Settlement Refusal

by Stephanie
(Washington )

I have an old debt in collections over 4 years old. I have attempted to settle the debt recently however the collection agency denied the settlement. I thought a collection agency could not deny a payment.

Comments for Settlement Refusal

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Mar 21, 2010
settlement offer not accepted
by: Gerri

Thanks for submitting your debt collection question on our Q&A page.

Unfortunately Stephanie, you have been given some wrong information. A collection agency is not required to accept whatever amount you can afford to pay or settle.

You don't mention how large this debt is, however, generally. The statute of limitations in Washington for most consumers debts is six years according to my sources. So it appears that it is still possible that you could be sued to collect this debt. (I certainly am not saying that the collection agency will sue you, just that it is a possibility.)

If you offered the collection agency as much as you can afford to pay, then you may just have to wait and see whether they change their mind about your offer. They may be willing to settle for less once the debt becomes older, or they may sell your debt to another collection agency that will be willing to negotiate.

Please let me know if you have additional questions by using the comments link below.

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