I need help

[Anonymous]

i contacted a collection agency and my balance is 4,625. They said they will accept 2500 for settlement. the date of last activity is 2/96 and she said it may fall of but it will still show up if i tried to get a loan for a house. They said that the mortage could pull my credit from 5 years ago and ask if i have yet paid this. Is this true or should i settle or just wait and let time elapse on the last activity

[Swede]

Uhm wait for CHOD, dispute with the CRA's, if it doesn't fall off and you're not in a hurry, I'd wait. It's really just a few months away.

[illegal_alien]

First of, is it a charged off account? If yes, then you'd probably be able to settle for less. But always get them to put that in writing something like "Paid as Agreed" rather than "Settled less than Full" before sending money.
While I was talking to a CA about my charged off debt, I was told that if I pay the balance in full, it helps for my mortgage vs. if I settle. I don't know how much truth is there in that statement.
Also, check this link before you settle:
http://www.creditinfocenter.com/debt/settle_debts.shtml

[Anonymous]

Pull a report from 5 years ago? I don't think so. Who died and made them special? Your report today is your report. Not what it was when you were 5 years old. Make sense?

And about the 2/96 thing. That's in 3 months. What's cheaper? 3 months or $2500? Don't listen to them, they just what to get paid. Walk away.

[admin]

Cooper is right, especially if the SOL is up on this debt.

[RetiredandHappy]

Also, you will have to pay taxes on the difference, the IRS regards it as income.

Bummer.