debt settlement companies in georgia

statue of limitations on credit card debt?

I had a credit card in georgia that I defaulted on in april of 2003. Recently I agreed to a settlement on this account of 460.41, I had five days to pay this and during that time I was hospitalized. I wrote the company telling them this and ask for a extension because of this. I have not heard from them I do not want to just send them a check of 461.00 without an updated letter of settlement agreement. Have I reset the statue of limitations by doing this and have I opened myself up to a chance of now being sued for the whole amount. what once was a 500.00 bill has now added up to 1500.00 in collection fees any advise on how to handle this.

Here’s the SOL: “Open account; implied promise or undertaking: 4 years, (OCGA 9-3-25). NOTE: Payment, unaccompanied by a writing acknowledging the debt, does not stopped the statute. Therefore, the statutory period runs from the date of default, not the date of last payment.”

If you haven’t heard back from the collection agency within 2 weeks of your letter, send them another letter, certified, return receipt. Briefly explain that you missed the deadline due to illness but you would like to settle the account as previously agreed. Indicate that upon receipt of their written confirmation extending the settlement, you will send payment.

Chances are they will be glad to take the money instead of taking you to court.