3 Reasons Why You Should Not Pay Your Debt - Mobile Cell Deals
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3 Reasons Why You Should Not Pay Your Debt

24 Dec 3 Reasons Why You Should Not Pay Your Debt

Paying off an old collection or charge off will increase your credit score.
This is a huge MYTH!

Effects of Paying
When you pay an older collection account or charge-off account, your credit score most likely will suffer.
Think twice before paying off an old collection or charge off. By paying your debt, it renews the date of last activity. The collection company or creditors can now report the account for another 7 years.

Everyone knows debt collections are bad for your credit score. Any past due accounts including debt collections have negative effects. These accounts report on your credit report for up to7 years. As accounts age, they have less and less impact on your credit score.

Many consumers believe by paying off collections or charge-off accounts, that it will raise their credit scores. It certainly seems logical; however it is far from the truth. If you are concerned about your credit score, paying off debts prior to obtaining any other type of loan or mortgage can greatly hurt your credit score.
Ultimately, if it is an older account when paid off (or payments are made on the account), by doing so can be devastating to ones credit score. The recent activity of any derogatory item has a big impact on how it effects your overall credit score.

Is the Debt Still Valid?
After a certain period of inactivity on an account, a debt becomes time-barred and debt collectors can no longer sue you for it. This period is known as “the statute of limitations on debt” and varies by state. If the statute of limitations has passed, it is illegal for a debt collector or creditor to sue you.

You need to be careful in communicating with a debt collector because the debt statute of limitations can easily be restarted by acknowledging that you owe the debt, making a payment, entering a payment plan, making an agreement to pay or making a charge on the account.

After 7 Years
Collection and charge-off accounts should only remain on your credit report for 7 years. It is important to check your credit reports as the credit bureaus often continue reporting these derogatory accounts over the 7 year limit.

If you have any questions regarding collection accounts on your credit reports, call our office today for your complimentary credit consultation. We look forward to hearing from you. 480-502-5554

LEGAL DISCLAIMER: The advice provided is for informational purposes only. It is not to be construed as Legal Counsel or Legal Advice.

  • richie s
    Posted at 13:31h, 24 December

    Make your dept as high as you can you can always file bankruptcy just like all the rich people do its just a game it doesn't really matter

  • Straycat Annie
    Posted at 13:31h, 24 December

    I'm so broke that I can't afford to pay attention!

  • lolzomgz1337
    Posted at 13:31h, 24 December

    Pay your bloody debt as a matter of pride.

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    Posted at 13:31h, 24 December

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  • Lisa Pincott
    Posted at 13:31h, 24 December

    Again people not taking responsibilities for their own actions

  • Kevin W
    Posted at 13:31h, 24 December

    I have no debt! Get out of the system folks. BUY METALS! The quicker you exit as much from this corrupt system, the faster you will enjoy life.

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  • Alan Lemmond
    Posted at 13:31h, 24 December

    So "how much" do you charge to "help" people remove something from a credit report? You look like you make a lot of money. WHOPAYS for your service? Not a collection agency, but the person who owes a debt. You want them to pay YOU instead of their own debt. When all the person has to do is call the creditor them self and work something out instead of listening to people like you.

  • Robert Matthews
    Posted at 13:31h, 24 December

    What he failed to mention was borrowing money and not paying it back is the same as stealing. He is advising you to be a thief. If you feel good about stealing, that's your business.

  • ZoM_ 2014
    Posted at 13:31h, 24 December

    how can people claim bankruptcy 5 times yet not even 2 months after still use credit to buy stuff? My mom and dad claimed bankruptcy fuking 10 or 11 years ago and it still says their credit score is trash like WTF. i guess its true, niggers and jews run the world.

  • Steve Richard
    Posted at 13:31h, 24 December

    So what are you saying is i can get an overdraft use it and then never pay back?

  • I'm gaming Mad
    Posted at 13:31h, 24 December

    I don't give a shit about my credit rating anymore, all this credit rating and if you have a low credit scoring you will not be accepted for a contact phone or a loan is total bullshit, all these leader are a bunch of vile parasites, they are the ones who get people into depth and then give u a bad credit scoring and fuck this buy now pay later shit, years ago I got a Apple computer on buy now pay later with very.co.uk and they kept on charging me interest even tho I payed the item off ages ago,this country fucking stink there are too many money grabbing,vile,parisites.

  • andy pincince
    Posted at 13:31h, 24 December

    Have not used a "sucker" credit card in about 10 years..love it!

  • Mojo Mojo
    Posted at 13:31h, 24 December

    People need to stop thinking their lives revolve around a credit score

  • luminor007
    Posted at 13:31h, 24 December

    You cant beat the feeling of being debt free.

  • Delightful Travellers
    Posted at 13:31h, 24 December

    Amazing video. Well done! We really loved it.

  • charles reinhardt
    Posted at 13:31h, 24 December

    Pay off all credit. Forget your credit score. If you cant afford something save for it and just buy it.

  • Kazi Arif Ur Rahman
    Posted at 13:31h, 24 December

    I do not get satisfactory answer about bank related question.

  • Jack Handy
    Posted at 13:31h, 24 December

    I am on ssdi and have two judgments for old hospital bills that total about $10000 they said they would settle for 10000 is there anyway i can get a lawyer to negotiate it down ? They have no way to collect and they judgments are 7 years old and 4 years old and they wont come down at all? does this even make sense since they probably only paid about 10 cents on the dollar for this old junk debt – Im not willing to pay 10k for something they bout for about 1k thats extortion isnt it??

  • Steven Miller
    Posted at 13:31h, 24 December

    Here's an idea, unless it's a mistake and not your debt pay your damn bills like an adult. All kinds of people on YouTube advising people to be deadbeats. Is that really how you people were raised?

