Originally Posted by
jmagdaleno
I live in Kansas. I know I still need to pay this off but My diability check is very small. I am just hoping they do not place this back on my credit report.
If the debt is still outstanding then it can stay on your credit report indeninately until it is paid current and THEN it can stay there for 7-10 years. It probably fell off your report because it has been 7 years and the lender has not updated their reporting for 7 years. If they realize their latency they may update your credit report (which they should do). I'm surprised they haven't sent a collector after you.
Don't take my word for it, but depending on what it is, they may have written off the debt as a loss on their books and decided not to pursue collecting (sometimes it cost them more to collect than it's worth). You may have lucked out this time. Ethics may says to contact the company and ask for a letter of forgiveness, but sometimes it's better not to stir up a bees nest. There are too many variables for me to know how to advise you (which I am NOT a professional, of which this is all my opinion anyways). I'd relax and move on. If it goes back on your credit report then that mean they want you to pay it still and then I would contact them.
If that happens contact them! Tell them your situation and let them know you need to negotiate something. Things they need to take into consideration are:
- changes in financial status from when they originally loaned the money
- your disability (you don't have to be specific)
- and the length of time they waited to collect
Whatever you do tell them that you will not pay until they agree (IN WRITING) to remove their item from your credit report immediately upon receipt of your payment. AND you may try to negotiate a reduction of the balance owed (sometimes as much as 70-80%!). Whatever you work out get it all in writing.
Good luck and hope this helps with future troubles :)