should I pay it or wait till it falls off?

[Anonymous]

My husband and I have been trying to clean up our credit for a few years now after some bad times.  We have a rather large debt with a credit card company that is in collections now.  The total is $9000.  I'm sure that they would be willing to settle for less.  it will fall off in 2 1/2 years.  Should I just wait for that?  how bad does that affect our score and will it help if we settle for less? 

[granny031350]

Paying on it could reset the  clock I think.  I would check the SOL in your state and see if you can still be sued.  If not, then others may chime in but you could end up with it on your cra longer if you try to settle it for less, unless you can pay it off in full in exchange for a delete.

[Anonymous]

thanks!  I wasn't sure about that.  I have learned more about credit on here in the last several days than in the last several years!

[Anonymous]

Definitely check SOL before doing anything. On a debt that large, if SOL isn't out, I wouldn't wake the sleeping giants unless I could pay in full right away. If SOL isn't out, they have right up until last minute to file suit and I wouldn't be suprised to see them do that.

You can offer a PFD. (Pay for Delete) You do not have to offer to pay in full, you can offer a settlement amount in exchange for deletion.

What is DOFD?

The older it is, the less I'd offer in my first offer. Start low and you can negotiate with them.

But even with a PFD you run the risk of them rejecting and waking up and filing in court.

[Anonymous]

I agree with sidewinder.  DEFINITELY check the SOL, like yesterday.  2 1/2 years is a long time to hold breath, but I would hate to have them come after you with a lawsuit if you were just trying to take care of it.  I am not a fan of not paying a debt that is actually owed, but you gotta do what you gotta do.