debt debt debt

[bob12345]

What is the name of your state?

I am a resident of the state of Michigan.
I am currently in the Army and am living in the state of North Carolina.

Before coming into the Army in late 2000, I gathered a whole lot of debt. I have paid off a lot of it but, the one big bill I have is with Chase Bank credit cards. It has been years now and i need to contact them or someone so I can find out how to start paying them off on a monthly payment or something. I am wondering if they have sold the debt to someone else and also about any late fees and interest and debt collection fees that have been added to this debt since the original owner chase bank. I can make payments now but not if I have 30,000 dollars in fees and such.


Bob12345

Lets see this is 2005 and in 2007 itll drop off of your credit report?Think about it!

[bob12345]

I understand that absconder but i consider myself pretty much an honest person I do owe these people , but i am wondering about all the fees if any

[Ladynred]

Exactly WHEN did you last pay the ORIGINAL CREDITORS on these debts ??

If its truly been years, then all of them have been charged-off and made the rounds of several junk debt buyers and collection agencies. The longer its been circulating, the LESS the last one paid for it. For a debt that's 5-6 years old, they pay pennies or less on the dollar for the debt.

Pull your credit reports - all 3 of them and don't get a tri-merge, they lack critical details. See what's being reported for date of last activity on each account. You may be close to the expiration of the MI SOL (if that's your home of record), and if that's true, I'd be less inclined to pay them anything.

[Debt Guy]

Bob,

The previous posters are correct that your debt is probably past or close to the statute of limitations. In that case, you have no legal obligation to pay anything.

If it is a matter of conscience to you, then you can always pay whatever you think is right and you can pay it whenever you wish. Don't sweat the fees.

If you pay outside the SOL, I would encourage that you make your payment to the original creditor instead of any subsequent buyer of the debt. As Ladynred pointed out, these companies buy debt for 5 cents on the dollar and they prey upon the unfortunate and the uninformed.

If you send money to the orginal creditor, don't expect them to be impressed or to care. They are just too big and no one cares.

Besides, credit cards are the single most profitable product banks have. The profits are enormous -- and I mean gigantic, titantic and over the top. Their losses, from people just like you, are figured into their pricing and the expect and anticipate a given volume of loss every single year. Still, even after the loss, they are incredibly profitable.

They also have tremendous political influence. The "bankruptcy reform" that is pending before Congress and will soon be signed by the President, is nothing more than a transfer of wealth from the middle and lower class to a handful of banks. Trust me, their pockets are stuffed with politicians who are willing to do the bidding of the banks in exchange for campaign contributions that represent only a tiny sliver of profits. Our government has truly sold out the unfortunate in our society.

Also, paying will get you no brownie points on your credit report. You are the only person who will ever know that you paid a debt that had expired the SOL.

If your sense of honor calls you to do this, fine. I respect you for your conscience.

Also, I want to thank you for your service to our country. I am no fan of our entanglement in Iraq and think it is a political mistake as was Vietnam. But, I know all too well the duty of a warrior to go where he is told and do as he is told -- and to do it with conviction that his duty to the chain of command and the constitution rises above discomfort and risk. Semper Fi. Anchors Aweigh. Hoorah. God bless you and keep you from harm.