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shirlj218



Joined: 18 Sep 2009
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Posts: 1



22 Magic Points
Subject: Should I accept the settlement?
 
 Posted on Fri Sep 18, 2009 11:03 pm  
i receive a debt letter for a 15 year old credit card debt that is not on my credit report. The collection agency is offering a settlement. What should i do.
fireyone



Joined: 26 Feb 2008
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Posts: 4124



1011 Magic Points
 
 Posted on Sun Sep 20, 2009 2:07 am  
DO NOT PAY THAT DEBT!!!!! tHIS DEBT HAS GOT TO BE PAST THE STATUTE OF LIMITATIONS. Seriously the worse thing to do is pay it. The debt is no longer reportable to your credit report that is why you do n ot see it there. If you do start paying on this debt then you will reset the statutes of limitations and once again become responsible to pay the amount back. I would send them a cease and desist letter and also an SOL expiry letter. If they continue to bother you call the Atty general or FTC. This debt a judge would not even look at due to its age.
Justin

Justin

Joined: 17 Jul 2006
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Posts: 1093



25288 Magic Points
 
 Posted on Mon Sep 21, 2009 5:00 am  
Hi Shirlj,

Paying the debt is out of question. First thing is that it is a 15 year old debt, which means it must have passed the Stature of Limitations (SOL). Do not accept the settlement, because once you start paying for it you will actually reset the SOL and you will become liable to pay the debt back. I agree with Fireyone, that you must send them an SOL expiry notification letter. If they still pursue you, then file a complaint against the agency to the Federal Trade Commission (FTC) and the State Attorney General.
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Justin
carol

carol

Joined: 27 Jun 2006
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Posts: 1308



28489 Magic Points
 
 Posted on Mon Sep 21, 2009 5:18 am  
Hi shirlj218
Quote:

i receive a debt letter for a 15 year old credit card debt that is not on my credit report. The collection agency is offering a settlement. What should i do.


Which state do you live in? Have you checked the SOL in your state? Some states do allow debts as old as this to be collected. Moreover, are you sure the debt is 15 years old? When was the last time you paid on this debt? This will tell you the day from which your SOL will have been set accordingly. All these factors are important in determining whether you must or must not pay the debt. If you can provide us with all these information, may be we could try to give you some more suggestions.
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Carol

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