Settlement offer from Collection Agency
Date: Thu, 04/26/2012 - 11:26
Settlement offer from Collection Agency
Any suggestions/comments are appreciated.
I just got a letter in the mail from American Express to settle an old credit card debt I have with them. It is about $920 balance owed. They offer me to pay only 40% of it so about $370.
Within the letter it stated that "Althought we may continue to contact you in order to collect the balance due on your account, the time for us to do so by way of legal action against you has expired."
1. Should I even bother to pay them?
2. Will it get remove from my credit report?
If I should pay
1. Should i bargain to see if they will go lower than 40%?
2. What is the likelyhood they will?
3. Is there special technique that you guys have to get them to agree to a lower the offer?
4. Will this make my credit even worst?
5. Will settlement make it longer for my credit to go back up?
Sorry for so many question. Im still in the learning process of getting myself back on track.
Thank you in advance.
Any suggestions/comments are appreciated.
I just got a letter in the mail from American Express to settle an old credit card debt I have with them. It is about $920 balance owed. They offer me to pay only 40% of it so about $370.
Within the letter it stated that "Althought we may continue to contact you in order to collect the balance due on your account, the time for us to do so by way of legal action against you has expired."
1. Should I even bother to pay them?
2. Will it get remove from my credit report?
If I should pay
1. Should i bargain to see if they will go lower than 40%?
2. What is the likelyhood they will?
3. Is there special technique that you guys have to get them to agree to a lower the offer?
4. Will this make my credit even worst?
5. Will settlement make it longer for my credit to go back up?
Sorry for so many question. Im still in the learning process of getting myself back on track.
Thank you in advance.
Don't pay unless its paid in full.
I would not , unless they agree the account is paid in full, if the SOL expired, they can't sue you for the debit, If you make a payment to them, that resets the clock and your liable for the balance.
If the SOL has expired, I would not pay them a dime. Just wait
If the SOL has expired, I would not pay them a dime. Just wait the full 7 years for it to drop off.
