I have just received a settlement offer on an account charged off in 2005; due to expire in 2/2012. I am trying to change collection status on my CRs and at least want them to show 'paid'. Since this one is so old, would it be a detriment to pay the settlement? Is it possible the CA would re-age the acccount if I contacted them? My plan is to pay the most recent collections since they'll be reported longer. Is thiis advised?
Enigma's short answer is great advice. Don't do it. You're just slightly more than two years away from it dropping off your report entirely. The risk of sending in payment now is not worth it. The debt may be past the statute of limitations for enforcing it through court action. If so, it means they can not* sue you for the debt. However, if you send in a payment, it will restart the SOL, meaning they could immediately take you to court for the remaining balance. Now you may be able to fight THAT off in court, but you'd wind up asking yourself "why". Why not just walk away and sit tight for the next 29 months? * - Technically, they can. Anyone can sue anyone else for any reason at any time. But if the SOL has expired, you have a very solid, near-bulletproof defense against the suit AND you have potential violations of the FDCPA. I would imagine most -- but not all -- CAs know better than to file a suit after the SOL has expired.
SOL in Ohio According to what I've read, the SOL in Ohio is 6 years. The CA debt is just 5 years (Feb. 2010), so basically, they can still collect. If I attempt to wait it out and they seek a judgment, should I pay the debt to avoid a judgment on my CR? I mean, what's worse, a re-aging of the account or judgment? This is driving me nuts! I realize it is my debt, but must I be further punished by re-aging the account in the event of payment?
