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You should always pay your debts. Doing so, even on long standing debts, establishes honor and respect for the true nature of money. All the old cliches are true: You don't get something for nothing. You gotta pay what you owe.
Many people believe they can "get away" with not paying a bill. Truth is, that you cannot escape the consequences of your actions. As a credit professional, I work with people everyday who have past-due and unpaid obligations. They never "get away" with anything. The scales always end up balancing out one way or another. These people often end up paying in ways that are much more expensive than if they had simply written a check or established a payment plan with their creditors. Paying your bills doesn't just benefit those you owe, they benefit you by setting up a cycle that brings money and wealth back to you!
If you have a derogatory item from 1999 and you are worried that paying it will extend the time-period it shows on your credit report: Simply work out an arrangement with the creditor to pay in exchange for a deletion off of your credit report entirely. This is possible and would benefit both of you.
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How do you reverse a bad credit history after you paid a debt?
You can write the three credit reporting agencies and report the debt as paid. Usually, the debt holder will write them for you, but you should check that this has been done.
How long does a paid lien stay on credit report?
It should drop off after 7 years, but you should write to the credit reporting angencies to report the payment and provide proof that the debt has been paid and this might expedite removal from your credit report.
If one heir owes a small debt to an estate should the debt be paid before the estate is divided or should the debt be deducted from that beneficiary's share?
You should ask the attorney who is handling the estate. If it is a small estate there may not be any tax consequences either way.
True or false In a bankruptcy the priority debt the debts that the court feels should be paid first are paid then the unsecured debts are added up?
true
Why has your credit score not changed if you have paid off all delinquent debt and have made all mortgage and car payments on time for 4 years?
it might not have changed because of your debt ratio.. meaning, you have paid off your old debts, but you have created new ones.
Is it better to pay a five year old collection or just wait seven years?
Wait the 7 years. This is why. When you pay on an old debt like that the file starts all over again and even though you paid it its still a bad debt it will not help your credit any.
How do you reverse a bad credit history after you paid a debt?
You can write the three credit reporting agencies and report the debt as paid. Usually, the debt holder will write them for you, but you should check that this has been done.
How did the first five presidents deal with national debt and were they successful?
Washington and Adams had to pay interest on the large Revolutionary War debt and the debt rose by about 15% in 12 years. Jefferson reduced it by about 30% due in part to the selling of government land. Madison had to pay for the War of 1812 and the debt went up to new levels. Monroe paid back about 30% of it in his 8 years.
You received a summons from clerk of court giving 20 days to respond on a past credit debt what should you do?
Write a response as to why you haven't paid the debt, or why you should not have to pay the debt.
How long does a debt stay on your credit if the amount is not paid?
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
Has US paid the world war 2 debt?
No, the only country in the world that has paid off a WWII debt is Finland (they made railroad cars and locomotives for the USSR for forty years)
What are consolidation bills?
Consolidation bills are the new bills to be paid after one has gotten into a debt consolidation program. Before debt consolidation one might have five monthly payments on five different loans. After debt consolidation, those five payments are rolled into one payment which is usually lower than the total of the original five.
What is short for a debt to be paid?
An IOU, as in I owe you, is short for a debt to be paid
How long does a paid lien stay on credit report?
It should drop off after 7 years, but you should write to the credit reporting angencies to report the payment and provide proof that the debt has been paid and this might expedite removal from your credit report.
What happens to accounts that have been in collections for 8 or more years?
Check the statute of limitations in your state. I would be asking some other questions: Is it a valid debt? If so, why isn't it paid after 8 years? If it is not, why have you not disputed the debt? A valid debt almost never goes away until it is paid.
Should cancelled debt of the deceased be included in tax filling?
Yes the canceled debt should be included. It is the same as income. Taxes have to be paid on all income.
Can a collection agency sue to collect an old debt?
If the debt has not been paid on in more than seven years than no. Otherwise yes.
