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Collection agency will not honor their previous settlement offer. Should I give in?

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Anonymous
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Collection agency will not honor their previous settlement offer. Should I give in?

I am trying to pay off a write off with Asset Acceptance LLC.  They had offered a previous pay off of $464.56 almost a year ago, the original debt was $929.12.  Now they said they can't honor this pay off amount and now it is $688.  I have repeatedly asked if they could honor the previous offer but they refuse.  I thought they bought these loans on pennies on a dollar. Why are they being so stubborn?  Should I just give in and pay the larger amount?  I am afraid they could get nasty and raise it even more.  What should I do? 

Message 1 of 9
8 REPLIES 8
CanOnlyGetBetter
New Contributor

Re: Collection agency will not honor their previous settlement offer. Should I give in?

Is the debt out of SOL?


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Message 2 of 9
Anonymous
Not applicable

Re: Collection agency will not honor their previous settlement offer. Should I give in?

I actually think the debts will be 4 years old after this month.  Maybe I contacted them too soon. :-(

Message 3 of 9
Anonymous
Not applicable

Re: Collection agency will not honor their previous settlement offer. Should I give in?


@Anonymous wrote:

I actually think the debts will be 4 years old after this month.  Maybe I contacted them too soon. :-(


What state are you in?

Message 4 of 9
RobertEG
Legendary Contributor

Re: Collection agency will not honor their previous settlement offer. Should I give in?

If their offer was a year ago, and was not accepted by you within a reasonable time, I think they are fully justified in stating that their offered terms of a year ago are now stale, and to now request the addional interest that has occured over the last year.

What you should do is a personal decision that depends on factors that are not fully known.

It appears that, since you are offering a settlement agreement without a PFD, then credit reporting is not even an issue.

So the potential threat is their ability to bring legal action for collection of the debt.  As others have posted, you should first know when your state SOL expires.

If the SOL has expired, you would have an affirmitive legal defense.  Then you would just have to wait for the CA to expire its normal death after 7 1/2 years from the DOFD on the OC account to also clear it from your CR.

Message 5 of 9
Anonymous
Not applicable

Re: Collection agency will not honor their previous settlement offer. Should I give in?

California.  But the debts originated in Kansas.

Message 6 of 9
Anonymous
Not applicable

Re: Collection agency will not honor their previous settlement offer. Should I give in?

I think I am just going to pay it and be done with it.  My credit union told me I can get a home loan just as long as I get  all my charge offs paid and have above a 640 credit score. 

Message 7 of 9
Anonymous
Not applicable

Re: Collection agency will not honor their previous settlement offer. Should I give in?


@Anonymous wrote:

California.  But the debts originated in Kansas.


They'd have to sue you where you live.  California is 4 years.

Message 8 of 9
jennifer110367
New Visitor

Re: Collection agency will not honor their previous settlement offer. Should I give in?

I am going through that now. I have a 617. I paid off two collections and the mortgage company is going to rescore to get it up to 620.

Message 9 of 9
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