Re: CAMCO and old debt

Posted by Peter (167.68.1.66) on June 07, 2002 at 09:34:32:

In Reply to: Re: CAMCO and old debt posted by LadynRed on June 06, 2002 at 22:42:44:

The fact that they were willing to settle for 5% of the original amount isn't quite as generous as you'd imagine. As this is probably a post-SOL debt, CAMCO most likely paid less than one cent on the dollar to acquire it. Settling it for 5% would give CAMCO a windfall profit.
Just be prepared for a snappy answer from CAMCO regardless of what you say. If you mention the fact that the debt is post-SOL, they'll claim that if they file suit, there's no guarantee that the court will accept your SOL defense. That's of course a lie; the SOL defense is an as-of-right defense not up to the court's discretion. If you make it clear that you know your rights, they'll start in on the "moral obligation" line. If you point out that they paid virtually nothing for the debt, which the original lender's long since written off, they'll get angry and say they'll just keep calling. But eventually, they'll give up.

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