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  1. #1
    Join Date
    Jun 2007
    Posts
    3

    Default Credit Card Settlement Offer

    So I am a Florida resident, and I have an unpaid debt on a credit card that has gone unpaid for years now because I am a graduate student with out any income. Recently, I received a call from a law firm, making me a settlement offer to pay this debt off. Now the last time I made a payment on this card was some time in 2002, or maybe even 2001. I applied for this card when I attended college in Michigan (but was a resident of Pennsylvania), and I am currently a resident of Florida as I stated earlier.

    I have a few questions regarding my situation. First, the law firm has informed me that I have until 12 noon tomorrow to either take the offer that they have given me (by either paying a lump sum or monthly payments), or they will serve me with papers. Now as far as this matter with SOL (statute of limitations), is there really anything that they can do at this point? I don't know which state the action will be taken in. But it has been 5 years or more since I last made a payment, so is it best that I just ignore their offer, and present the SOL defense?

    Also, if taken to court, is there anyway that this defense would not hold up? If so, as an unemployed graduate student, how would they expect me to pay this debt off? Thank you.

  2. #2
    Join Date
    Jan 2007
    Posts
    26

    Default Re: Credit Card Settlement Offer

    Sounds like they might be trying to scare you into making a payment in order to restart the clock. I would ignore them. Then if served papers, use the SOL defense. I they dont dismiss at that point, then try to settle.

  3. #3
    Join Date
    Jun 2007
    Posts
    3

    Default Re: Credit Card Settlement Offer

    That's kind of what we figured they might be doing to. Thank you very much for your input. That is exactly what I will do.

  4. #4
    Join Date
    Jul 2007
    Posts
    1

    Default Re: Credit Card Settlement Offer

    So more than 30 days later, I for one would like to know what happened here. It is a direct violation of the FDCPA to threaten to sue you if they aren't actually going to. If they were doing it just to scare you, supposedly you would be able to sue them successfully for violating the FDCPA and win a judgement against them of up to $1,000.

  5. #5
    Join Date
    Jan 2007
    Posts
    26

    Default Re: Credit Card Settlement Offer

    If the collection agency is in another state you'd have to sue them in their local court. You could do it, but it would be a pain in the ass. I was going to sue Midland Credit Management for an FDCPA violation and my attorney advised against it, b/c attorneys fee for suing in a far away court would exceed the money awarded. He said to wait and see if they sued me (which probably wouldnt happen)..then use the fdcpa as a counter-claim.

  6. #6
    Join Date
    Jun 2007
    Posts
    3

    Default Re: Credit Card Settlement Offer

    Thank you for your comments. I was not aware of this. So I could actually sue them for threatening to sue me under the FDCPA? Do any of you know how long it usually takes to hear back from the lawyers, once they threaten to sue? I had until 12 noon on June 29th to make an offer with the law firm, or action would be taken, but I haven't heard back from them yet. The law firm is in a different state however, so I'll just wait and see if they sue me first. Thanks.

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