Internet's first get-out-of-debt community - 145,000 members

Posted: Tue Mar 20, 2007 8:50 am Subject: Confused

I am in serious debt and have been trying my best to work things out. I have made some progress but there are those that I am still having trouble since my debt is very high. I am confused on the debt collection process and how it really works. For example, my HSBC Banco Popular card was sold to World Wide Asset Bank and they retain Gerald E. Moore & Associates to collect the debt. Now my 1st phone call dealing with Moore was not pleasant and they did not even greeted properly they just said "law offices" which to me was weird. Well my question is if the original creditor sold your debt how can the interest/balance keep going up?
Wouldn't you be paying World Wide Asset Bank not HSBC? Also, its been explained to me that these collection companies buy your debt for less (usually 30%) than the balance but try to have the consumer pay the balance plus additional fees. Is that legal? I am in the process of sending a debt verification letter to Gerald Moore. A Mr. Anderson from Moore threatened me on the phone such as they are going to serve me etc and why did I max out my cards etc. I explained my situation and stated I never maxed out my cards in fact requested for them to be close because once they were paid off I will not be using cc. Therefore, any balanced exceeded is from deliquency and basically told him he should think before he speaks and not accuse someone of something if you do not know the facts. He started to get loud and I told him this conversation was over.
I am in the process of waying my options of what is the best option for me as far as handling my debt. I don't have the money or qualify for debt management programs since my debt to income ratio is high. Therefore, what are my alternatives when charge off's have happened and I am no longer dealing with the original creditor.

How are any of you handling these types of situations.

Posted: Tue Mar 20, 2007 10:41 am Subject:

All I can offer for now is get debt validated with a certified return receipt letter. Stay off the phone!Send additional letter telling them to cease and desist all activities until this debt has been validated and proven.Place a paragraph in letter that phone calls at work are prohibited by employer and are inconveinant at home,please contact me by written method only.

Things you can do while waiting for proof of debt:
1.Pull your credit reports and see if they are reporting.
2. File complaints with bbb& your attorney general for abuse of fdcpa violations.
3.If legal record all calls dealing with them.
4.Find out if they are licensed to collect in your state.
5.Find out if their so called lawyer is a lawyer licensed in state and name they claim.

Posted: Tue Mar 20, 2007 3:23 pm Subject:

One of the reasons it goes up is beacuse the junk debt buyers charge interest too! I have one who charges anywhere from 100 to 300 a month interest, the same one who won't validate!..Karen

Posted: Tue Mar 20, 2007 3:28 pm Subject:

I'll give the unpopular answer, but sometimes it is the ONLY answer. And only you know the true nature and desparation of your situation (income, debt, etc...) Sometimes the only option is bankrupty, if you debt is extremely high and your income is too low to qualify for any type of program, this may be your only option. And do not put yourself down if this is your only route. You and only you know what is best for you and your family.

And with that being said. Let the guests come and slander me, pound me, and say what I truly believe will be kind words such as "loser", "deadbeat", "low life", I could go on. But do not waste your time or energy, because I don't care.

Posted: Tue Mar 20, 2007 3:51 pm Subject:

Steelers,
You give good advice and it is true in certain situations,the only available option is bankruptcy. I try to remember and tell anyone do not let collector get to you.Bankruptcy has nothing to do with self esteem or morals.It is a straight business decision. I would never look down on someone who filed.

Posted: Tue Mar 20, 2007 4:25 pm Subject:

Oh, but I'm sure some guest is going to come on and post to get a job, blah, blah, blah. The usual ignorant ramblings they post. Just want to let them know it is a waste of their time and energy. Just wanted to have the upper hand when they go to post.

Posted: Tue Mar 20, 2007 4:35 pm Subject:

You have made me smile steelers,gotta love them kind of guests!

Posted: Tue Mar 20, 2007 4:41 pm Subject:

I really don't mind them. I kind of like it when they come on here and start saying idiotic things. As if what they say can make others' situation any worse. It doesn't. I have quite the tongue and can hold my own against the fruitcakes.

Posted: Tue Mar 20, 2007 4:50 pm Subject:

Myself,I have the habit of using my pacer account and burying them in their own dirt when they are collectors coming here saying how good their company is.

Posted: Tue Mar 20, 2007 4:54 pm Subject:

When they get real nasty, and just don't get you are in a situation where there is no money. I told a friend who was being hounded to just say, "You didn't get paid? Really, let me check. Oh yes, I see now. I put your name in the hat with the other creditors. Unfortunaely your name wasn't drawn. Good luck with the next drawing."

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