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Should I settle with CAs ; pay off old Judgments?

Date: Wed, 12/20/2006 - 13:57

Submitted by bbasnet
on Wed, 12/20/2006 - 13:57

Posts: 3 Credits: [Donate]

Total Replies: 5


I have 6 credit cards with collection agencies and 2 Judgments in MN. I stopped paying them back around Aug 2000. I just found out MN SOL is 6 years. I want to build my credit history. Currently I have been receiving settlement offer letters from CAs with 50% - 70% discounts. Should I start paying back these CAs and ask for paid in full letter & full deletion of all references regarding my accts from my credit files? Also now I live in a different state. Please advice. Thanks.

1.) Citibank - $3200 - Judgment
2.) Associates - $4500 - Judgment - Can't locate plaintiff. Thinking of filing a motion at court and asking judge to vacate Judgment since unable to locate plaintiff.

3.) Discover - $2000 - Got a letter from CA saying Jefferson Capital Systems, LLC is please to provide you with an opportunity to satisfy this debt by providing me with new card.
4.) GM - $2200 - CA is offering 70% off total bal
5.) Citibank - $4000 - CA is offering 50% off total bal
6.) MBNA - $4000 - CA is offering 50% off total bal
7.) DFS - $1600
8.) US Bank - $1700


First thing I woul do is check to see if the account is beyond the statue of limitations (SOL). That's easy to find out. Then find out when you last made a payment to that account. If it is coming up on the SOL since you say it was Aug 2000. I would leave it alone unless you really want to pay it off. Also, after 7 years it will drop off of your credit report and again, if it was in Aug 2000 for the last activity, then you are coming up on that. If you do, then it resets the SOL clock AND the time it reports on your credit report. So if a debt is about to drop off, leave it alone. Then if the debt is a good debt and you want to pay it off, which you should if it is legitimate, then accept the offer by all means.
that's my cheap advice.


lrhall41

Submitted by outlaw8117 on Wed, 12/20/2006 - 14:06

( Posts: 164 | Credits: )


Yes, I would pay those first. Find out who to pay. You should be able to get that off of your credit report. They should list who the plaintiff is and that account will most likely also be listed somewhere in your credit report. Judgments are very damaging to credit reports. Anything you can do to make that look better is worthwhile. So I would find out who you have to pay for those and then start there.


lrhall41

Submitted by outlaw8117 on Wed, 12/20/2006 - 15:21

( Posts: 164 | Credits: )


I know which CA to pay for one. But the other one for $4500.00, the plaintiff is listed as Afton Recovery LLC. I have tried to call them at several numbers...651-905-9700, 651-739-3900, 800-905-9707 but none of them work. Does anyone knows what will happen if the plaintiff goes out of business? Can I file a motion to vacate the judgement?


lrhall41

Submitted by bbasnet on Wed, 12/20/2006 - 15:59

( Posts: 3 | Credits: )