old credit card debt turned into summons?

[albohn96]

What is the name of your state? NY

I had an old credit card that I let go around 2000. The debt was sold to a portfolio recovery business. They had contacted me several times to settle and I refused. Now they have served me with a summons and are demanding payment or court.

I have spoken to them and they seem only willing to cut 20% off the total debt.

Is this something I should accept or are there alternatives?

Should I hire a lawyer to achieve better results?

Thank you for your advice.

-Justin in NY

[Kanchazi]

Check the statue of limitations for your state. Most likely if you have not had any activity since 2000 the sol is expired. Which means you cannot be sued, but you will have to use it as a defense.

[albohn96]

What is SOL and where can I find out more about it for NY.

Will using SOL effect my credit?

I want to make this better and have the money to try to make this right but not for 80% of the debt.

[BelizeBreeze]

Originally Posted by albohn96

What is the name of your state? NY

I had an old credit card that I let go around 2000. The debt was sold to a portfolio recovery business. They had contacted me several times to settle and I refused. Now they have served me with a summons and are demanding payment or court.

I have spoken to them and they seem only willing to cut 20% off the total debt.

Is this something I should accept or are there alternatives?

Should I hire a lawyer to achieve better results?

Thank you for your advice.

-Justin in NY

when EXACTLY was the last action on this card and have they filed suit yet?

[Kanchazi]

Sol is statue of limitations which means after a certain period of time since your last activity/payment, you cannot be sued, I believe in NY it is 6 years. So if you stopped making payments more than 6 years ago you cannot be sued.

Check out this site:

[url]http://www.creditrepairkitsoftware.com/limits.html[/url]

[debtcollector`]

Originally Posted by Kanchazi

Sol is statue of limitations which means after a certain period of time since your last activity/payment, you cannot be sued, I believe in NY it is 6 years. So if you stopped making payments more than 6 years ago you cannot be sued.

Check out this site:

[url]http://www.creditrepairkitsoftware.com/limits.html[/url]

YES you CAN be sued. SOL is an affirmative defense.