I received a letter from a lawyer saying I had a 10 year old mastercard with $5000 outstanding. I called the credit card company and they know nothing about it. I vagley remember something about it but thought it was all taken care of. The law firm is very aggressive and have a million horrible postings about them when you Google them. I called them straight away as I do not want to be sued and I checked on my credit report and sure enough here is the old outstand cc bill. We came to an agreement that I send them $3200 right away and that would be the end of it. They would send me a letter stating everything was paid in full and would send a letter to the 3 credit card agencys. However I just received a letter from the lawyer and it says Upon receipt of your settelment this office will execute a satifaction judgement of discountinuance if applicable ** I called the laywers and they just tell me to send the money and not to worry. What do I need to know and what should I have them put on my credit report. And what dos that mean?

Many thanks Donna

Before you pay anything, you need to get documentation of this debt. Its possible that the Statute of Limitations has expired and they can no longer sue to collect.

Send them a letter stating that all future correspondence be only by mail. Tell them to send you a copy of the original contract and an accounting of the amount of the debt. Also documentation of any court action that might have been taken.

From there you can decide whether to offer a settlement or tell them to go fish.

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Originally Posted by donnanyc123

I recieved a letter from a lawyer saying I had a 10 year old mastercard with $5000 outstanding. I called the credit card company and they know nothing about it. I vagley remember something about it but thought it was all taken care of. The law firm is very aggresive and have a million horrible postings about them when you google them. I called them straight away as I do not want to be sued and I checked on my credit report and sure enough here is the old outstand cc bill. We came to an agreement that I send them $3200 right away and that would be the end of it. They would send me a letter stating everything was paid in full and would send a letter to the 3 credit card agencys. However I just recieved a letter from the lawyer and it says Upon reciept of your settelment this office will execute a satifaction judgement of discountinuance if applicable ** I called the laywers and they just tell me to send the money and not to worry. What do I need to know and what should I have them put on my credit report. and what dos that mean?

Many thanks Donna

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This debt was over the statue of limitations and you did not need to pay them a thing. However, since you DID, you just restarted the clock on it and will have to pay them everything they ask you for. This is an old trick debt buyer use and it works a lot. People get scared and don't know all you had to do was A) ignore it or B) send them a letter telling them it is past the statute of limitations and they would have backed off.

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Originally Posted by donnanyc123

I recieved a letter from a lawyer saying I had a 10 year old mastercard with $5000 outstanding. I called the credit card company and they know nothing about it. I vagley remember something about it but thought it was all taken care of. The law firm is very aggresive and have a million horrible postings about them when you google them. I called them straight away as I do not want to be sued and I checked on my credit report and sure enough here is the old outstand cc bill. We came to an agreement that I send them $3200 right away and that would be the end of it. They would send me a letter stating everything was paid in full and would send a letter to the 3 credit card agencys. However I just recieved a letter from the lawyer and it says Upon reciept of your settelment this office will execute a satifaction judgement of discountinuance if applicable ** I called the laywers and they just tell me to send the money and not to worry. What do I need to know and what should I have them put on my credit report. and what dos that mean?

Many thanks Donna

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Federal Law states they have 4 years to collect an outstanding debt. No way they can on a 10 year old claim much less place it on your credit. Send them a letter requesting proof of the debt and any written statements, billing or charges related to this debt. Also make a formal complaint with equifax and the other credit reporting agency. They will send a form to the attorney and they MUST respond with proof of debt within 30 days. If they do not, demand that the agency delete it from your record.
Never send any money to any one unless there is written confirmation what they intend to do once they receive the money. Once you pay the amount they are not obligated to do anything but cash it.

Good luck

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Originally Posted by ATYOURSERVICE

Federal Law states they have 4 years to collect an outstanding debt.

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Hello AT:

Please refer me to this law.

excon

Sorry, sometimes I type to fast for my own good. I meant so many years. To specify , each state as a statue of limitation to sue.
Now, that statute of limitations only applies in the state in which the contract was actually signed. So if you lived in New York and signed in New York, but now you live in, say, Rhode Island, your statute of limitations would be found under NY.

Thanks for pointing out.