I sent out various settlement letters out to companies that I owed money to. I figured that trying to settle, would allow these companies to take my offer and remove the derog. trade-line. Kinda like I get what i want, and they get what they want. I received two letters back from the 4 that i sent. One of the accounts is from a company that has DOLA at 8/00. I know that the period this drops off of my report is next year (I live in FL), so i decided that they would be happy to receive money. In their reply they state that they are willing to accept only 25% off of what i owe, which is more than what i offered. And they said that "they cannot remove anything off of the report for seven years." So request denied on the removal of derog. trade-line. I will reply with a letter stating that there is no amicable reason for me to pay this bill, if i do i have wasted money because it does not benefit me paying your company. And i would bring to their attention that their time is almost up and I would not mind waiting. The second letter is from another CA representing a hospital. (warning: do not go to the emergency room if your limbs are not broken or detached, anything minor would cost you more than what you may be willing to pay.) With that of my chest, I sent the CA a settlement offer 60% off of the original amount. I received "something" that looks like a photocopy, and a fax copy of some sort of bill with my personal information on it but nothing else. And they are asking for the full amount. Now these individuals are either dumb, or incompetent. If i could not pay them the full amount then what makes them believe i could pay it now, or want to. I am not sure on how i should handle the second company. I am looking for responses. But I think that i would send them a letter stating that the main intention to send the settlement offer was to pay these bills lower than what i owe (not in the same words of course) due to financial instability. And that the attempt was merrily just that, and if we cannot come to a mutual agreement that benefits both parties than bye-bye.
I contacted company #1 who responded to pay them 25% 0ff of the bill, and inquired why they would not remove the negative trade-line and she said "because we won't." And i asked her what benefit do i have paying this debt when the SOL is almost up, she said "it is your decision." Well i guess time is on my side, I am sure they will follow up with a letter asking for something, and if not I can wait a few months till it is removed off my Credit report due to age. I am still not sure what to do with the second offer i sent out.
Not sure I follow, do you mean time off for them to sue you 5 years? It will be on your report for 7 years, altough they will not be able to sue.
they could remove it if they wanted to... apparently they dont want their money very badly.. Maybe you could dispute the amount in question.. or maybe you could dispute it with the CRA .. dispute the dola or something other than "not mine" Perhaps you could ask for valadation. Look closely for any violation.. if they think they might actually be lose money they will probably change their mind rather quickly..
The reporting period is 7 years - it won't fall off your report until 8/07. And they might be happy just to go ahead and sue you before their time is up.
There are TWO *DIFFERENT* types of SOL's. The SOL for being sued, is the one which is different for every state. The SOL for REPORTING most negative information is SEVEN YEARS, although the CRAs can report data for less than SEVEN YEARS. What you have done is actually told them that their time for sueing you is almost up, so you had better file suit against me now before you lose your chance. Can you see how that works against you?
YOU would not mind waiting, but they will, and by telling them that you have just given them the rope to hang yourself with!
Re: Re: Received Settlement letter response As usual, the "know it all posters" jump to conclusions and resort calling names instead of offering help. Anyway, To the original poster some clarification. The reporting period for a "bad debt" is 7-10 years REGARDLESS OF YOUR STATE. The reporting period begins 180 days after the ORIGINAL DELINQUENCY DATE, NOT the date of last activity. The statute of limitations is 4-5 years in Fl for you to be SUED for a debt. Informing the collection agency of this WILL MOST LIKELY NOT RESULT in a suit being filed. However, is it not the best tactic to "show your cards" to the opponent. An original creditor is unlikely to sue after this long as well Most collection agencies CANNNOT SUE YOU ANYWAY because they do not actually own the debts they are attempting to collect. I hope you find information beneficial to you here on the board and I apologize for certain posters who choose to just rant and rave and call names
Re: Re: Received Settlement letter response I appreciate all the "beneficial" individuals who responded to my post. What i wanted to achieve was pay off some of the debt that is on my CR. I choose 3 accounts that were medical, and one that was a Merchandise company. All debts in total was around $700. I wanted to settle on all the accounts, and i sent settlement letters to each one. Sad to say I have now received all of the replies from the companies, and 3 of the companies want full payment, and one is willing to settle for 25% off. I have not called anyone else (meaning companies)because it seems fruitless. I researched quite a bit before sending these letters out, and to tell the truth i did not intend all to accept. Now i think that i would just pay them all off, and I know that these are my debt. One of the biggest issues i have with "credit" is three companies determine how much i am eligible to borrow, and this does not take into account a persons history(for example: how old were they when they achieved the debt they are in). This is a wonderful site that does offer good advice when helpful individuals take part in the forum, but i believe that there should be a governmental agency who regulates the activities of these companies, and offer assistance to those who want to get back on track. Thanks to all who responded in an helpful manner, and those who did not: Sometimes things are best not said at all!
