Collection Removed but still trying to settle
Date: Tue, 12/22/2009 - 20:36
I had a debt of about $15,000 with FLeet Bank in 2004. They stated I owed $27,001.76. We made some payments then they sold it to Associated Recovery Systems and the balance was 23,939.43. Then Asset Acceptance LLC (a collection agency) purchased the debt and stated I owed over $17,000. I have been paying AALLC since 12/05 with monthly payments of $100. My credit report showed this as a collection until just this past month and the collection had been moved from the credit report. They are now asking for $4,000 to settle the account, which still has a balance of over $10,000. Do I still owe this amount or has the time past that they can continue to collect the debt. Also, can they put it back on my credit report as a collection if I do not pay it. They really added over $12,000 in the beginning. Thanks!
See, a negative info would stay on your report for 7 years, whic
See, a negative info would stay on your report for 7 years, which means it still can appear in your report. I wouldn't rush into making any decision regarding stopping payments to the CA. The item can reappear in your report in the next update. And, yeah, you still owe the debt. At least till the time the SOL passes. After that you would be morally obligated to pay it off though the collector can't press a lawsuit against you.
