CA collecting on debt not on credit report

What state are you in because it is very possible you are outside of the SOL, which means they cannot sue, if they cannot sue they cannot seize your paycheck or assets. There is no way in hell I'd call them today, get their address and send them a Limited Cease & Desist and ask for validation.

Do not call them, you could very easily validate the debt for them by them tripping you up on the phone. What's the name of this CA?

If the debt is out of the SOL they also broke the law by threatening to seize your paycheck and assets, saying they are going to sue when they don't have any intention to is breaking the law, they don't have no intention to because the debt is probably outside of the SOL.

Once again, verify SOL before doing ANYTHING else.

I'm in Minnesota. The SOL is six years so I think I'm still within that.

I'm considering asking them to lower the settlement down to $4K, which I could gather up in a few days. Would they do that? If it's already with collection agency and charged off as bad debt from the OC, I'd like to pay the least amount possible.

They also said that I already verbally acknowledged the debt on a recorded conversation, though I didn't I just asked them to send me in writing the settlement offer that he mentioned over the phone. I really just want this to go away.

If the debt was sold in 2003 do you know when it first went delinquent?

Has this CA sent you anything in writing? What's their company name? I'd really make sure this is legit before paying them 4-6k. Them not reporting the debt, the blatant threats on the phone, something just doesn't sound right.

Paying the debt is not going to change your credit report as far as I know, I think the OC can still keep it as is because the CA is not reporting it. The safe bet would be to pay it after making sure they have a right to collect it, personally I wouldn't unless I could work some deal out to where the OC is gone off the report and the CA does not report it. If I couldn't get a deal I'd wait to see if I could wait out the SOL, if they attempted to sue I'd then deamand validation in the discovery phase, if they were able to validate then I'd try to cut a deal. Of course it could bite me in the butt and get stuck paying the whole thing plus court costs ETC.

Hopefully someone else comes along and replies, this one is a little difficult.

Thanks, LoneGunman, for your responses!

The CR has "Past due 30 days as of Jul 2002" and "Charge off as of Sep 2003".

The only letter they sent me in writing was a fax though they said they had mailed a letter to my home but it never got there. Company has been discussed on this site but I'm hesitant to name them in case they're trolling the site.

Not all collection agencies report to the big 3, mine doesn't. It doesn't mean though that they can't collect and even should the SoL expire doesn't mean that is no longer a debt it just means that they can't legally enforce it.

I think you might be able to get it down to 4 fairly easily given that it is charged off. If they aren't reporting it now to the big 3 you are going to need to ask them if it will show up after you take care of it.