@Anonymous wrote:I owe approximately $4,300 to a bank I have a line of credit with and I have ignored all communications with them, never replied to any letters, emails, or phone calls. Starting last week, I started receiving voice mails from an actual person instead of a robocall.
Last week I also received a letter saying that my account is deliquent and I may be eligible for settlement for approximately $1,700 but it is important that they hear from me and they must receive payment by April 11th.
The letter says my account will have a zero balance and all collection efforts will stop, including the possibility of pre-litigation or referall to a collection agency.
Should I call them and say I will settle for $1,700? Or if I ignore it, is it possible they will settle for even less? Is there something else I should do?
They are throwing you a lifeline IMO, i would take their offer before the situation becomes worse. Once it goes to CO they can just decide to sue you for the entire amount due or refer it to a CA, either of these options would add another derog to your CRs. The odds of them even settling for less than this until the SOL runs out on being able to sue you is remote.
As everyone else has already mentioned, go for it. You don't want to wait for SOL and hope no one sues you for that amount. Depending on states it is usually 6 years for SOL and 6 years is a long time to cross your fingers and hope no one comes after you.
