Debt Collections

Hi Needtaknow,

Welcome to the debt consolidation care forum.

Quote:

If a collection company doesn't accept a settlement for 40% or more and the account is 72 month's old or more, does the consumer have to pay the debt at all?

This approach on your part is not advisable. It is the responsibility of all the debtors to try and clear their debts. Escaping from debts is a negative sign altogether.

A person can get rid of his debts after 7 years only when the collection agencies does not knock at your door for collection of this particular amount that you owe during this 7 years time span or the Original Creditor is silent on this matter.

Otherwise, it is required on your part to approach a debt consolidation firm where your debt amount will be revised and all your late fees and additional taxes will be eliminated. The other option you can opt for is by enrolling for debt settlement1. While undergoing debt settlement process all your debts will be handled by the debt settlement companies and you do not have to interact with the creditors directly.

However, it is highly ethical for you to know that, you are responsible for your debts and need to clean them up with professional help if you fail to handle them alone.

You can also check our "Do it yourself" which will give you a step by step guidance to overcome your debt burdened conditions.

Your account can only be deleted or overlooked if during the 7 years span there had been no communication regarding this outstanding debt.

Feel free to clarify further queries and we would appreciate your active participation in the forum by sharing your experience and insights with other members here.

Cheers,
Jason