christophera

Dealing with Calvary on very old debt

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I have a debt of $6500 that went into collection with Calvary a long time ago, it's set to drop off my credit report (7 year time limit) in July 2017.  The debt is way past my state's statue of limitations.

My wife and I will be buying a house and I'd like that loan to be in both our names, but I would need to get this debt off my report.

Is it worthwhile to offer Calvary a low amount, $500, to delete it from my report? Do they ever go for something like that? If so, how do I go about offering it to them?

It's not worth me paying thousands, we'll just put the mortgage in my wife's name rather than do that, but for $500 or so, if I could put it in both our names it would be worthwhile.

Thanks for any thoughts on this.

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I would never pay a dime on a debt past SOL and reset the time limit allowing them to sell the debt to another party to come after me for the full amount all over again.  If this were me, I would check very carefully that they have the correct default date.   I would dispute the debt as either too old to report or on some error I might find on it.  It may be close enough to the 7 year period that the CRAs remove it just to avoid the hassle.  If they verify the TL after my dispute, I send an MOV letter.  Sometimes that works to remove stubborn TLs.

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They wouldn't settle for that anyway. They know people who want to buy homes and such, this gives them the upper hand. do as fist says, otherwise, wait for it to fall off.

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Thank you fisthardcheese and shelliah98.

Sorry for the late reply here, my home was flooded in hurricane matthew and been juggling lots of things. 

So.... I've gone through my credit reports (this debt is the only negative I have). The default date is correct and the amount is unchanged from the original debt.

Would you still dispute it as too old and hope they just drop it?  Seems like that would just make them hold on tighter knowing that I was looking at it....

Thanks again for your thoughts on this.

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They legally can not report it beyond July 2017, so it really doesn't matter how "upset" they get if you dispute it.  They also can't sue you, so there is nothing for them to legally do about it.

I would send a dispute to the CRAs as too old to report and just see what happens.  It will either be removed now or you wait until July and it will be removed anyway. If they don't remove it after July it is a violation of the law and you can force a removal if necessary.

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DO NOT dispute online.  Do it in writing.  Online disputes end up in favor of the creditor about 90% or more of the time.

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Ok, thank you. 

I don't mean to sound like an idiot here, but I don't want to make any mistakes.... I would just send them a letter with my name, ss#, and the account information and tell them I am disputing it and request they take it off because it is too old to report?

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