I need you guys advice. I had an CC debt charge offed in 2003 May. The SOL for lawsuit in where I live now is 4 years. So, the SOL will be up in about 4 months from now. The orginal amount charge-offed was about 20K. Recently a JDB contacted me asking close to 50K!!!! What should I do? I've sent DV and documenting their FDCPA violations. I haven't got validation from this JDB. This JDB is the second CA who purchased this debt from the first CA. What should I do? Should I settle??? If so, how much should I offer them? Or, should I just wait until this May and hope they don't sue me before the SOL is up? If I settle with them, they will issue 1099c. Then I will have to face IRS with huge tax to pay. Therefore, even though I somehow ride out until this May without getting sued, I will eventually be in trouble with IRS. (I can not claim insolvency) So I am thinking to settle with this JDB. If so I would like to make sure that they do not issue 1099c on this. Then what should I write in the settlement offer letter? Can anyone do some wording on this for me??? Thanks!
SOL starts at first delinquency not when it was CO.I believe it is Typically 180 prior to the CO.If the CO date shows May/2003.That would probably put you past SOL.. Dont panic.Think about all options.. Post a little more info here concerning the dates and more than likely some of the seasoned pros here will chime in and give good advice.. frioguy
It's not the CO date I talked. It is the date that the last payment was made. It was sometime in May 2003.
