Q: How do I know that I can trust a collection company who has offered reduced payment on an 10 year old credit card debt?
I couldn't pay the min. payment 10 years ago. The debt ballooned; I couldn't pay that even when I got back to work so I ignored it. The letters stopped coming regularly; I get one once a year now. Today I received a letter to completely settle the debt by only paying 10%. How do I know this is not a scam? If I pay, how will I know that is forever settled? I am afraid of unexpected things to happen; I just want this burden I've been carring to be resolved at last.
A:
If it has been 10 years since you last paid and this is a Pennsylvania debt, why are you paying now? The debt has dropped off of your credit file and even if it has not, this can be disputed. And paying now will revive the statute of limitations.
I cannot see anything good from you paying now other than some feeling of emotional satisfaction you would get. However, if you feel a burning desire to pay, then I would strongly suggest that you have the letter reviewed by an attorney before you do so. Only an attorney can tell whether its a scam or not. It may not be a scam. The statute of limitations is a legal defense to be asserted in court. No matter how old the debt is, there is no violation of law from a debt collector attempting to collect the debt at any time. However, because of the very real consequences which will occur if you just pay, you should consult with an attorney.
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