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I received a notice from a collection agency offering me a lump sum payment of a few hundred dollars on an $1000 credit card debt. I am sure that no activity has occurred on this account in 8 years (possibly much longer) rendering the debt void under the SOL. Thus, I have ignored their letter (received 45 days ago) even though they stated that should I not respond within 30 days, they will consider the debt valid.
Have I made a mistake? Will the collections agency be able to report this on any of my CRs? Should I dispute it now with the collection agency, or is it too late?
thanks....
@stu123 wrote:I received a notice from a collection agency offering me a lump sum payment of a few hundred dollars on an $1000 credit card debt. I am sure that no activity has occurred on this account in 8 years (possibly much longer) rendering the debt void under the SOL. Thus, I have ignored their letter (received 45 days ago) even though they stated that should I not respond within 30 days, they will consider the debt valid.
Have I made a mistake? Will the collections agency be able to report this on any of my CRs? Should I dispute it now with the collection agency, or is it too late?
thanks....
Hi stu, welcome to the forums!!!! Glad to have you here!!!! If the debt is 8 yrs old there is nothing they can do to make you pay. It's past the CRTP for being listed on your credit report. What they have is considered a zombie debt. They can try to collect on it forever, they just cant list it on your credit reports.
DaBears-
Thanks for your quick reply...I should have come here first before researching online for a couple of hours.
Go Chicago!
Cheers,
stu
Stu, this could turn into a great friendship!!!!!!
Bear Down!!!!!
Any other questions feel free to PM me!!!!!
will surely contact you in the near future as stuff comes up...that is, if you don't mind helping out a Pats fan....
The debt is not void due to expiration of SOL. It remains obligated debt until paid.
Expiration of SOL will shield you from their obtaining a court order to pay, and CR exclusion will prevent others from becoming aware of the unpaid debt by seeing a collection in your CR. However, if another becomes aware of its existence by other means, it could still be basis for denial of credit, regardless of FICO score.