I have a Chase CC bill in default from a failed business 2 years ago. The original amount owed is $27,xxx Its gone to collections and I have had to unfortunately haven't been in a position to address it the last two years. They started sending lower amounts to settled - starting at about 10% off, ~$24k - ~$20k - ~$16k - ~$10 - ~$7k - ~$5k I was going to take them up on the $5k as now I can afford a payment again... and then I missed the cut off date. I was going to call them anyway, but then received a new letter for $2700. I was both happy, and surprised. But now my question comes to, how low will they go? And for how long. A bankruptcy lawyer told me if it goes 3 yrs without contact, they can't collect. I don't know the truth or law behind that, but its been over 2 yrs already. I don't really want it hanging over my head for another year if I'm taking a big chance they will just quit and sue for the full amount. At the same time I'm a single father of four and everyday is a struggle.
Any thoughts and recommendations would be appreciated, I tried searching but it didn't return any results.
Thanks in advance-
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