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Settlingdebt

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Settling debt that has passed statute of limitation?
I don't know the exact date of my debt, but according to the credit card statement my collection agency sent me when I asked for validation, it now appears to be passed the statute of limitation in my state. Am I still able to settle this debt? I have called the collection agency and asked for a settlement, but I was not able to get a deal I wanted. Is writing to them a better than calling? I'd like to just get them to waive all the financial fees added by the collection agency and bring it back down to what I'm assuming is the original debt amount with my original creditor.

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I suggest getting copies of your credit reports so you can see when the date of last payment actually was.  If the statute of limitations on collections for your state has expired, there is no need to pay that debt. Expiration of the SOL means you can no longer be sued to collect this debt.  It will drop off as usual. after the 7 years have passed 

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Settlingdebt

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The payment date to mhy original creditor on my credit report seems to be consistent with what the collection agency provided to me, which would mean it's beyond the statute of limitation, but the open date by the collection agency is more recent.  The agency apparently bought the debt from the credit card company, and I was not able to get them to bring it back to the original creditor. 

The reason why I want to settle is to remove this from my credit report now rather than to wait 7 years.  The amount is not big, but I just rather not pay all the financial fees.  I guess I'll call them again and try to talk to someone with the power to make a deal.  If that doesn't work, I'll try sending them a letter.  Would that be a good course of action?

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You can settle a debt well beyond the statute of limitations as long as you have the desire.   You can pay a debt that is 50 or more years old if you desire.   If you don't have a problem with the debt on your credit report, I would remain steadfast in my offer of settlement.  My offer would be for it to be deleted from my credit report and the amount that you desire to settle for.   Ensure in your negotiation that they are aware of the date of the original date and the statute of limitations for your state and/or the state where the debt was incurred if you may have moved.  The latter date will apply.   They cannot take any legal actions to collect the debt beyond the statute of limitations.  Be careful of legal loopholes in your states laws.   You can have a statute of limitations on debts and also have a different statute for contracts (both verbal and written) that could change the dates.   Legal inquiry of your rights may be worth your while.  Routinely, when you work with a collection agent on your initial call, you are working with the the low tier of their call center.   They may not be empowered to negotiate anything other than payment.   Once you have ensured your rights within the law, I would send a settlement offer to the collection agent of what you desire and what you are offering on the debt.  Include a time limit in your letter for them to respond to.  30 days is generous.  Also include a statement in the letter that your offer is not an acknowledgement of the debt, merely and attempt to make reasonable offer to clear the record. 

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Even if the bill was within the Statute of limitations, the collection agency who currently has the bill cannot increase the bill beyond its original amount.  You have never engaged in any agreement with this firm, thus they have no ability to increase the amount.  Even if it is their policy to do so.   Stand firm on your offer and time frame, if they know you are anxious it gives them bargaining power.  The fact that they can't legally collect from you is your bargaining power.   You indicated you had gotten them to adjust to reflect the original date.    You could dispute the charge with the credit bureau.  as legally (don't mention the statute)  when you do, the bureau will contact the collection agency for validation.  They should have to go back to the original firm to collect the data and you stand a better chance that they won't respond.  Non respone within 30 days is justification for it to be removed from your credit report without you having to pay.   Put your dispute in today and send the letter to the creditor including the suggestions I previously provided.  Good luck, we look forward to hearing about your success.

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Well, between the time of my last payment and when the original creditor sold my debt, I probably accumulated the fiinance charge.  I've already wrote to the collection agency to validate the debt, and the document they provided is my credit card statement showing what I assume is my last payment.  It took them more than 30 days, but I don't have a proof of mailing for my letter.. I didn't know I had to send it via certified mail.  I guess I can dispute the amount of debt since it's different from the documentation they provided and the amount that shows on my credit report.  Also, from what I've read, it's only when the collection agency make the innitial contact that you can dispute to validate the debt and make them remove it if they fail to.  They already have been contacting me for quite some time.  It's only very recently when I wrote that letter to validate the debt. 

When I called the collection agency (which was prior to sending the debt validation letter), they offered to arrange a payment installment which I have no interest in.  I just want to make a lump sum to clear it and have them remove it from my credit report. 

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