  • LoneliestPunk
    Posted at 13:31h, 24 December

    TO be clear, The NEGATIVE remarks can only stay on your history for a maximum of 7 years! the clock doesnt reset on the initial delequincy. its set and THAT is ITTTTT!. 7 years from that date. but be careful if you start paying on it then pay it on time because if you are late or dont pay it then you will start another deliquincy and have another 7 years

  • Apple 8 Bit
    Posted at 13:31h, 24 December

    wow they mailed me and I'm only 12 and don't have a credit account or card lmao

  • Riley Madeline
    Posted at 13:31h, 24 December

    *Question* I had a poor credit score from a previous credit card that went to collections and I paid it off (beginning of 2015) I don't want to have any credit cards (I follow Dave Ramsey's money tips) but I think that's the only way to boost my credit score. Should I get a secure card just to boost my credit and then pay that all off?

  • Paden Conner
    Posted at 13:31h, 24 December

    Why the hell is this in my recommendations?

  • working shlub
    Posted at 13:31h, 24 December

    screw credit cards…..cash only ..why play with snakes?

  • HEL LO
    Posted at 13:31h, 24 December

    Thank you your helping me, helping my sister!

  • Ibbe Me
    Posted at 13:31h, 24 December

    do not pay credit collection agencies they are toothless!
    nothing will happen to you, your debt is already been paid by them for pennies on the dollar

  • Ben Chesterman
    Posted at 13:31h, 24 December

    Cause more unemployment

  • Sadik Meah
    Posted at 13:31h, 24 December

    It's amazing how he can talk and balance that ball on his head at the same time!
    ? ?

  • Abraham Sanchez
    Posted at 13:31h, 24 December

    Thanks for the tip i just have a question i recently been sent to collectin for 400… Should i call them and pay them ? I dont know what to do i dont wanna lose my good credit of 740

  • Mustang98 3919
    Posted at 13:31h, 24 December

    I have debt 4212 I don't pay shit I have the money but fuck them

  • The Way144K Productions
    Posted at 13:31h, 24 December

    We are not to have debt (of any kind), as scriptures tells us. I had a massive debt and as soon as I was able, I paid it off clean. Aaaah freedom… where no credit scores are needed!

  • Sea Life
    Posted at 13:31h, 24 December

    Great video thank you.. I have 1 credit card debt that I had to stop paying for medical reasons and was sued, they won a judgement, and my bank account was garnished 4 years ago only once of $1100:-(… I'm self employed so they cant touch my wages.. Is this supposed to just drop off my credit report completely after 7 years automatically and do you think they will ever garnish my bank account again??.I only keep bill money in there at a minimum now, I live in Nevada.. Thank you for your advice..

  • Reality TV Clips
    Posted at 13:31h, 24 December

    The collection company does not have a contract with YOU until you enter into an agreement for payment which produces a contract. They don't hold the original debt contract and therefore cannot collect on it if you know the laws. Few do. All they have is the last statement which does not PROVE you are the original holder of the debt in court. You can easily say it is ID fraud acct as they have no way to prove otherwise. Without a contract from the bank issuer, proof of any purchases for you to contest, or an agreement with the collection agency……………..there is NO justifiable claim by them in any court! Learn the laws………….DONT" ever enter into a payment agreement with ANY credit collection agency!! Show up to court and compel them to show the original contract from the bank or a contract from the collection agency who is suing you where you have entered into an agreement with YOU. There is NONE, and they simply have NO case to collect anything. Period! Don't let then scare you into getting into an agreement contract with the credit collectors. Don't talk to them outside of the court room for ANY reason. Write a letter asking that they prove you are responsible with the original contract from the issuer as proof as well as the contract you have with them (there is none) proving they have a right to collect it. You will get the only thing they have…….A statement! They will act like they are on your side and they ARENT!! Either way, your credit is destroyed so why bother!! They bought your "debt" for pennies on the dollar and the bank wrote if off anyway.

    Posted at 13:31h, 24 December

    Contact Lexington Law firm. Get your credit score back first. Than, negotiate through them the debt. If you have ID theft don't ever pay your bills. Just show your police filed report and keep track of it. Through them. The debt will go away.

  • S. L. BERRY, C.E.O
    Posted at 13:31h, 24 December

    You're so sweet.

  • S. L. BERRY, C.E.O
    Posted at 13:31h, 24 December

    Thank you Nick.

  • Derrick Mclennon
    Posted at 13:31h, 24 December


  • geminibham Harris
    Posted at 13:31h, 24 December

    I wanted to know I have a collection that will be 7 years old in Jan 2017. I've disputed the validation of collections before and luckily they weren't able to be validated so therefore they were removed. I guess my question is by it being so close to the 7 year mark would you suggest I send a dispute letter to the collection agency or, don't make contact with the collector and wait until the 7 year mark and wait until it comes off!! I'm hoping to buy a home soon please help!!!!

  • Huboons
    Posted at 13:31h, 24 December

    You didn't pay your agreed to responsibilities, your credit rating SHOULD go down. Do not listen to this fucktard. Stay out of debt unless you KNOW you can pay. Not getting a worthless degree like Journalism or Women's studies will go a long way towards keeping you out of debt.

  • donald cook
    Posted at 13:31h, 24 December

    Are you a fraud

  • HolzMichel
    Posted at 13:31h, 24 December

    Hey Mick,
    great tips, do you have any on how to best deal with student loan defaults? i am working overseas and make just enough to keep my head above water and am unable to service my student loan. when i get back stateside i hope to get a job but that is purely speculative at this point as employers generally don't hire anyone over 45.


  • Harry
    Posted at 13:31h, 24 December

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  • Λυών אלטון
    Posted at 13:31h, 24 December