P & L Acquisitions - threatening to sue

[umeed110]

Hi,

I received a letter from P &L Acquisitions threatening to file a judgment against me for an old credit card that I had in 2008. This was an old HSBC credit card that had a credit limit of $300. This account I am assuming was eventually purchased by Capital One. Capital One then gave the account to a collection agency Veldos, LLC who then said the balance was $768.86 and was offering to settle it for $384.43. I did not have the money at the time and thus did not settle. I just got this letter from P&L Acquisitions saying the balance is $1054.15 and they are threatening to get a judgment. What should I do. From my calculations this account is past SOL since I live in Texas. It charge off in July 2009 so I am assuming it went 30 days towards the end of 2008. Any advice would be appreciate.

[RobertEG]

First and foremost, are you plainning to pay the debt?

If so, you can simply avoid a lot of hassle by paying, and also get the debt satisfied.

If you don't intend to pay the debt, you either choose to ignore their threat or send them notice that you consider SOL to have expired.

[Lemmus]

...send them a certified letter offering $X00 to PFD, give them 30 days to accept in writing (use one of the forum samples as your template) ...if they refuse or ignore, follow up with an affirmation of the SoL expiration (iirc its 4 years in TX) and offer the PFD once more ...if they still refuse and actually sue, make sure you show up in court and positively assert your SoL defense ...case closed ...but it won't get that far

...TX credit laws are on your side assuming your dates are correct ...you have leverage, they don't ...they paid pennies on the $ to buy the debt at its original due amount ...they've inflated it hoping to scare you into making their day.