I live in CA and most of my credit problems are wi

I live in CA and most of my credit problems are with past credit cards. The debt is 4 years old (since last activity) which is the legal limit here in CA for the credit card companies to sue.
I anticipate needing to secure a student loan next year. My question is should I try for a pay for delete now or wait until next year to be sure the 4 year statute of limitations has passed? If and when I do pursue the pay for delete, what percentage can I expect to settle for? Since this is an unsecured and possibly expired debt I would expect to have a lot of leverage.
Thank you for your time!

-Danny

2 Answers

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It will certainly be the discretion of the lender as to what amount he'd get it settled for. You may try to explain your current financial situation to your lender and check if he's able to offer a replayment plan with terms that suit your current obligations.


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Any negative item will remain in your credit report for 7 years though the SOL has passed. You can contact your creditor and check out if he agrees to a pay for delete. If he agrees to it, then it's well and good. However, if you start paying the money, the SOL will become active. If you wish to pay it off, then debt settlement is a good option. It will be the discretion of the lender as to what amount he will settle the debts for.


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