DH has a collection from 2004 that had an original balance of 11,000+. The OC charged off the debt in October 2004 (however there is a second CO date of April 2005 listed --not sure why) We live in California so SOL is 4 years but I believe, we may have restarted the proverbial "clock" by making payments.
Originally, CA said they would settle for $7400 but that was not possible so payments were made consistently over the last 11 months. Now, the debt balance is reduced to $6281. We offered to settle for $1500 which they rejected. CA has offered to settle account for +/-$4200 --still not possible right now. Plus, that is a much greater amount (when combined with the $5500 already made) than originally demanded. Obviously, we played right into their hands by making payments; however it has prevented them from taking further action. They "suggested" we do a balance transfer to another card to settle debt.
BTW...all communication has been in writing--never talked to them in person. What should be our next move?
HELP...
