bank transfered to colletion

If they were already charged off and sold to CA's odds are the OC will not or cannot deal with you. To give you any advice we need to what is the Date of Last Activity (DOLA) on the debts (when was the last payment you made). What state do you live in, that will determine the Statute of Limitations (SOL), The SOL determines whether they can sue you or not.

How much do you owe on them?

If you register on the site you can get a free consultation for debt settlement/consolidation (button on the right) or you can do it yourself.

well, the DOLA is being reported in my credit report as 2005, but im pretty sure its much older than that. And could you tell me what the SOL is in North Dakota? thanks for your help.

Keith

The SOL is 6 years for North Dakota. Do you remember making a payment in 2005? Who's the collection agency?

arrow financial services. I'm pretty sure the account was closed and charged off long before 2005. I spoke with them on the phone tonight about a settlement, and they told me they are not allowed to put anything into writing, and the rep said that i had to take is word on the settlement. And do they legally have to verify?

your a lifesaver LoneGunman...

Keith

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morningstar is right. Dont fall for that. Think about it--what business in this day and age cannot put their dealings into writing? No legitimate one, thats for sure.

The DOLA being listed as 2005 is probably when this CA bought the debt. They cannot reage a debt like that. The only way your debt could reage is if you sent a payment. If you did not send a payment, I would start there. The first step in dealing with a CA is to request validation of the debt. This is vital. Validation will require them to prove to you:

1--that the debt is really yours.
2--that the amount owed is correct.
3--that they have the legal right to collect on this debt.

You need to request that validation in a certified letter. Dont send a regular mail letter as you cannot prove they ever got your request. Thats why we send all correspondence by certified mail, return receipt requested. You will get a green card in the mail from the USPS showing the date it was received--keep that as evidence.

Here are some other things you need to know. Once they get your validation request, it is illegal for them to continue trying to collect from you on this debt until they get you the validation. This includes phone calls, letters, and even continued reporting on your credit bureaus. If they have already reported on your credit files, then they are required by law to update the entry to show that the debt is disputed. They cannot update it in any other way.

If they do not send you validation, then they cannot ever legally resume collection activity on this debt against you. Now, they will just sell the debt to another junk debt buyer at that point, usually. But some of them are dumb enough to continue trying anyways.

Send off that validation letter--if you need a template to use there is one in the do-it-yourself section of this forum at the top of the page--and let's go from there.

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Arrow Financial is notorious for reaging debts. I've dealt with them, and have had nothing but bad experiences with them. They will try anything in the book (their book of course) to get money out of you. That's been my own personal experience with them. Maybe they've changed. :lol: