Is this true?

[longsally111]

What is the name of your state? South Carolina

Is it true that you get penalized for trying to do the right thing?
Some of our debt was incurred 3-5 years ago and has been on our credit report that long. There is no wage garnishment in South Carolina and the sol has run out to do anything legally.
We are now in a position to try to pay and my husband looked online and stated that it says if we start trying to pay them, the SOL starts over again and it could make things worse for us. He thinks we should leave well enough alone. The debt is unsecured, charged off and will be off our credit report in 2 years anyway.
Is it true? If so, the companies are screwing themselves with this law. I would have thought they would be more willing to have their money than worry about what is on the credit report.
Any ideas on this?

 

[justalayman]

Is it true? If so, the companies are screwing themselves with this law. I would have thought they would be more willing to have their money than worry about what is on the credit report.

You're right. If you pay the SoL starts again. Although it would seem to screw the collection agencies (actually it screws the original creditor), they are not designed to injure them. They are designed to protect the consumer that after a reasonable time, that if there is no action to collect a debt that the law refuses to enforce the rights to collect.

Basically, if the creditor acts in a reasonable time frame, the SoL becomes so much less important. I haven't checked the statutes in your state but I would presume there are other ways to collect a debt. Apparently you believe you are immune to whatever is available to the collectors. Maybe so.

If you are yearning to have high morals, save up the money and pay when you can. It can affect you credit report negatively though so be careful what you do.

 

[longsally111]

exactly

I haven't checked the statutes in your state but I would presume there are other ways to collect a debt. Apparently you believe you are immune to whatever is available to the collectors. Maybe so.

No, its not that I am immune but if they were going to get me, they would have done so by now. It would not do a bit of good to sue me now over a 5 year old debt. It would be thrown out.

It can affect you credit report negatively though so be careful what you do.

My point exactly. It has taken us years to get back to having a good credit rating. We just got a new car at the interest rate that everyone else pays and could build up debt again but we learned our lesson. We pay cash for EVERYTHING and charge nothing. If we cant pay for it now, we dont need it. WE don't want to ruin our credit again by "trying to do the right thing"