Negotiating with Palisades Attorney on old credit card debt
Date: Sun, 01/25/2009 - 12:01
Hello!
I am in Colorado and on Jan. 4 received a summons with a complaint about some old credit card debt (DOLA was Jan, 2004). The amount charged off was ~$5500 and now they're suing me for over $11K (interest, legal fees, etc.). I answered the summons with the affirmative defense of the account being past the SOL of 3 years (although, I don't know if CO's is 3 or 6...there are varying opinions and no account that I can find of any court upholding the 3 year SOL). I got the date for the pre trial conference yesterday as well as a letter from the suing law firm offering to negotiate a settlement. I just want to be through with this and am wondering if anyone out there might know what the average settlement would be on something like this. I certainly cannot afford to pay the $11K but don't want a judgment either. Any HELPFUL responses would be appreciated!
Thanks in advance.
I am in Colorado and on Jan. 4 received a summons with a complaint about some old credit card debt (DOLA was Jan, 2004). The amount charged off was ~$5500 and now they're suing me for over $11K (interest, legal fees, etc.). I answered the summons with the affirmative defense of the account being past the SOL of 3 years (although, I don't know if CO's is 3 or 6...there are varying opinions and no account that I can find of any court upholding the 3 year SOL). I got the date for the pre trial conference yesterday as well as a letter from the suing law firm offering to negotiate a settlement. I just want to be through with this and am wondering if anyone out there might know what the average settlement would be on something like this. I certainly cannot afford to pay the $11K but don't want a judgment either. Any HELPFUL responses would be appreciated!
Thanks in advance.
DOLA 01/04 but when was the date of last payment? That would be
DOLA 01/04 but when was the date of last payment? That would be when SOL starts. For CC's in CO, SOL is 6 years.
Yes, the date of last payment was January of '04 so apparently t
Yes, the date of last payment was January of '04 so apparently the SOL isn't up yet. SO...my main question is basically how to negotiate with this law firm? Do I start by making an offer of a percentage of the original debt? 25%, 30%? I don't know and am needing advice. Thanks.
