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A debt is coming close to the SOA, advice on how to handle it?


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Ok I have a debt that is coming close to the SOL in my state (6 years). I've looked up the collection agency and it sounds like they are a horrible one to deal with. The debt is close to 15k. I hear they are known to even send back payments and sue, and just all around not easy to deal with. I've already had a 10k balance from Portfolio for 10k run past the SOL and I also know they are sue happy as well. (so now I can settle on my terms and not worry about a lawsuit thankfully).

I haven't heard from them for a long time now, (possibly years) so my question is, should I wait it out and see if runs past the SOL or should I try and settle before for a lump sum? I have a relative who would be willing to loan approximately up to 40%. The reason I ask is that I've heard that sometimes attempting to settle "wakes them up" and then they proceed with a lawsuit immediately. I'm not looking to get away scott free but this is a lot of money and I know alot of it is their fees and what not.

So my question is is it best to contact now in fear of waking them up, or should I wait to see if they sue and (hopefully) try and settle before it comes up? I just know they are much more likely to settle for less after the sue period. 

thanks for any help guys!

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First off, lets realize that even though the SOL has passed, they can still file a lawsuit. You simply have an affirmative defense (as well as possible FDCPA violations).

With that said, I would leave Portfolio be until you deal with this other situation. At this point, there is nothing they can do and more likely, they will sell off the debt. As for the current debt, since they want to be hard to deal with, I would leave sleeping dogs lie. Wait to see if they file suit and if they do, you can settle at that point (and most attorneys will settle). Otherwise, once the SOL runs out, you can do whatever you want with settlement.

As for settling any debt, especially one that has run out the SOL, that is a morality question that can only be answered by the poster. Each person is different. The settlement rules are the same however. Get it in writing that the amount settles the account in full, do not allow access to your bank accounts, and if they do send the settlement in writing, get a money order or cashiers check and attach that to the settlement letter and keep that for the rest of your natural life.

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