NY is 20 years for the first enforcement period. Your real property may be safe from the judgement depending on how it was filed etc. Here is where an internet board isn't your friend. Need to consult an attorney.
We settled a judgment for my wife for 40% of the remaining balance after paying on it for a couple of years. It will fall off the CR shortly and we got an immediate boost when it was satisfied. In your case, the credit reporting is moot.
Since they made an offer to you, make a counter offer to them. You might be surprised what you can work out. Get them to stop accruing interest and accept a reasonable amount per month. Having the agreement in place will let you start doing things like a "normal" person. Nice thing about attorneys (unlike typical bottom feeding Debt Collectors) is that they can be subject to sanctions if they don't keep their word. Get it in writing and you are usually protected.
@MidnightJester wrote:
I am not sure if I am past SOL where they can reinforce the judgement a second time. I am trying to learn. This is what I know. Judgement is from 2000 or so. in 2007 opened a TD BANK checking account. 3 months later had 3,000 seized from account and account held. I stoped banking. now 2014 my credit files are as clear as you can get.
As far as I can learn to this point. There is nothing bad they can relist on my credit files but they can enforce the judgement (take accounts and possibly wage garnishment) till I satisfy the judgement by coming to terms with fords attorney where I live in NY, And with some payment plan with them they still cannont list anything DEROG on my credit file even if I pay them less then fully owed. What is the time frame for redoing a judgement. When I look in NY is seems its 5 years for judgements from what I found. not 100% on that though
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