by cadude » Mon Mar 31, 2008 05:23:32 PM
It's been 5 years, it's not SOL (yet). I don't know anything about Portfolio Management, so I'll ask: do (did) they purchase the debt?
If NOT, and they are still third party then it's possible that Wells Wargo (who controls Future Shops old credit accounts) has set guidelines for the settlements. Your settlement will NOT be an exact number, so you KNOW that they CAN go lower than $2500 (even if it's a few dollars, they always round up).
Now, $2500 compared to $3500 is roughly 71% -- this tells me (from previous CIBC guidelines) that the settlement window is only 70% (as I said, they always around up). You offered 43% and the agency might not be ALLOWED as per Wells Fargo to settle the account.
As I see it, the account is 5 years old, and I'm amazed that Wells Fargo would still be the primary creditor. Usually Wells Fargo sells their debts to purchase companies like agencies them selves or companies like Arrow Financial.
I don't buy the supervisor setting the table for the amount. Collectors always use their supervisors as the bad guy to get what they want -- it's (edited for language).
But.. I can't see this agency turning away from your money. Continue to work with them.