I owe original chase credit card $5900 in 2003. I went out of county for three years after 2003. During that period, this account was purchased by 2 collection agencies. The second one offered me a settlement for $2500. As I could not get that information that time, did not proceed with that option. Now I am back in country and this account was purchased by third collection agency. They now say that the total account balance with intrest is little over $10,000. They referred this account to their attorney for possible law suit. When I contacted the attorney, he is not accepting for any settlement less than $7500. I did not requested validation of debt as I know this is a valid one.
Is this amount $10,000 now with intrest is legal in NJ on an initial principal of $5900 from 2003? And is there any way that I can use offer from previous collection agency?Is $7500 a reasonable offer for settlement? He accepted to give me a letter in writing that the account is settled in full.
2007-10-19
17:19:04
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