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Received automated letter from collector to settle debt


gcmoore
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I received an offer to pay 50% less on a past due debt in 3 monthly installments, and the forgiven amount is under $600. The automated letter I received lists when I should send my 1st, 2nd, and 3rd payment.

I'd like to take advantage of this, despite the fact most say I should not pay it off. The SOL for credit card debt in my state is five years. The account first became delinquent six years ago, but my last payment(activity) was November 2002.

Is this automated letter and proof of payments I'll send enough, or should I request more so that later the company can't say I didn't pay? Even with payment this debt will fall from my report in 2 1/2 years which is fine, I could care less about credit scores or what my report looks like anymore, so that's not a concern. Thanks

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I could care less about credit scores or what my report looks like anymore, so that's not a concern

That's a little alarming. Sounds like you are giving in to the CA's. Is that the case? I sure hope not.

I'd like to take advantage of this, despite the fact most say I should not pay it off. The SOL for credit card debt in my state is five years. The account first became delinquent six years ago, but my last payment(activity) was November 2002.

If you don't care about your credit scores right now, why not wait until SOL is expired and then negotiate for PFD? It's only 7 mos. away. Or if it's old enough to fall off, wait till then. Doesn't make sense to me to give up, but it's your decision. Good luck.

I'd like it noted that I made a post before SecretAgentWoman 8-)

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That's a little alarming. Sounds like you are giving in to the CA's. Is that the case? I sure hope not.

If you don't care about your credit scores right now, why not wait until SOL is expired and then negotiate for PFD? It's only 7 mos. away. Or if it's old enough to fall off, wait till then. Doesn't make sense to me to give up, but it's your decision. Good luck.

I'd like it noted that I made a post before SecretAgentWoman 8-)

Nope, not giving in to the collectors at all. I just don't plan on using credit in the next 4 years, and all negative information on my report will be removed by then. So it makes no sense to stress over it. Has to do with my peace of mind, not the collectors. I'll be in college(grants and i have a scholarship so won't need loans) and I don't have anything they can take, so I'm not going to get into an emotional mess over what my report and score looks like. Also, I would prefer to take the settlement offers rather than have them go to court for a higher amount, which they will do since it's within sol. I've had collectors take me to court for a few hundred, so I don't play the call their bluff game anymore.

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Who is the creditor?

They'll always take less than is offered in any mass mailing.

Makes no sense to me why you are paying this. You don't care about your credit score. It's almost at the SOL and deletion point. You're judgement proof--you said you have nothing for them to take should there be a judgement. It's for such a small amount. So what if they do sue and win.

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dont expect them to remove it any faster.. and they all send this at tax time.. also you restart your SOL all over again.. why in the world would you pay something out of SOL? You may not be aware but not only can a settlement make your credit worse but they sometimes sell the remaining balance to another JDB (they say they dont.. they do) and then THEY come after you for the remainder..

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