I have a private student loan in default due to disability. A collection agency contacted me regarding settlement. They said to write a letter offering settlement. I wrote a letter stating I was informed i owe $31k (never admitting i do) and that i would like to settle this account and made offer. Before I sent the letter, I asked them to provide me with detailed break down of what I owed. They said it would take months and they were only going to consider settlement for that day. So I sent the letter that same day.
1. Does that mean the statue of limitations restarted?
2. Did I admit to the debt?
3. Does this mean I can no longer ask for debt validation?
4. Did they violate my rights by saying the detailed break down would take forever and I needed to send offer that day?
1. No, an offer of settlement would not restart the statute of limitations.
2. Probably not, although one would have to review the letter you wrote to be sure.
3. No, you can still ask forvalidation.
4. No, but any "today only" would be suspect, as Attorney McCall indicates.
Frank W. Chen has been licensed to practice law in California since 1988. The information presented here is general in nature and is not intended, nor should be construed, as legal advice for a particular case. This Avvo.com posting does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult with your own attorney.
3 lawyers agree
Debt Collection Attorney
Sending them a letter will not reup the SOL. To reset the SOL, you would need to make a purchase or a payment towards the debt.
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Administrative Law Lawyer
Rule of thumb: all "today only" offers -- in all contexts -- are suspect and should be treated as presumptively bad deals.
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5 lawyers agree