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What are the consequences for not paying off a debt that is in collection?

Answer

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Wiki User
10/10/2007

Depending on the amount that you owe..The collection agency can sue you on behalf of the original creditor and place a lien on your finances or property. If it is a smaller amount generally it will be placed on your credit report and affect your credit rating in a very negative way for the next 7 years which will affect any major purchases you intend on making with credit. Either way, your best bet is to pay the debt!