Hello. my question is this. I received a letter

my question is this. I received a letter from MCM (Midland Credit Management) from a debt that I have for $563.01 with Chase ( or had I suppose they bought my debt) and I have checked my credit report and the last time I did a payment on that debt was on July 2007 so this July 2011, will make 4 years since I did a payment, and I've been reading your post on SOL and I am from Texas and I am not sure how SOL works but should I pay before I reach 4 year of not paying, (btw MCM want me to pay before August 20)? also I want to put this error from my college days behind, should I just pay them or make a settlement letter before paying them? I want to pay this but I don't want collectors bothering me 1 or 2 year from know claiming a debt already paid. extra info I try to see how could I pay the debt in MCM webpage and it ask me to enter the last 4 digits of my SS to see my account which i did :( , could that be use as an agreement to pay the debt?

2 Answers

I think Anna is right. To know more about the statute of limitation, glance through the following link:

The SOL for debts in Texas is 4 years. If 4 years have already passed since you made the last payment, then the creditor cannot take legal actions against you for the payment of the debts. However, if you start making the payments, then the SOL will restart and the creditor can take legal actions against you.

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