How to avoid resetting SOL

[keyLion]

Hey All. I have a lot of old debt due to a gambling addiction (clean 1.6 years). I recently moved to NY where the statute of limitations is 3 years and am going to pay some of it off if the collections companies will accept any of my low ball 10% offers. Looking into this I read that making any payment toward a debt implies acknowledgment and can reset the SOL. Does anyone with knowledge know how to go about calling these collections companies with a PFD offer without resetting the SOL? Some accounts are in collections while some are still with the original creditor. Was hoping to have an edge on a settling price now that I’m past my statute of limitations, but resetting would throw that edge out the window. Thanks for any advice. Any advice on settlement tactics with collections companies would also be appreciated. I can really only afford 10-15 percent on most of these debts. 

[Creditwiser]

If I were you, and depending on how old these debts are, I would try to settle Collection Agency Accounts with the Original Creditors first. Its worked for me many years ago.They didnt care, they just wanted their money. Others OC's were steadfast in having me contact the CA. If you're able to satisfy the debt with the original creditor for whatever agreement, the Collection Company is out of luck. I found this worked very well with some Medical debt as well as smaller accounts past due.  Good luck, welcome to the Forum and congrats to you on being clean from gambling!

[FicoMike0]

Make sure you point out the **bleep** Outta Luck limit when negociating. That may get them to take a lesser offer.

[BillyBlaggs]

What is that limit? Time or the amount you can pay?

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@FicoMike0 wrote:

Make sure you point out the **bleep** Outta Luck limit when negociating. That may get them to take a lesser offer.

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[FicoMike0]

I was referring to:

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@keyLion wrote:

...I recently moved to NY where the statute of limitations is 3 years...

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