Both were only a few years ago. Charge off just changed to sold to another party so I'm waiting on a letter or call and then will take care of that (offering around 30% for a PFD/paid in full at the least). I will be doing the same thing for the money owed to the college/collections soon. I live in Massachusetts, both debts occured while living in Indiana.
And thank you for the welcome 
@Anonymous wrote:Both were only a few years ago. Charge off just changed to sold to another party so I'm waiting on a letter or call and then will take care of that (offering around 30% for a PFD/paid in full at the least). I will be doing the same thing for the money owed to the college/collections soon. I live in Massachusetts, both debts occured while living in Indiana.
And thank you for the welcome
Before you contact anyone you need to know your states SOL. If these debts are still inside the SOL then they can sue and get a judgment. Student loans operate differently from other forms of credit if they are backed by the federal government. Welcome to mY Fico
@Anonymous wrote:@gdale - the money was owed directly to the college, not student loans. It is now in the hands of a collection agency.
Ok then its going to follow regular timelines and not the federal SL guidelines. How you approach each of your creditors and the amount you offer them is going to be determined by whether or not they are inside or outside your states SOL. If they are still inside as I said in my last post they can still sue for the full amount due so you are going to want to offer them at least 75% of the amount due to settle and I would not contact them unless you have the full amount on hand to settle you never know what they are going to do. Now if the debt is past SOL you have more leeway, the typical offer would be 30-50%.
@Anonymous wrote:How can I find out the SOL for collections? And do I go with the Indiana timeframe or the Massachusetts timeframe? Debt occured in Indiana but I moved to Mass last year.
http://www.bankrate.com/finance/credit-cards/state-statutes-of-limitations-for-old-debts-1.aspx
You can use your previous states SOL if its shorter than the state you are now living in if your current state has "borrowing statutes". With borrowing stautes you can also use the SOL in the state that the creditor is incorporated in if its shorter than the timeframe in state you are now living in. Your college costs are going to be considered written contracts and any credit card debt is considered open accounts unless there are judicial proceedings in a state that sets other precedence. GA is a good example the SOL tables say one thing but the courts have said another and the SOL is 6 years for CC debt in GA... The holy graille is to actually look up your states statutes in the codified laws that control how the judicial system works.