The collection agency just sent me a leeter saying that I have $25K worth debt with Chase. I had this account for like 3 years before it went on dilinquent. However, it was never that much. I think last bill I got from them back in June 2009 was like $18,000.
The letterstating that if I don't notify office within 30 days of notice disputing the validity of the debt, the office will assume the debt is valid.
There are NO debt settlement proposed nor any payment options.
What should I do at this point? I really can't afford to pay at this point in time and I don't think that I can pay anytime soon.
Any comments will be appreciated!!