Need some collections advice

[Anonymous]

Back in 2009 when things were rough for us I stopped paying two HSBC accounts one was about $400 and the other $800.  Both of course are in collections and are on my report. The statue of limitations in my state is 6 years that is in about a year and they both fall off my credit report in spring of 2017.  I got a call from the collections company on the $800 account and it appears they are willing to settle for far less.  I don't want to do anything that prolongs the DOFD and extends how long it will be on my report but if I can avoid the potential of court on this debt it would be preferred. Not sure they would go so far as to go to court over 800 bucks??  If they offer to settle for 2 or 300 bucks should I take that deal? I suspect that part of my barrier to getting good CC is the fact that these two accounts are showing as open collections so I have to think not having any active collections is prefferable. 

[Shogun]

Paying/settling the debt will not change the DOFD or reset the clock for the CRTP.  It will prevent it from updating and let it age gracefully.

[Anonymous]

Sounds like this is the thing to do,  I suspect we will come to agreement at $300 I will try and negotiate a PFD situation but I have read that Calvary is notoriously uncooperative.

[Shogun]

Doesn't hurt to try though. Wish you the best of luck.

[Anonymous]

sorry dont mean to thread jack.  i have a medical collection paid off 2 years ago that still updates almost monthly.  from the above comment am i seeing that they should not be able to do that?  i've just recently sent a GW letter for removal, and over the phone from the collector she said it would be removed if paid which never happened.

[gdale6]

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@Anonymous wrote:

sorry dont mean to thread jack.  i have a medical collection paid off 2 years ago that still updates almost monthly.  from the above comment am i seeing that they should not be able to do that?  i've just recently sent a GW letter for removal, and over the phone from the collector she said it would be removed if paid which never happened.

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It is supposed to stop updating when paid. I would file a BBB complaint against them for shoddy business practices

1. Failing to live up to deletion by verbal agreement

2. Keeping your Fico score depressed by updating a paid collection every month