Collection Companies Suck.

Eh..what's the problem here? You posted a question asking if you had to repay a debt and people are calling you for walking away from it. Seems like that's a fairly reasonable series of events.

If I post about how to get out of a speeding ticket, then I am guilty of speeding and people can tell that to me. I'm not going to pretend that I have some great excuse for speeding.

You have walked out on a loan. You owe someone money, and you are not repaying them. What's so difficult about that? Yeah, you might be a great dude now (one of few in OK maybe), but come on -- taking money and not repaying it under the terms of the contract you agreed to is just stealing. It's basic.

Now, whether or not that makes you a horrible person is probably debatable. Personally, I wouldn't jump to that conclusion here...but I would question why you are so ready to get away with not paying the debt. But it's also been 10+ years and we all did stupid **** in college.

Not that you're asking...but in my opinion - You should call and offer to pay the original amount of $500. It's no skin off your back and maybe, just maybe, you'd feel a little better knowing you had fulfilled your obligations.

Then again, that might open a new can of worms with credit score or something, so I'd probably look into how to settle it without causing more harm.

Either way...a sooner is as sooner does.
 
All you people need to drop that moral crap.

This is a financial decision. Morals need not be involved. Laws, consequences and self interest are all that need to be considered.

Creditors don't consider moral character when giving loans, debtors need not consider moral character when repaying loans.

Individuals and businesses break contracts and agreements all the time when it is in their self interest to do so.

Ultimately, the land thief is in the situation he is in right now for whatever reason. Taking into account laws, consequences and self interest, he should not repay. And that's that.
 
Sooner,

I'm going to give you credit for one thing, when you know you're right, you just know it.

Here's an idea. You could call a family meeting. Explain to your wife and kids what you told us and ask them what Daddy should do. Then you'll know where you stand.

Or, if you're lucky enough to still have your Dad, why not call him and ask for his advice.

Perspective ya know.
 
I forgot one other thing in my post. Never under any circumstances pay a collection company. You did not take out the credit with them. They are just trying to make a dime. You can pay the original creditor, if they still exist. Some collection companies try and collect debt even though the original credit company is no longer around.
 
Why dont you take what you owe and give it to charity. I would rather them have it than a collections company and it wont ding your credit score.
 
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