Hey folks my name is Justin and I am not a lawyer. I do not have a law background and being honest the matter I am about to describe makes me wish I had gone to law school.
I will preface this dissertation by saying that I made this dumb decision as a Sophomore in college, while entrenched in my finance courses. I've dug through law books at libraries and scoured the web, to no avail. I've had friends of mine who are junior lawyers attempt to answer my conundrum but haven't found a straight answer.
So one day myself and a good friend walk into a Yamaha dealership, I sit down on a brand new dirtbike, I say, "Man I wish I could afford this I've always wanted my own bike." From across the room I hear a girls voice say, "You can FINANCE it." My reply, "Yeh, you bet, I have 1 credit card with a small line and I hardly use it." Lets just run it and see what happens. I get approved for $6000 and walk out the store with a $5200 bike and a shiny new helmet. Here's the terms. $69.99 a month for 2yrs apr 21.69. Real dumb, I know. I rode the hell out of that bike for 5 months, made 2 pmts on it and was late on the 3rd. My 70 a month quickly shot to $150 a month. I stopped paying! The bike got repossessed.
It was 2007 when I made the purchase, I have absolutely zero records of the purchase mainly due to the fact I drank way too much and didn't see keeping track of my bills, as a priority. I need help figuring out how to handle this situation. The debt is obviously in collections, I was getting calls for a while but it's been almost a year since the last call.
I have heard that if the debt sits for 7 yrs it gets removed from your report or at least stops affecting your score. Is there any truth to this? I'm just looking for someone that knows what they are actually talking about to help me out. I live in Georgia and am willing to pay someone for the right advice. This issue is like a mosquito that just won't quit buzzing around your head, and I would like to kill it dead.
I will preface this dissertation by saying that I made this dumb decision as a Sophomore in college, while entrenched in my finance courses. I've dug through law books at libraries and scoured the web, to no avail. I've had friends of mine who are junior lawyers attempt to answer my conundrum but haven't found a straight answer.
So one day myself and a good friend walk into a Yamaha dealership, I sit down on a brand new dirtbike, I say, "Man I wish I could afford this I've always wanted my own bike." From across the room I hear a girls voice say, "You can FINANCE it." My reply, "Yeh, you bet, I have 1 credit card with a small line and I hardly use it." Lets just run it and see what happens. I get approved for $6000 and walk out the store with a $5200 bike and a shiny new helmet. Here's the terms. $69.99 a month for 2yrs apr 21.69. Real dumb, I know. I rode the hell out of that bike for 5 months, made 2 pmts on it and was late on the 3rd. My 70 a month quickly shot to $150 a month. I stopped paying! The bike got repossessed.
It was 2007 when I made the purchase, I have absolutely zero records of the purchase mainly due to the fact I drank way too much and didn't see keeping track of my bills, as a priority. I need help figuring out how to handle this situation. The debt is obviously in collections, I was getting calls for a while but it's been almost a year since the last call.
I have heard that if the debt sits for 7 yrs it gets removed from your report or at least stops affecting your score. Is there any truth to this? I'm just looking for someone that knows what they are actually talking about to help me out. I live in Georgia and am willing to pay someone for the right advice. This issue is like a mosquito that just won't quit buzzing around your head, and I would like to kill it dead.
