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If I have bills in collection from when I was unemployed should I pay them off now or just wait the 7 years for them to go away?
9 Answers
- 2 years ago
Well, if you pay them off, they will be marked as paid. If you wait 7 years, then they will be listed as unpaid.
If they sue you, then the amount owed becomes a lot higher.
- ShayLv 72 years ago
Not every bill "goes away" in 7 years. You need to look up the statute of limitations on debt for your state to find out how long they actually have to try to collect debts from you.
Some debt collectors will TAKE YOU TO COURT and if that happens, you will owe the original debt plus court costs plus more interest added to the original debt and the court costs. Your check could be garnished and the court gets to decide the payment amount - not you.
Any debts that are over $1000 are more likely to take you to court than any debts under $1000. BUT - that doesn't mean a debt collector won't take you to court for less.
- Anonymous2 years ago
If you ever expect to rebuild your credit rating, you should pay them off.
- babyboomer1001Lv 72 years ago
That's a myth. They won't just go away. They are waiting until you get a job so that they can sue you and collect their money. Pay your debts.
Source(s): Certified Paralegal, with 25+ years' experience. - Anonymous2 years ago
If you plan on buying a house they will have to be paid if they are still showing up.