Debt Colector

[Leem5150]

A collections agency just called on a card I have not seen or heard from in years. They are requesting $560 or at least $150 by the end of this month. They will accept nothing less and will refuse payment send back anything less than $150. I explained that they just contacted me today and I have not had time to explore the validity of this debt and questioned why they were unwilling to explore a reasonable payment plan. They informed me that if I do not give them an answer by tomorrow afternoon they would start legal proceedings. Is this legal? Can they call after 5 years and give me 1 days notice? Can they demand an amount that I cannot pay at this time? I suggested that a payment of $50 - $75 would be more reasonable with possibly more in the future as I reconfigure my budget. They said $150 and nothing less. Do I have any options?

 

[seniorjudge]

If the statute of limitations has not run, then yes, they can actually ask you to pay back the money you said you would.

 

[Leem5150]

I have no problem paying back the money. However, can they insist on $150 if my budget only allows $50 -$75? In addition, can they insist on immediate payment when I just learned of this lost account yesterday? I have not even had a chance to make sure this charge is valid. What recourse do I have?

 

[seniorjudge]

How much you make is irrelevant.



Standard answer on expired SOL (statute of limitation) and/or validation and/or dispute letters. There are thousands of posts similar to yours on this forum so I have prepared a standard answer.

Validation letters:

http://forum.freeadvice.com/showthread.php?t=353111

SOL (Statutes of limitation are DEFENSES to lawsuits; they do NOT provide a method to stop someone from suing you. This defense means when they sue you, you answer with the defense that it is barred by the SOL.)

http://www.bcsalliance.com/y_debt_sol.html

http://www.fair-debt-collection.com/Disputing_Collections/SoL-dispute-letter.html


Validation letter samples you can get at :
www.creditinfocenter.com
and www.creditboards.com

Make sure you ask for VALIDATION (and do not accept verification).


Disputes: You can write a letter of dispute to the three credit reporting agencies.

Go this website to find instructions and samples for how to dispute: http://www.creditinfocenter.com/creditreports/

Sometimes errors are easy to remove and sometimes they stick like glue. It is inexpensive to try and not difficult.

I am NOT a creditor-debtor lawyer; stand by for further help.

I am NOT vouching for the accuracy of these websites!

Debt settlement:

http://forum.freeadvice.com/showthread.php?t=293829