Location: Tennesee
So, I am a victim of identity theft by my own mother, and unfortunately I was unable to find an attorney willing to assist me so I chose to settle. Thank god for emergency funds.
So only one collection agency is left and they want $5.2k I’ve been able to get these people to settle at 30-50% most of the time. Had the debt verified as mine, however the last payment activity on the card was November 2019. By TN Statute of Limitations, that should fall off.
They haven’t filed a judgement against me yet, so wage garnishment isn’t as easy for them to try on me. So my question is, is it worth the risk? I imagine these creditors are going to work at warp speed to try and get that money. I also believe that they’re going to go no lower than $3.5k so at worse I lose $1.5k? Versus being able to accelerate my emergency fund.
For anyone who may be familiar with debt dropoffs in Tennessee, is the risk worth it? I’m aware that the debt will stay on my credit score for 7 years after drop off. I also don’t want to pay these people $5.2k…
Cheers!