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It’s Not Fair That I’m Paying Back Really Old Debt. – C

Written by Steve Rhode

“Dear Steve,

A divorce in 2005 caused a significant nose dive to my credit. I am now financially secure to pay my creditors (department cards, one revolving bank card, student loans). 2005 seems to continues to haunt me. I had two major credit cards default. Both card account are no longer on my credit report.

Card #1 I have made no attempt to repair, going with the 7 year disappear method (appears to have worked). Card #2, no longer on my credit reports. However, I have been working with Dynamic Recovery solutions for the past year who are working to collect on card #2. I did agree on payments and foolishly paying 800.00 more than the original debt was worth.

I immaturely murmur “it’s not fair” when I think of this issue. It’s an expired debt and I’m paying more than needed I feel. They are not reporting my good payments to my credit. stating it will show after i am done paying it will reflect postive.I could settle with them, bu t I’m scared that it will reflect negative on my credit. I don’t know what to do. I feel cheated.

Card #1 collectors are now contacting me for recovery. However, Card #1 has expired And off my credit. Will ignoring the collectors damage my credit?

Card #2- if I cancel payments to dynamic recovery solutions because I’m paying an expired debt, will it affect my credit? Well, can I even do that?

Much appreciation!!!


money down the drain

Dear C,

The first card sounds like it might be outside the statute of limitations for suing you for but they can attempt to collect till the end of time. I’d check on what the statute of limitations are in your state.

The second card, well since you acknowledged the debt and started making payment the clock restarted on the statute of limitations. You are stuck dealing with that one now. I suspect the $800 was additional interest, fees and penalties that accrued during the default.

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If you had cash on hand you could attempt to settle the balance due for less than you owe but the amount forgive could be reported as a bad debt on your credit report.

Probably the best bet at this point is to finish paying off the second card. And I don’t really think that’s money down the drain.

I hope you realize this ultimately isn’t a matter of fairness. Don’t load it up emotionally. And you haven’t been cheated either. All that has happened was you agreed to repay and old debt and you are carrying through on that plan.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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