Should I negotiate to pay this debt

I have a $950 student loan that I KNOW I paid off (but can't find the paperwork to prove it). The loan was almost 20 years ago, so it's not on my credit score. I need to keep it that way.

I can't prove the debt isn't mine, so I want to settle with the collections agency. My questions is this. . . .

If I try and settle this debt, can they report it so that it will appear on my credit report? Will it "update" the debt, negating the 7 year drop-off rule?

Can I tell them that I do not acknowledge the debt is mine, but I want them to leave me alone so I'm willing to pay part of it, and then ask for a letter stating that the debt is paid in full so that I don't have to deal with this EVER again?

Please help!!!

3 Answers

Do not validate the debt to them. You know you have paid it right? Then stop worrying. If they again contact you, ask them if they have any concrete proof of your debt. Don't make any promises, do not accept the debt as yours, until you verify the proofs (if any).

If you have paid off the debt, then relax. No need to make payments. remember, once you acknowledge the debt, the SOL clock will restart. So, don't do that. Once you start making payments, the debt will be mentioned in your credit report again that can drop your credit score as well. Don't panic, you will not be in trouble; no need to make repayments.

If you have paid off the debt, there is no need to settle this debt. Why would you try to settle debt and restart the SOL clock? This would be a big financial mistake. It's not on your credit report right now. But if you settle it now, then it will appear on your credit report again.

Tell them you do not acknowledge the debt. Don't pay a penny. Don't make any promise. Just ignore.

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