Should I Settle

[Zaphod1130]

I have a debt that originated in June 1996 and it is now July 2002, putting me past the Statute of Limitations in our state. If I wait till next July, my credit should be free and clear. If I send them the collection agreement letter to pay $1000 (the original debt is $5717.00)to try to get it off my credit this year, am I just opening myself up for more trouble? At this point they can't find me and maybe I am just being impatient. I don't want to go for the instant gratification and have them screw me for another seven years. Any thoughts?

[herauntsis]

I believe that if you make a payment, it starts the SOL clock ticking all over again, so make sure you get something IN WRITING AND SIGNED (before you give them any money) that this is full and complete settlement of the debt and that they agree to remove it from your credit report. In the alternative, just wait for the seven year reporting period to expire and get it deleted then.

[Edit by herauntsis on Sunday, July 21, 2002 @ 08:11 AM]

[admin]

heurauntis, you are totally right (as usual).

[herauntsis]

Thanks to you, Kristy -- you taught me everything I know :D

[Anonymous]

Wow a year or $1000.00 plus more later? A year doesn't sound that far off to me. Besides based on what I've read about the scoring model, the older it gets, the colder it gets. I say wait.