SOL and payment arrangments
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Posted by Dummy who answed the phone (68.2.58.194) on July 22, 2004 at 01:46:18:
I was contacted by a CA of texas regarding a debt that I know charged off in May of 98. The last date of payment was Nov of 97 and first 30 day deliquent reported was Jan 98. Obviously this debt is past the 6 year statute of limitations for Arizona on signed contracts. Also it's going to fall off of my credit report soon. I was specifically told by the "collections manager" that the SOL started in Nov of 98 and that they could still sue and garnish until November 2004 if I don't pay. Either ignorance or a lie. Probably ignorance since it seems that all info there spewing is coming directly from my transunion cbr. I reached a verbal agreement with this firm for 1900 via check by phone as payment in full. Then received there fax outlining it as a settlement not as payment in full. They never spoke of a 1099c, also haven't received any written communications other than the fax. I'm a little suspicious at this point. After some research online I'm finding that collection agency's commonly offer settlements and then sell the remaining balance to other collection agency's?? A fat money pot after I pay and reaffirm the SOL. Of course there's a check by phone-that I promised to give them, but have not as of yet-involved here and I'm see in big letters all over the place that I'm going down the wrong road by continuing to work with this agency. My questions: By entering into a verbal agreement ( I have not signed or sent any payment or given them any bank info) with this firm have I extened my Statue of Limitations another 6 years? Should I pay this if I can? Morally of course I should, but will I be causing myself more trouble legally, financially and credit wise if I do? I have a home and a business to protect now. What to do...thanks, The dummy who answered the phone
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