settlement questions?

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Posted by akami on January 12, 1999 at 17:59:13:

i had a debt that was charged off in 1993. the creditor passed the account onto an agency even after doing this. (is this the norm?)

it has passed through many agencies since that time. the current agency offered a 70% settlement. i got them down to 50% and a promise to fax a letter from the creditor stating that the account was paid as agreed.

i called the creditor who told me to beware of any settlement offers. many other customers have complained that the agency takes the settlement then re-sells the balance?

what can i do?

also, the creditor is listed as a charge-off which should soon fall off. will each agency who touched this account appear on my credit report as well?

is there any certain amount of time that the debt must be collected in before becoming void? a statue of limitations for debts?

any help appreciated.

akami

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Comments:
: i had a debt that was charged off in 1993.  the creditor passed the account onto an agency even after doing this. (is this the norm?)

: it has passed through many agencies since that time.  the current agency offered a 70% settlement.  i got them down to 50% and a promise to fax a letter from the creditor stating that the account was paid as agreed.

: i called the creditor who told me to beware of any settlement offers.  many other customers have complained that the agency takes the settlement then re-sells the balance?

: what can i do?

: also, the creditor is listed as a charge-off which should soon fall off.  will each agency who touched this account appear on my credit report as well?

: is there any certain amount of time that the debt must be collected in before becoming void?  a statue of limitations for debts?

: any help appreciated.

: akami


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