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Posted: Fri Oct 12, 2007 1:14 pm Subject:

First, this moron can not change the offer they already made in writing to you as long as you have a signed document. You have until 10/25/07 according to your post to either accept the offer by paying or reject the offer and there is nothing he can do or say to change that as long as you have a signed letter. You can call the guy up and cuss him out and he still can not change the fact that you have a signed agreement from them.

I think generally most people get “settled in full” as a result. It is hard to get a “delete” or a paid in full. If you are confident that these guys are the owners of this debt I would probably take the 50% settlement and live with the “settled in full” on my report. Make sure you check the SOL and get them to validate first though. Do not pay $5500 on a debt that is 15 years old or to someone that does not have authority to collect on said debt.

Guest · Posted: Fri Oct 12, 2007 1:32 pm Subject:

DollarandSince...Thank you for your answer.
I was really waiting for any advice.

Posted: Fri Oct 12, 2007 2:04 pm Subject:

Even if it is 15 years old it should be paid. Just make sure it is paid to the right person.

Posted: Fri Oct 12, 2007 5:09 pm Subject:

Hmm I have never dealt with one that had a typed name and phone number but was unsigned. I do not trust collectors at all but I will have to let someone else answer if that letter would hold up. I would probably try to get a signed one though but it sounds like this guy is being a jerk so he probably would not do it.

Posted: Fri Oct 12, 2007 5:23 pm Subject:

i nerver dealt with that either and i can't stand reditors well some are o.k it's just the ones that call lying and trying to threaten you. i mean if i don't have the money i don't have the money all you can you is be patience and wait. but i glad you posted your post because i thought debt consolidation and debt settlement was the same thing. thanks to this forum you learn something new everyday.

Posted: Fri Oct 12, 2007 7:20 pm Subject:

I'm with you blinkyberry. I learn something new everytime I come here. I would also be leery of the typed, and not signed agreement. They can be sneaky and I wouldn't put it past them to try something like that and use it against the person they are trying to get money from.

Guest · Posted: Fri Oct 12, 2007 10:36 pm Subject:

Thank you for your answer.
I think I made it some confusing.

Posted: Sat Oct 13, 2007 1:40 am Subject:

did you get a debt validation from this particular collection company ? If it is 15 years old don't pay anyone because the junk debt buyers will still keep contacting you 15 years from now regarding the same debt--even if you owe debt and pay it--at this point there is no guarantee that debt will now go away-- J.M.O. but read opinions on this sight and other sights-- Budd Hibbs for example etc before doing anything foolish!

Posted: Sat Oct 13, 2007 4:59 am Subject:

Probably the best thing to do is get a credit validation . Collection agencies can be very sneaky, not all, but some and will try to formalize their documents without the docs being legit.

Posted: Sun Oct 14, 2007 8:16 pm Subject:

Please keep us updated on your progress, alot of folks can learn from your experience with this. Hopefully you will have a good outcome, hang in there, at least your are making a great attempt to clear this up, hopefully it won't backfire.

Posted: Sun Oct 14, 2007 10:54 pm Subject:

I also pray that all will work out for you--just do the best you can do at this point-don't feel guilty or frightened--there are laws in place to protect you! If it is really 15 years old and charged off-don't worry about what they are trying to extort from you

Posted: Mon Oct 15, 2007 4:36 am Subject:

Yes, please try not to be scared, though I know the feeling when you get a lovely letter like that, you automatically panic and that's what your CA hopes for. Even on a 15 year old debt, they can still try to collect, the operative word there is try, and they do have a right to do that. However, to your credit you are trying to research the right way to go about settling your old account and not letting this company manipulate you into a situation where it could be to your detriment. Like fedup said, we can all learn from your situation. This forum is great in informing you on the laws out there to protect you, As Hanky mentioned. Sounds like you are being very proactive on your situation. Please keep us all updated, we are here for you!

Guest · Posted: Mon Oct 15, 2007 2:22 pm Subject:

The debt should be “settled in full” and the balance should be at ZERO. The Collection Agency will intimidate you into thinking they will take you to court, but check the Statute of Limitations in your state to see if this is true. They can try to collect the money, but they can not take you to court beyond the SOL. Also, call the debt settlement company you worked with, who should be able to offer some advice perhaps. Debt Settlement and debt consolidation are very different. Debt settlement negotiates reducing the entire debt by up to 50% and will help you to be debt free in 3 years or less. Be aware of companies that offer a 4 or 5 year plan. Three years or less and always, always, always check the company’s ratings with the Better Business Bureau and the International Association of Professional Debt Arbitrators. The latter indicates the level of ethics and professional care. Debt consolidation and debt management consolidate your debt and work on lowering the interest, but you still pay the full amount, plus fees, plus interest. Do the research, do the math, make the right choice and get yourself out of debt!

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