Quote:
Originally Posted by ArkansasBound
I called a collection agent after receiving a letter concerning a personal loan I totally forgot about. They also have on file another loan I couldn't and haven't been able to pay off. They told me that they could cut both loans by 50% but I said there's no way I could handle even that. They said they could cut it down to 27% if I paid them both off in 6 months. I said no way, and never promised them anything, and I haven't made any payments.
I see different opinions on the web saying even talking to a collection agency restarts the SOL. I mostly see though, the opinion that only making any kind of payment or agreeing to a payment plan will restart the SOL. They haven't threatened to take me to court or anything. Was wondering if anyone has called collection agents and were dinged by that.
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No. Simply talking to them, or verbally agreeing to anything, does not reset the SOL. In some states once the debt is SOL it's always SOL no matter what. In other states to reset the SOL it would take a written agreement, or written acknowledgement, that is signed by the debtor (a check/money order to them that is signed by the debtor could be considered as such).
If the collector is willing to take such deep discounts on the amount it's very possible that the debts are SOL. If they are SOL (have you checked?) then you might want to consider sending the collector a SOL letter. If you want a good SOL letter then Google the term Why Chat's Credit Confusion and scroll down to his Special Purpose Letters and look for the SOL letter template. You can also scroll further down on the main page to where all of the states are listed and look up the info for your state to use in the SOL letter. Never send a letter template as is, always change what needs to be changed to fit your own situation. The site I mentioned is a completely free site, it is also a read only site - so you won't be able to ask any questions on that site.
Also, check your credit reports to see if they are reporting and if they are if they are reporting with or without inaccuracies. If they are reporting inaccurately you should dispute those inaccuracies.
edited to add: When sending anything to a collector, whether it's a validation request or a SOL letter - never sign your name on that letter. Instead type your name or print your initials. Also, when sending anything to a collector it should be send certified mail return receipt. Keep copies of every thing you send - paper trail, paper trail, paper trail .. and stay off of the phone with them, deal with them in writing instead.
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