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virtualrn

CA wants to settle

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CA wants to settle rather than go to small claims.  What is a good settlement amount. CA has offered $500.00.  Additionally, I want removal of this timeline. Anything else?

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How much is the original debt? Is this your account? When was your last payment? And what state are you in?

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Zombie debt refers to a debt way outside the sol. If this is in response to your post here http://www.creditinfocenter.com/community/topic/325059-midlands-credit-management/?view=findpost&p=1310990

I would send a cease and desist letter to them that they may not contact you again or will be in violation of the FDCPA 1621, and can be subject to a lawsuit.

They can contact you once more to tell you what they plan on doing, then if you get any more contacts, you can sue them

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If it is already outside of the sol, paying them would restart the clock, restart the reporting period to the cras. They can only report 7.5 years from default, you wouldn't have much time left, and a debt that old unless they have a judgement is not going to hurt your credit much anyway

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weird, usually a settlement would be for less amount than the original debt. A law firm once sent me a letter requesting payment for a toll road debt of $90 or they would file a lawsuit. I ignored it and never heard from them, and it was within SOL.  I would follow @shellieh98 advise and send them the cease and desist letter.

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CA wants to settle rather than go to small claims.  What is a good settlement amount. CA has offered $500.00.  Additionally, I want removal of this timeline. Anything else?

 

If it's past the SOL they can't legally sue you and if they do they violate FDCPA and you could probably get a lawyer to take the case without cost. You would get 1k for yourself if that happened. Also, small claims is usually not for cases that the plaintiff has been "assigned" to (such as a jdb), and lawyers aren't allowed in most small claims court (check your rules).

 

If you speak to them I would talk only to the lawyer and be careful what you say. If you agree to pay it you could reset the SOL.  If it's past SOL then I would send them a refusal to pay letter and tell them to cease communications.

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Let me clarify: They are not suing me.  I am suing them in small claims. They are trying to settle to make me go away!  I am just wondering if this is an acceptable offer and what other terms to request.

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So they offered you $500? If this is a FDCPA case, I would counter with $500 and the tradeline is forever removed from your credit report and not sold.

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Well that was a small vital piece of info you left out. If your happy with it, go for it. You could probably get more but do you want to hassle it? Nothing left to ask for if they remove trade lines.

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Yes that does change things a bit. You could counter with $800 and remove trade lines and if you had to you could negotiate down a little but still remove trade lines. Accepting first offer is kind of like paying sticker price on a car (which plenty of people are happy to do).

 

Congratulations btw, well done.

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