[mss103]

I received a settlement offer from a collection agency that has an old account of mine. Their offer was for 35% of the balance. The last time the account was current was in October 2001, and SOL in my state is 6 years.

I'm inclined to call and offer 25%. What are your thoughts and advice?

[Enigma]

NO!!!!!!!!!!!!!!!!!!

If you do that, depending on your state, you could reset the SOL clock. You've got less than a month to go before the SOL runs out.

Have they dunned you? If so, did you DV them?

[VexatiousLitigant]

Ever make a payment on the account since it defaulted?

[jlynn]

OP - You indicate SOL is 6 years. What state? Is that the state where the debt was incurred? I recall you have moved around some.

[mss103]

This is in NJ, which is where I was when I was issued the account. I wrote about it here: http://www.infinitecredit.com/forums...ext-steps.html

I am just concerned that if I don't settle it they are going to sue and win much more than the 35% offer.

I've made only one payment to the CA since the account defaulted, and that was in 2003 with an NSF check.

[Hedwig]

Have they sent you validation? By that, I mean have they told you how they arrived at the amount? In the previous thread, jlynn mentioned contacting them and saying that you needed an itemization because you were filing BK when your spouse died, some of the papers are with a retired attorney, etc.

Just because they say you owe it doesn't make it so. You need to understand that just because they sue, it doesn't automatically mean they will win. They may, if they have the right paperwork.

Was this account in your name, your husband's name, or both? If you say both, were you joint account holders or were you an authorized user? All of these answers can make a difference.

[mss103]

The account was in my name only.

I followed up with another letter to them, which they never responded to. It's my understanding that because this was not the first communication from them, they are not required to provide me with validation. Am I mistaken?