Posts Tagged ‘collections’
Best answer from question by Kevin S:
Answer by Toni
I wouldn’t worry too much about it.
The inquiries only affect your score by 1 or 2 points (if you have good credit), up to 5 if your credit is bad.
They affect your score for one year only, although they will show up for 2.
No major damage if you have good credit going.
Sounds like they are selling the debt to a bottom feeding shark.
These companies know that most people don’t know about the SOL.
And they know they can scare people into paying.
Ignore it, but keep an eye on your credit reports in case it shows up.
If it does, just dispute it by putting “over the SOL – please remove”…
Best answer from question by Kimberly [mom to 3] ♥:
Answer by CatDad
It’s impossible to tell when they will initiate action…if at all…but if they decide to do this they must give you 30 days written notice. Student loan debt collectors can garnish your wages at up to 15% and they don’t need a court order to do it.
To poster below: Unless you know this person’s circumstances then please don’t lecture. A lot of people are hurting in this economy.
Best answer from question by rocagirl1021:
Answer by oregonmadisons
first day defaulted? dont sweat it.
As A collection agent the key is communication, call them- let them know the status and just give them a “PTP” promise to pay by X date- dont get yourself nervous over it!