In Illinois, if you pay a settlement offer, can anything negative come of it? I received a 15% offer to settle.
At the back it reads: "The law limits how long you can be sued on a debt. Because of the age of your debt, (Bank Name) cannot sue you for it and this debt cannot be reported to any credit reporting agency. (Bank Name) cannot sue you on this debt and (Bank Name) cannot report this debt to any credit reporting agency.
In many circumstances, you can renew the debt and start the time period for the filing of a lawsuit against you if you take specific actions such as making certain payments on the debt or making a written promise to pay. You should determine the effect of any actions you take with respect to this debt."