Settlement offer from CA

[Anonymous]

Ok so my husband gets a letter from Arrow Financial Services in regards to a credit card he had way back in 1997...He strongly believes that its past SOL he will be pulling his CRs tomorrow..The original amount they have stated is $1027.12...They are offering $154.07 to be paid by March 19th. My question since this is an old debt should he still ask for a DV?...That could take a while and they might withdraw the offer...Which they have stated in their letter that once they get the money " they will consider the account to be settled in full and will stop all further collection efforts."..They also state that "Under appropriate circumstances, they may be willing to extend this settlement offer or to accept less than the Settled Amount."...Why would  they be willing to do this ...settle for even less?...Because its way past SOL?...Again I'm not sure if its past SOL but my husband strongly believes it is since he hasnt had a credit card since '97 or made any such payment..We live in Nebraksa so I believe the SOL is 4 yrs...Any advice on how we should go about this would be highly appreciated!!

[Anonymous]

I'm very new to the forums as well, so take my advice very lightly... but if I were in your situation, I would look at the CR to see if SOL has passed, or is soon approaching.. if it has a awhile to go, IMO why settle? It does nothing to improve your credit when paid. You may do a DV to see about verifying it- but you said your husband knows of this debt. You may also do a PFD for a different settlement amount- which they may be open too... but then again that depends on the SOL. So IMO it just comes down to the SOL on what you should do next...but it seems you pretty much knew that already

[Anonymous]

Check his credit report. If the charge is from 97 it should have already drop from his credit report. If it is not on his report and is past SOL ignore Arrow as there is no benifit to you. If on report and past SOL then DV it and state that it is past reporting period.

Just because it is past SOL and reporting period does not mean that a ca will not still try to collect. It just means that there is nothing that they can do to make you pay.

[Anonymous]

Thanks guys for the info...We will be pulling his reports all three of them tomorrow...It really doesnt make any sense if its past SOL and not on the reports to pay em!! Once again thanks for taking the time to respond!!

[fused]

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