eBay Collections

[justiiin]

A collections agency sent me a letter the other day for roughly $575 past due owed to eBay for auction fees.

I acquired this bill while running a business on eBay as a high school student. $500-$600 was my typical monthly bill and I just didn't pay the last one when I "closed up shop."

eBay closed my account (which was *quite* valuable given the thousands of positive feedbacks and repeat customers) and I figured we were even and that was the end of it.

I once got a letter from a lawyer (easily 2+ years ago) about the bill. Something like pay or get sued, I'm not sure. I never responded and never heard another thing about it.

My questions are:
1) Does my minor status at the time of taking on the debt matter?
2) If this goes on my credit report how long will it be before it comes off?
-2a) Would that start from the time of the debt or from the time of it being filed?
3) How bad would this be on a credit report? Because I'm not so sure I can foot $575 or even a fractional settlement of it (e.g. $300) right now.

Of course, any other advice is appreciated.

 

[NYClex]

Well, it probably is time to grow up and face your responsibilities.

1) It depends on a couple of factors: the contract, the way the contract was formed, the substance of the contract and how old you are now and how long you thought you could afford not to care. Some contracts can be "disaffirmed" by a minor, but you can only disaffirm until a short while after you reached legal age. Being silent about the contract longer than that reasonable short period means you affirmed the contract.

2) It will go on your credit report and will stay there 7 years from the moment it gets on.

3) An unpaid debt referred to collection is about the worst entry you can have on your credit report. Not a very smart way to start into a financially sound future.