It seems to me, and based on my experience with them, they have the leverage. If you communicate with them, they could change the date of last activity. If you don't communicate with them, they can turn you over to a CA., which restarts the seven year clock. Either way you could be damned. I think I would contact them and ask them where you need to be to get a PFD.
You know, I've re thought this. I don't think I would do a thing, and I would ignore their offer. Your seven years is up shortly so it should come off the credit.. Let them turn over to collection. You have a better chance of a PFD through a collection agency than FP. Also, if your worried about utilization, request credit increases on the credit you have.
Thanks Timotiger, that was my number one concern. I am only about 15 months away from it being removed and the settlement offer they gave was 60%, no way! I am reaching out to my other creditors to get credit line increases because it just seems a little unjustifable for me to pay that amount even though it is my debt. I almost called them but I dont think it will amount to much on a reduction.
They can change the DOLA to anything they want, it won't affect the SOL nor the CRTP. The DOLA doesn't factor into changing any of the clocks for these. I would still suggest to settle or pay something on it, but that's just my experience. Just because the debt has expired the SOL and the CRTP doesn't mean it's gone. It's still out there, and sometime that just kicks it to more of a bottom feeder CA. These zombie debts can continue to pop up until it is paid or settled.
Also, if you do settle, ask for a PFD or get some guaranty they will not change all the months since 2007 to 120+ lates. I settled with a CA on a First Premier account back in March and as soon as I did, First Premier updated the status to charge off, settled for less than amount, and added 27 120+ lates.
I'm hoping they don't do that to my account. I settled for 50% of the balance due. The account was referred to collection. Once, I paid the settlement I immediately began goodwilling them. They responded within 2 days stating that would not remove accurate information from my credit report.