Negotiate without restarting SOL

[CGeorge]

If you pay even two cents against what you owe, the debt starts all over again - and the SOL disappears. Don't acknowledge the debt - and don't pay on it, unless you intend to pay the full balance all at once. Don't strip away the protections that you lawfully have.

[simplegirl]

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@CGeorge wrote:

If you pay even two cents against what you owe, the debt starts all over again - and the SOL disappears. Don't acknowledge the debt - and don't pay on it, unless you intend to pay the full balance all at once. Don't strip away the protections that you lawfully have.

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Or if your gonna to settle in full.

[CGeorge]

Yes, 'simplegirl' is right - the point is to pay in full or settle in full - with a guarantee that this will settle the the debt in full. Do NOT make a partial payment - of even a penny. Any partial payment will start the SOL timing all over again.

[House2021]

Absolutely I would not commi to anything, I just want to be sure if I offer 40 percent and they say no, I dont open the door to be sued on a debt that had the statute of limitations expire a year ago. 

[House2021]

The only reason I'm even bothering with it rather than let it drop off is because I'm trying to clear up credit issues in order to better qualify for a rental property, it's quite competitive right now. 

[CGeorge]

That is understandable. But, please, be very careful - you do not want the time re-set on any SOL.

[gdale6]

If the parties agree to settle for less than full balance then that is the end of anything not paid. You may get a 1099-c for canceled debt if its more than $600 but no one can ever legally come after you for any amount that is not paid. As per the federal law an account settled for less than full balance must also be updated to a 0 balance. You would want to keep all paperwork on this going forward....

[OmarGB9]

Just wanted to chime in, it is highly unlikely a creditor would entertain a GW deletion for an unpaid account. Even paid ones are often denied.