Okay- Dh received a letter from a collection agency for a credit card he had before we moved in together. Anyways- when he moved out he changed his address and I guess never received anything from them- I did not know of this card! Anyways they sent him a settlement letter and of course they need it to be paid in full within the 30 days. Technically it is past the statutes of limitations (ours was moved up from7 years to 4 years). He would really like to pay it off (which I would like to do as well)- but there is no way we caan come up with that amount of money in one months time (especially with DH sie job not paying as frequesnt as originally thought). He has not contacted the company- since that would start everything up all over again. So what should we do? I never really dealt with a collection agency trying to settle a credit card. Is there a way that you can just send in payments once a month using the account number? I normally would have him call and see what he can do- but since it is past the statutes I don't want him to "screw" himself over.

Also another question about statutes! Is it true that after the statutes of limitations is over, what happens- is the credit card out of your life- or is it one thing that will be constantly haunting you?

Sorry for these questions- I am just clueless about them! TIA!

sorry I have no clue!!

__________________
Kelly mom to 3 great girls

Is it still being reported on his credit report? IF IT IS, then check and see when it will fall off (usually after 7 years of the last transaction or chargeoff, but you can also always call the credit bureau you buy the credit report from and ask them). If it still has a way to go then wait until you have the $$$, then call them and offer them a settlement (one on account I offered them $350 of the $690 i owed & they accepted), tell them that once they receive the $$$, they will remove it from his credit report. Then proceed to mail or fax an agreement, have them sign it and return a copy to you, then follow thru with the promise. I did this with one item on my credit report & one on my husbands, the other co. that wouldn't do it, is no longer showing on his credit report, and my husbands credit score is at 730.
Good luck!
*forgot to add, if it's still on his credit report & it'll be a while before it falls off, and you don't need credit, meaning you won't be buying a house or car anytime soon, then just hold off & save some $$ to be able to offer them a settlement.

__________________

They will definately deal with you right now. They are really expecting nothing. Offer to pay them half of what they want you to and they will probably except it. Get everything in writing.