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Discussion in 'Credit Talk' started by MissyB, May 8, 2000.
Ex. $726 owed, will this be what I need to pay or $726+interest.
(Debt approx. 5 years old)
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Lets look at the facts
1. The SOL (Statue of Limitations) has almost certainly passed in your state, so they cannot sue or pass a judgement against you though the collector WILL certainly LIE about this and everything else under the sun.
2. Considering 5 years have already passed as well as the SOL they have virtually no leverage and SHOULD be making you offers of 50% on the dollar or less. I take it this is not the case and these assholes are trying the hardline $726 plus thousands in fees, penalties and interest for a debt they most certainly paid pennies on the dollars for from your original creditor.
3. Five years are already past why not wait another two years when this charge must MUST be purged from your credit report.
If you feel you must settle this (mortgage? guilt?) then stop by such sites as Creditmania, Carreon and Associates where you can find sample letters and information as to how to deal with these crooked creditors. What you will be looking for is a complete deletion of the account (yes they can do it, legally it is certainly within their rights though they will lie otherwise) ignore any offers for a "paid collection" which is EXACTLY the same an "unpaid collection".
The only one's who would require a paid collection would be mortgage and auto brokers.
I take exception to the SOL statement. In my state, and some others, it's 6 years. I've seen it as high as 10.
Why not tell them you will pay the 726$ in full if they remove the item from your credit report and get it in writting before sending the check.
Why not tell them you will pay $250 if they do the same?
Sorry, I consider collection agencies to be slimier than car salesmen by a huge margin. It's nice to beat them at their own game once in a while.
I like how you think.