Ive posted about this in the past, but my ex wife had an entire vehicle loan VANISH years ago, it happened when she tried to make the 3rd payment (3 months from time of purchase), they would not acknowledge the loan was theirs, even though the county courthouse listed them as the lien holder, (they claimed the courthouse was wrong). LOL


It caused my ex wife problems for a little while, when she went to pay the taxes/tags on other vehicles, sometimes this vehicle would pop up, eventually though, the DMV removed the lien (even though it had not been paid)...no one was claiming ownership of the lien, the lady at the courthouse told us, loans do fall thru the cracks from time to time.
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