Ok, I'm planning to send my first payment on a settlement offer a collection office has arranged with me for a past due debt(pending two details). They are also waiving the interest.
Everyone I've spoken to, says they've never heard of a collection office providing such a generous amount of time to pay off a past due debt, with such low monthly payments($50).
Have others been offered arrangements like this, and after the debt was paid, that was the end of it? Or is it just that people who have had bad experiences with collectors speak the loudest and most often which makes this arrangement seem unusual?
This debt is four years old, and the SOL is 10 years. However, as long as I'm making payments as scheduled, the agreement says there will be no action to sue or sell the account. By the way, I hope to pay off the debt in 5-7 years, though the written agreement gives me much longer.
2006-12-27 08:38:04 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
I've already checked on the 7 year SOL for lawsuits, and 7 year reporting period for credit reports. Starting new payments will not restart the 7 year period on reports, and the SOL for this debt is 10 years, so the collectors still have six years left to sue if under the current contract. However, the written agreement I have says they will not pursue further action as long as my payments are timely.
2006-12-27 08:43:20 · update #1
Also, if I don't accept this settlement, and the company sues, I will have to pay twice as much with interest, court costs, ect.
2006-12-27 08:44:50 · update #2
yes about 2 months ago i got a summons in the mail for court .. i called the lawers that was sueing me .. and now their taking payments its gonna be 3 years before its payed off ... as long as i dont miss a payment they wont take me 2 court ... im also paying around $52 a month
2006-12-27 14:47:39 · answer #1 · answered by mr_xrat3d 1 · 0⤊ 0⤋
I have never heard of a company allowing that long to repay a debt, But they usually do not sue you if you are making timely payments per your agreement, they won't usually sue. If you have an agreement in writing, then it is probably legitimate.
2006-12-27 16:51:32 · answer #2 · answered by missyhardt 4 · 0⤊ 0⤋
just remember that when you send them money, the SOL starts all over again. So if you send them $5 now, they will have 7 more years to collect on the debt
2006-12-27 18:05:40 · answer #3 · answered by Gary 1 · 0⤊ 0⤋
WATCH OUT!! Go talk to a Loan Officer at a Bank!
If the bill has been charged off this is some type of trick.
For example, I could call you up and tell you to send me a check for just $5 to pay off that old bill.
2006-12-27 16:42:36 · answer #4 · answered by god knows and sees else Yahoo 6 · 1⤊ 0⤋
I have made similar arrangements, but for months not years. maybe it's a new "kinder" way to collect? :)
2006-12-27 16:40:46 · answer #5 · answered by Life after 45 6 · 0⤊ 0⤋
u should tring going online to find out about this or contact
a consultor
2006-12-27 16:43:36 · answer #6 · answered by mr99cent 1 · 0⤊ 1⤋
I don't think you are obligated to pay this debt..............
2006-12-27 16:43:08 · answer #7 · answered by Jack Keller 1 · 0⤊ 1⤋