Cavalry Portfolio Threating to sue, need some advice please.

[Anonymous]

Hello, I have a old Credit Card with Orchard Bank that went to collections and Cavalry Portfolio bought the debt, It is only two years old so I feel I need to do somerthing. They have some Attorney's office names Cawley & Bergmann calling all the time. I owe $1542 and recieved a letter saying they would settle for 25% off $1156 I could probably come up with like $800 but I just cant do $1156 right now. Should I tell them $800 is all I have? What if they dont accept, then do I just wait for court papers to show up? My feeling is if I dont have what they want I cant pay and If they do take me to court I can set up a payment plan after that? I live in Texas and I dont know how often they sue here and how much your balance has to be. Thanks for any advice!!

[fishbjc]

If you communicate, they will work with you.  If all you can afford is $800, 

then that's it.  offer them $700 and see what their next offer is.

Is it showing up as a collection?  You really do not want that.

i am certain they will take payments.  can you provide more info?  Have you dv'd them?  has cavalry sent dunning notices?  Just wondering

how it ended up w attornies.  Stay off the phone until u rec more advice.

[fishbjc]

Just wondering because I got cavalry to delete.  They were unable to provide me

with validation. i filed w bbb, they immediately responded with a deletion.

hopefully our two mods will be along.  Follow their advice to the letter.

[guiness56]

What is your states SOL for CC debt?

[Shogun]

If it's only 2 years old, it's more than likely still within the SOL.  Call them and talk to them, tell them that's all you have.  See what they say.  They want money, that's the bottom line.

[pizzadude]

I found this link to the SOL in Texas.   It appears to be 4 years, starting at the "day the cause of action accrues".     I interpret this as 4 years from your first missed payment.   

I recommend that you do some checking up on the CA that is calling you.   Are they really a law firm or just a CA that has a threatening "legal department".    It is quite common for CAs to issue vague threats of legal action.    

http://www.statutes.legis.state.tx.us/Docs/CP/htm/CP.16.htm#16.004

Disclaimer:   I am not an attorney and you should seek qualified legal advice regarding this matter

[guiness56]

I didn't see where OP said TX.  Yep, SOL is 4 years across the board.\

The attorney is also a debt collector and has numerous complaints against them.