Law Firm
Date: Mon, 05/28/2007 - 04:59
Is this a good thing? The lawyer said that the banks sell the debt for .01 - .10 on the dollar??
Assuming you've just become delinquent in your accounts, I would
Assuming you've just become delinquent in your accounts, I would doubt that any of your debts have been sold to a collection agency. At this point roughly 30 days, the debts are still held by the original creditors, and have been assigned to either internal or external collection agencies.
Unless this is your only option short of filing for bankruptcy, I would not consider this a good thing. Your credit report will now have multiple 30 day late entries... If you follow through with the settlement plan, I would imagine that your credit report will end up with multiple charge offs and collections entries.
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The lawyer said that the banks sell the debt for .01 - .10 on the dollar?? |
I sincerely doubt that a fresh debt will sell for that amount of money. Old, especially out of SOL debts may sell somewhere in that range, but I don't think new debts do.
Letters
I received a letter from Allen Adkins, Citibank.
I received a letter from Wolpoff & Abramson, FIA Card
I received a letter from Mann Bracken, Chase
I have a credit monitoring service. My lawyer put a "fraud alert" on my credit report and he said no one can do anyting to it. There are no lates it has been over 60 days.
Am i being scammed? It is too good?
Quote:My lawyer put a "fraud alert" on my credit report and he s
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My lawyer put a "fraud alert" on my credit report and he said no one can do anyting to it. |
Best I understand, that makes it difficult, if not darn near impossible for someone else besides yourself to open a new line of credit. It does not mean that a creditor can no longer report positive or negative information.
From the FTC:
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There are no lates it has been over 60 days. |
I am certain it is only a matter of time.
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Am i being scammed? It is too good? |
If you post the name of the settlement firm, perhaps a reader who has had experience with them can tell you more about them. I cannot tell if you are dealing with a reputable service or not, though I am suspect of the portion of the sales pitch (.01 - .10 cents/dollar).