Question about Possible Judgement

Hi Everyone,
This is my first time posting, and every seems so very helpful and knowledgable. Hopefully, some of you can steer me the right way.

Well over 7 years ago, I defaulted on a Citibank Credit Card. This has since fallen off my credit report because of its age.

I have just received a letter stating that the debt was sold and that my creditor wants to be paid 50% of my debt which is only $315.

I am willing to pay to keep from possibly having to go to court, or have any judgements against me on my credit report.

I only fear that by paying this amount now, they will report to the Credit Reporting Agencies that the debt was paid. I really don't want to lower my credit scores by paying a debt for something that has already fallen off my report.

Other piece of information to note, this exact collection agency did put a judgement against me in the past, that was eventually removed because it couldnt be verified, and that amount was $2500.

Do you think I am better off paying this now, and avoiding the possibility of judgement (does this seem likely).

Or am I better to ignore this, because they wont proceed with a judgement over $300 and that way i dont risk my credit file being updated (but it has been over 7 years since the first delinquency)

Thanks for all you help in advance!

 

Thanks Phoenix.

For my state, NY the statute of limitations is 6 years for all contracts according to that site.

So, out of curiosity does this mean 6 years from date of original deliquency or date of chargeoff?

Also, are you saying if it is less than 6 years it is actionable by them. Just wanted to make sure I understood you clearly.

Thanks

 

Re: Re: Question about Possible Judgement

Thanks again.

I actually did live in NY, then CT, then back to NY. Does this mean that everytime you move between states this statute of limitations resets???

This would be horrible for someone who has moved around frequently in a small time period???


Thanks