A contract is usually discharged by performance of the terms of the agreement. However, the parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged.
In order for there to be an accord and satisfaction, there must be
(1) a bona fide dispute;
(2) an agreement to settle the dispute; and
(3) the performance of the agreement.
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It may be tempting to simply ignore debt collectors but that is generally a poor long-term solution. Several potential consequences of not paying a collection agency include further negative impacts to your credit score, continuing interest charges and even lawsuits.
In general, under the Debt Collection Rule, a debt collector must not engage in conduct in connection with the collection of a debt if the natural consequence of that conduct is to harass, oppress, or abuse any person. 12 CFR § 1006.14(a).
Within 30 days of first being contacted by the collector, send a letter stating that you do not owe some or all of the money. The collector must then stop collection efforts and prove that you owe the debt. The collector may restart collection efforts only after giving you proof of the debt, such as a copy of the bill.
Typical debt settlement offers range from 10% to 50% of the amount you owe. Creditors are under no obligation to accept an offer and reduce your debt, even if you are working with a reputable debt settlement company.
Statutes of limitations for each state (in number of years) StateWritten contractsOpen-ended accounts (including credit cards)Missouri105Montana85Nebraska54Nevada6447 more rows ?
Montana Collection Licensing: Montana does not require collection companies to be licensed as a collection company. Collection companies must still comply with federal, state and local collection laws. Other licenses or permits may be required depending on the nature of each particular business.
Typically, a creditor will agree to accept 40% to 50% of the debt you owe, although it could be as much as 80%, depending on whether you're dealing with a debt collector or the original creditor. In either case, your first lump-sum offer should be well below the 40% to 50% range to provide some room for negotiation.
