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May need to settle with CA


Nebscotty
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Hi all, this a great site with lots of great info. I was wondering if I could get some clarification. I recieved a settlement offer from a CA recently and I have not decided yet how I'm going to tackle this, but eventually I'll need to settle if I can't somehow get it removed. I'm hoping to be mortgage shopping inside a year.

It's an old cell phone bill from 2004 so I'm guessing it's a written contract which means a year or so to go before SOL in my state. Anyway I've been reading here if you settle for less than the full balance that the remainder could be sold and collected on at a later date. According to this http://creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml it is illegal in some states. My state is on that list, is this accurate or do I still need to make sure I get it in writing if I end up having to settle.

Thanks

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Hi all, this a great site with lots of great info. I was wondering if I could get some clarification. I recieved a settlement offer from a CA recently and I have not decided yet how I'm going to tackle this, but eventually I'll need to settle if I can't somehow get it removed. I'm hoping to be mortgage shopping inside a year.

It's an old cell phone bill from 2004 so I'm guessing it's a written contract which means a year or so to go before SOL in my state. Anyway I've been reading here if you settle for less than the full balance that the remainder could be sold and collected on at a later date. According to this http://creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml it is illegal in some states. My state is on that list, is this accurate or do I still need to make sure I get it in writing if I end up having to settle.

Thanks

I'm guessing that the OC no longer owns the debt. I would negotiate an agreement in writing that the CA will write off the uncollected balance and never re-sell. If you can't get it in writing, then don't pay them a penny.

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