What should i do? Cant get a loan

Hi

The first thing you should do is to ask the CA to validate the debt. Do not pay them a dime if they are not able to properly validate the debt. The best way to send a debt validation letter is via Certified Mail with a Return Receipt. In the meantime you can contact the original creditor ask him whether the account is still with them or is it sold? If they have not sold it then you can deal with the original creditor. Its far better to deal with the OCs than the CAs.

Have you received any written collection notice from them? If not then they are in violation of fdcpa. As per the FDCPA the collection agency have five business days from the date they made the initial contact (via phone) to send you a written notice via US Mail (the United States Postal Service and not UPS or Fed-Ex. Next time you receive a call from them ask them to send you a written collection notice. Let them know that you are aware of your rights and they can not SNATCH a single penny from you.

best of luck
Nelly

If a CA is calling does that mean the debt has already sold? and the original creditor is out of the pic? Guys please help, i want to how i can pay this off without a loan

Does the CA calling mean the debt has been sold by the creditor? And the orginial creditor out of the picture?

"If a CA is calling does that mean the debt has already sold? and the original creditor is out of the pic? Guys please help, i want to how i can pay this off without a loan"

Not necessarily, they could be collecting for the OC or they could have sold it. I'd also send a "Limited Cease and Desist" letter allowing them to only contact you through the USPS, this will stop the phone calls.

Send the validation letter as goodnelly suggested and tell us what their response was.

Do you know what the "date of last activity" (DOLA) is on the account? The DOLA is either the last payment made or when the account was originally 60 days late, I'm not sure which one it is as people have different opinions on it. The DOLA is important because the "statute of limitations" (SOL) is determined from the DOLA. The SOL is the time period they can sue you in.

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one thing that a lot of people dont think of--if you are dealing with a bad credit situation, getting a loan to pay off bad debt is not usually the best way to go about it. Think about it--if you are in debt now, and you cannot afford to pay it, why would you go further into debt with another creditor?

You just got advice from a debt collector--when you were told to get a loan. The LAST thing you want to do is take financial advice from a debt collector! For one thing, the majority of the debt collectors that call us dont haev good credit themselves. For another, their only worry is getting money from you on this debt--they dont care at all if they give you advice that gets you into more financial trouble down the road because their only concern is this one debt now.

Contact the original creditor, and ask them if they would be willing to work out a payment plan with you. If they no longer own the debt they will tell you this, and at that point the CA that's calling now is the new owner. But, the OC may still own it, and if they do, they might be willing to pull your account back from the collection agency and work with you. It wouldnt hurt to give it a shot, but you need to have a reasonable plan in mind. If you owe them $8000 and you propose to pay them $20 a month, they wont bite on that.