Credit collector is threatening me a law suit, what do i have to do?

after I graudated, I could not find a job for months and could not pay the credit card debt, which was 9800(includig late payment and interest). It was handed over the collector, they offered me to settle at half but I couldn%26#039;t afford. Now it was with the second collector, and I offered them I could settle the amount the first collector suggested. They refused and told me it is not 15000 with interest and fees. And if I don%26#039;t pay back in a month, they will take this one to the court. Seems like I am in deep trouble. I don%26#039;t have that huge amount with me, of course, and I am worrying about the law suit. Any advice? Any suggestions??

Credit collector is threatening me a law suit, what do i have to do?unemployment rate

I had the same thought that bella said, check to see if you are outside the statute of limitations in your state for collecting the debt.

What state are you in? And, when was the last time you made a charge or a payment? If you have your credit reports, what do they list for the date of last activity?

If you are out of SOL, you are not legally bound to pay. If you are out of SOL, it will be illegal for them to file suit.

It sounds like it must be a pretty old debt if it%26#039;s been handed off to a second collector and the amount has almost doubled.

DO NOT send them a cease and desist letter at this point. That will leave them no option but to either sell the debt or immediately start the law suit.

I can%26#039;t really give my opinion on what to do without knowing the SOL in your state, and when you defaulted.

++++++++++edit

The SOL could either be 2 years or 4 years depending on how you obtained the credit card.

2 years - Open, no writing. This 2 year SOL is for %26quot;pre-approved%26quot; unrequested credit where there was no signed application made.

4 years - Regular cc accounts applied for are the %26quot;reduced to writing%26quot;

So, if you had received an offer for a credit card, applied and was approved - it would be 2 years. (and you would be out of the legal SOL for collecting)

If you decided one day that you wanted a credit card (without receiving any offer from them first) with %26lt;card co. name here%26gt; and applied, was approved then it would be 4 years.

Either way, one thing that gets me is the amount they are claiming you owe. It is to fishy and just does not sound right.

Not enough time has passed for the amount of the debt to almost double. That%26#039;s what people who have had charge offs for 10 years (more or less) might face, not someone who has a 2 year old charge off.

I would suggest sending a debt validation letter. Write up one letter and list BOTH the lawyer and the collection agency on it and send it to both. Send them certified mail return receipt.

Make them PROVE the amount they are claiming is the legal amount.

I would also suggest going to the first link I%26#039;ve provided and do some reading on your state statutes and SOL.

Go to the second link I%26#039;ve provided and start reading in the newbie forum and then in the credit forum. You can find samples of debt validation letters there, plus if you have any questions, feel free to ask them in the credit forum.

Everything on that site is free to read and use. There are many members on that site that have been exactly where you are, and a few that are going through what you are right now.