Can a company sue me?

Question

Okay in 11/2002 i owed providian 4k now i owe collections 7,498..Should i try to settle a debt that old..or will they turn around and sue me? How much should i try to settle for?

Answer 1

Well your statue of limitation is 7 years from the date of default. So you're looking at a minimum of Nov of 2009. You could always try and settle for less or at least ask for a 'pay for delete' option. If you dont get in touch with them, they're gonna try and sue anyway.

Answer 2

If this debt is outside the statute of limitations, they cannot sue you. To determine if it is, go to the site below and look under your state for "Open" accounts.   FYI: Making a payment on the account or acknowledging that you owe the debt in writing restarts the statute of limitations, so be careful.

If the debt is outside the statute of limitations, all they can do is annoy/scare you into paying, but they've lost any real power over you.

Send them a letter via Certified Mail + Return Receipt stating:

Per the Fair Debt Collection Practices Act, I am requesting

written validation of this alleged debt and that said alleged debt is within the statute of limitations

Read up on the Fair Debt Collection Practices Act and understand your rights: