Credit card company now ready to settle for original amount: sign of desperation?

[AzNick]

I once sent a check to pay for my credit card bill that, supposedly, the credit card company did not receive, and with the late fee, this put me over my limit, and this added a penalty.

I refused to pay the fees and never did they agree that the fees were not fair.

This of course was a bad item on my credit report.

Now over $3000, 10 years later, they finally sent me a letter offering to settle for a portion of the amount, which is magically closed to what I claim I owed them all this time.

Is it a sign of the time?

I intend to not pay, by the way, as this item has disappeared from my credit report.

[Bryn]

1. I heard that it's not a good idea to pay for an old item on your credit report.

[HipChick]

2. are you really dealing with the CC or a junk debt company?

10yrs ...prob SOL in your state anyway

[AzNick]

7. The latter and the call was redirected to Mumbai, India

A guy named "Nigel" answered my call.

LOL

[backscatter712]

3. If it's over 10 years old, it's past statute of limitations.

They can't sue you for it, they can't ding your credit record.

Your best course of action is to ignore it completely.

[ProdigalJunkMail]

9. WAY outside SOL...

SOL...Statute of Limitations AND Shit Out of Luck... perfect description. Tell them to go pound sand...

sP

[Edweird]

4. As I understand it, once it's off your record, don't pay it.

If you pay it, that activity puts it back on there, and the time starts all over. I'm not a 'credit specialist', just a guy that's been in and out of debt.

[truedelphi]

5. It is actually standard operating procedure.

From my dealings with the credit card people, what I have learned is that most of the time, we Americans want and need a clean credit history, so we will fold immediately even if we are being wronged about a late charge and penalties.

But then if you don't fold, they do come back to you at some point in time and they do have a drastically reduced bill. Often they eliminate most of the penalties and interest and in some cases all the penalties and interest.

But since the charge has fallen off your credit report anyway, why should you pay?

By the way, in California, no credit card company has the legal right to insist you pay on any card that you have ignored paying on for four years. Sometimes they threaten to sue you, but you can just tell them that it won't win in court as their claim is no longer legally valid. That usually stops them cold.

[NNN0LHI]

6. I would pay it in full just to get the good feeling that I did the right thing

I am joking of course. Ignore the bloodsuckers.

Don

[AzNick]

8. Shredder!!!

Sad, because all along I told them "ok, I owe $300, I will pay you $300 or nothing".

And each time an angry collector refused my offer.

Well, it's nothing, then.