Q: Did I just restart my statue of limitations, by agreeing to a settlement verbally? Can they take me to court now?
I just spoke with a debt collector on the phone about a 10 or so year old debt. I was at work so when she offered to take a settlement of about about $240 on a $400 dollar debt I said sure, "i'll call tomorrow and take care of it at the settlement amount", but I really just wanted to politely get off the phone. I didn't give them any bank information, but she did have my address and I confirmed it. Did i restart my statute or limitations on the collections agency being able to take legal action against me?
A: They may argue that at Court. But if you knew there was a 10yr SOL, why did you even talk to them? I would not worry about getting sued now anymore than before, as it is not a resumption of payments on the note or contract. A Suit will probably involve attorney fees and costs though.
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