So I've spent alot of time and money helping my fiance fix her credit and bring up all her past delinquent car payments,student loan, and 1 cc up to good standing. She made alot of mistakes when she was younger but she's 30 now and has her stuff together.

The issue is 1 card opened in 2003 and in good standing till 2006, well today she got a call from a receiver who gave her a summons to appear in court blah blah and the info to an attorney for bank of america to call and see what was up with her case. Well apparently she rang up $3500 in charges and when she stopped paying in 2006 the interest is up to $15,000 in total today.

I talked with the guy on the phone and in a minute he offered to settle for $2300. Sounded way too easy to me, how am i supposed to handle this? This card doesn't even appear on her credit report but worse, due to an inheritance she received she has significant cash to her name today and I don't want them to end up after her for the full $15,000 which the guy promised me would be her payment if she didn't settle.

I have no experience with his bc I've never had a delinquent account, I don't want to pay an attorney a ton of money to help if $2300 is worst case scenario, Im just wondering how serious this stuff is. Its been 6 years almost 7, isnt there some sort of statute of limitations?

Thanks for any info you can provide...

This post was edited on 6/12/13 at 12:19 pm

5 ...

Report Post

Posted by Chad504boy

4 posts

Member since Feb 2005

166505 posts

Posted on 6/12/13 at 12:17 pm to ThaBigFella

quote:
Need help resolving fiance's credit card debt issue

break up with her.

tadahhhhhhhh

0 ...

Report Post

Posted by Broke

AKA Buttercup

Member since Sep 2006

65050 posts

Posted on 6/12/13 at 1:31 pm to ThaBigFella

So she got a call or received a summons?

1 ...

Report Post

Posted by ZereauxSum

Lot 23E

Member since Nov 2008

10176 posts

Posted on 6/12/13 at 1:45 pm to ThaBigFella

quote:
I talked with the guy on the phone and in a minute he offered to settle for $2300

This is because:

quote:
This card doesn't even appear on her credit report

And

quote:
she stopped paying in 2006

Basically, a bad debt buyer has purchased the debt and they know it will be difficult to compel your fiancé to pay. They purchased the debt for a fraction if the $3500 so $2300 would be a huge win for that collector.

Now, they can still sue her. The likelihood of this will be based on the balance (they will TRY to sue for the $15K), the age relative to the applicable statute of limitations, and whether they believe your fiancé has the ability to satisfy a judgement (income, liquid assets, etc).

Here's what you should do.

1.) request a validation letter. This will serve as proof that they own the debt and buy you some time.

2.) find out what the applicable statute of limitations is. This will be based on the state that she lived in when the card was opened. If it is outside of the SOL, they have nothing with which to compel you to pay. They can still call/mail letters until you give them a cease and desist letter.

If you want to negotiate with them, this will give you a basis on which to do so. If you settle with them, make sure you keep a copy of the check and get a letter from the stating the debt as been settled. This, along with your validation letter will be helpful if they "accidentally" sell the settled debt to another entity.

Good luck.

3 ...

Report Post

Posted by Volvagia

Fort Worth

Member since Mar 2006

51916 posts

Posted on 6/12/13 at 2:05 pm to ThaBigFella

Isnt it sad that my first thought when trying to get to the bottom of it is "scam?"

It's putting up a bunch a flags that its legit but I've received far too many calls offering a low settlement straightaway for some large balance that came out of nowhere.

Wouldn't they even try to collect the 15k before offering a settlement on a legit debt?

0 ...

Report Post

Posted by VABuckeye