credit card payment not settled?

Question

in 1998 Debit was US $ 1,000. I could not settel the due amount due the circumstances. I leave for anothor county to find a job. Recently I received a statement from the bank (after 10 years). my out standing balance is $ 34,000/- I don't know what to do.. some one can advise me

Answer 1

Since you were out of the country I believe that the statue of limitations was frozen until you came back, then started back up from where it was before you left. If you are able to pay the original 1000.00 owed, I would write a letter stating that you would like to settle this debt for $1000.00 and as soon as they send you a letter stating that this debt would be paid in full for 1000.00 and that you will not owe anything else, you will send a check within 10 business days. Do this all by certified letter, so that you have a receipt.

Answer 2

Check the Statute of Limitations (SOL) for your state : http://www.fair-debt-collection.com/SOL-by-State.html . However, since you left the country, it is very likely the SOL tolled and the clock just started ticking again when you returned. In other words, you can still be sued and it is pretty likely that they will come after you for such a large amount.

You should contact the bank and try to work out a settlement arrangement. Technically, they are due all that money with the interest and fees that accumulated over the 10 years. If the account is still with the bank and not a collection agency, it is very doubtful they will settle for the original $1,000.

Answer 3

If you left a $1,000 debt and did not use the card since, the statute of limitations probably renders the debt invalid. You may be able to ignore the statement. The high amount may be due to the bank adding penalties plus interest each month. Even at 20 percent interest, the total should be under $8,000 so most of the amount is penalties. A court would probably not allow the penalties if they sue, but in any case would probably throw the case out due to the statute of limitations.

You can try ignoring the statement, then if they persist, see an attorney and ask for advice.

Answer 4

Card companies will often waive the interest if you pay the principal. Just make sure you get it in writing before you give them any money.

Also, I'm guessing they can't come after you in civil court for the money because it's been too long. They should be happy to get the principal from you. It's better than nothing.

You should check with a lawyer if you want good solid advice that you can depend on.

Answer 5

Why do no longer you take care of it like if the account is going south, and make contact with them and tell them your attempting to settle your account. tell them which you have have been given borrowed and pinched to maintain up with money and cant any greater. clarify that your attempt to maintain your credit as maximum suitable as you are able to. do no longer admit which you have money and attempt bargaining down fee. in case you're saying which you at the instant are not in a position to pay and attempt to settle (mean somebody helps you agree), it may artwork. Make it sound like in the event that they're getting the better area of tons. With people defaulting each and every of the time proper now they could be prepared to artwork with you. additionally besides the reality that your persons advice isn't unavoidably the main suitable mindset, there are strategies of having out of that concern if it definitely happens to somebody. once you're defaulting already and choose to settle, you are able to call them and stipulate as area of tons to settle that they get rid of all unfavorable series on your credit checklist. this might artwork reckoning on the corporate; some will cooperate, some won't. by fact of this its frequently no longer a smart theory to take this mindset, by fact it may definitely backfire. additionally GET each and every thing IN WRITING. do no longer make a cost till you have a settlement that spells each and every thing out for you. could you're making a cost with purely an oral contract they are in a position to definitely say it never occurred. My advice is to call a credit cleansing company with sturdy rep. they are in a position to symbolize you and do greater perfect bargaining. they help people settle previous debts and be attentive to the main suitable mindset. additionally they are in a position to make it easier to be attentive to if what your attempting is attainable.