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Defaulted Credit Accounts and repayments?
I had a defaulted credit account and I arranged with the crediitors to pay a little each month. It has now been 6 years since the default account occurred and it has now been removed from my credit report. Do I still need to keep paying the creditors since the defaulted account has been removed from the credit report? Thanks for all our advice ;) ;)
2 Answers
- Anonymous1 decade agoFavorite Answer
The fact that the information has come off your report does not affect your obligation to pay.
I would finish paying it off.
Why?
Because they could turn around and sell the remaining amount owed to a collection agency and then that would be on your credit reports for the next 7 years.
The creditors are actually doing you a huge favor, believe it or not. I hear all the time from people having bills they paid years ago that cannot get the information removed from their credit reports.
You did not say which state you live in. If you are in a state with a long Statute of Limitations, then you might even get sued for the remaining amount owed if you just stopped paying.
- 1 decade ago
If it is a credit card or personal loan you could possibly get it legally cancelled altogether. Go to www.bdebtfree.info and they will help you.
