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Reply to "Trying to negotiate a debt with collection agency"
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[quote=Anonymous][quote=Anonymous] [b]Don't let the collector scare you. You can settle with them, typically for 60% of the original balance[/b]. There are statute of limitations with ANY kind of debt (including student loans). Federal student loans have no statute of limitations for collections. Private student loans almost all have a 5-7 year statute of limitation on them but that will depend on where you live. If the statute of limitations have expired (which I'm 99 % sure they have since you said it's a 10 year old debt) they CAN'T sue you. They can send you the statements that you owe, but they can't legally force you to pay the debt. Hope this helps.[/quote] If you can come up with cash offer them $1500-$2000 to settle the debt. Don't get sucked into payments. They should be willing to settle for less than/close to the original amount. [/quote]
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