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Received letter about legit debt that I cannot pay. What to do?

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    Received letter about legit debt that I cannot pay. What to do?

    I recently received a debt validation notice from a debt collector for about $2500 in credit card debt from a few years ago that I did not pay off before I moved abroad. I have since moved back to the US and received this request to pay it back. Checking the numbers on the letter and my credit score, the debt appears to be legit.

    I would like to get this resolved by paying it off, but I do not have the means at this time. I am unemployed and have very little assets. What should my next step be? I could send them a letter to validate the debt, but it seems like everything is correct and I have heard that asking a debt collector to validate a legitimate debt can backfire and give them the ammunition to sue you. I could call them up but I don't know what to say. I know that certain things you tell them can affect the status of the debt or change the statue of limitations or other stuff like that. Also, if I make some kind of payment plan to pay off a small amount each month, I'm afraid I will get stuck paying this off for the rest of my life with thousands and thousands of dollars of fees and interest tacked on. Should I just call a credit counseling company and ask for their advice?

    #2
    It's only $2500. Pay it within your first 3 months of work when you get a job.
    Kill the debt, before it kills you!

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      #3
      You do not have the money, from the sounds of it. So you have nothing to give them. So calling them would be worthless as all you will get is threats. Do not poke the sleeping bear! If they want to sue you, let them. They can't get anything anyway because there is nothing for them to get. Your credit has already taken a hit and is not likely to get any worse.

      In the meantime, you need to find a job! That goes without saying, but you need to find steady employment so that you can pay this off and make a living.

      In regards to statute of limitations- it will reset once you make a payment or make any acknowledgment of the debt (whether written or verbal). As long as you do not reset it, you can potentially run it out. What state are you in? Do you know when the last payment was made on the account?
      Check out my new website at www.payczech.com !

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