[CreditCardCollection]

Hi. I recently received a letter from a collection agency offering a "Settlement"..it is for a credit card I had in 1998. Because I no longer have any records myself..going by what the collection agency told me..the account was opened in May 1997, the last payment was in October 1997...the account was sent to collections in July 1998. I think I received a letter from the company threatening to send the account to collections...I moved in March 1998...I have not heard or seen anything about this debt until this week. The collection agency holding the account now has had it since 2004. The balance is now $931. 36...if I recall correctly it may have a $300 limit, and it was one of those that charge everything to the card when you first get it..so you have very little, if any available credit...(this was around the same time I was offered a credit card that required a "deposit" which was withdrawn from my savings account, and I never received a credit card...and of course I could never reach anyone...anyway that's off the subject...)This account is not even showing on my credit report....presently I have a judgement against me for some hospital bills, and I am an authorized user on one of my father's credit cards...that's about all that's on there. I checked my report near the end of last year.
I tried to do the right thing, and called the company to see if there was a way I could pay a little on the account a week...that was unacceptable they wanted the settlement offer of $232.84 by April 3 or the entire 931.36 would be due. I am presently a full-time student, and the only "income" I receive is child-support for my daughter....I tried explaining this to the jerk on the other end of the phone and he's asking if I could borrow the $232 from someone. Anyway my real question is...Do I even have to pay this?

[aaron]

In this downloadable document [Word format], Legal Services of Northern Virginia indicates that the statute of limitations is three years, and argues that it might be possible to assert that it is actually two years under certain circumstances. (In your case, it doesn't seem to matter - the debt is more than three years old.) Note that in actions on an open account, the statute of limitations starts to run from the later of the last payment or last charge for goods or services rendered on the account.

Note that if you pay even a cent toward the balance after expiration of the statute of limitations, you could be considered to have renewed the entire debt with the limitations period starting over again from the date of your new payment.

Take a look at the sample FDCPA letters here and here, and consider sending the collection agency a letter asserting that the debt has expired and that they should not contact you any more.

[CreditCardCollection]

So as long as I don't send them any money, they can't get any money. :shock:

[aaron]

More or less, yes, if the statute has otherwise run.