Collection agency

After 10 yrs have been approached by a collection agency

Good Evening, I recently, after 10 yrs have been approached by a collection agency seeking payment for a credit card bill that belonged to 1st wife over 8 yrs ago. At the time of divorce she was able to maintain and pay all of her bills that we divided and agreed at time the time of the{in writing} divorce settlement. Well, 2 yrs later she decided to file for bankruptcy. For some reason or another when she noted all of her bills, the card; that I was the primary on did not make the list for the bankruptcy.

Fast forward to last week. According to the collection’s agent “the $12,000 has grown over the last 5 yrs to a whopping $32,000.” The gentleman asked if, I would like to use cash or charge to take care of this matter.

So after the shock/anger subsided I told him my story and supplied him with the divorce decree stating which bills/acts, were in my name. He then came up with an offer that I agreed to get my name off of this claim. For all of these yrs I had no Idea were following me, due to the fact, that they could not find the ex.

My question is >>>>>> Does anyone know if this agreement that they {Collection Agent} agreed to of the lesser amount really going to get the charge off of my name? Or are they going to then after getting some payment, say by the way now we need the rest…” I have no worries paying the settled amount, but it really does not help me by paying 32k to get a better credit rating knowing that I will not survive or even have a home now; trying to fix a problem from the past that from a malicious ex. Anyone with any comment please feel free to respond.

It may be too late, since you made a verbal agreement, but I would still check with an attorney or your State’s consumer affairs. You may not need to pay this because of the age. There is a statute of limitations where an entity can come after you for a debt. Most states is 7 years. Also, if over 7 years, I do not think they can touch your credit.

If you go through with it, have them send you a written agreement, before you do or say anything else, stating if $x amount is paid no later than a certain date, this debt will be considered paid in full and no further charges can be levied.

If they will not put it in writing, it does not mean anything. If they do put it in writing and you have had an attorney take a look at it (well worth the $250 – $300 they will charge), sign it and return where they must sign for it before giving them a dime.