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Do I settle with a collector?

Date: Tue, 02/12/2008 - 04:49

Submitted by anonymous
on Tue, 02/12/2008 - 04:49

Posts: 202330 Credits: [Donate]

Total Replies: 2


I received a settlement offer from a collection agency that I can afford and I want to go for it, but I'm a little hesitant cause I've heard so many horror stories. My original account was charged off 3yrs ago and sold to LVNV. They transferred it to Resurgent and they in turn gave it to a collector called Protocol. I'm wondering the best way to go about getting this settled and showing up correctly on my credit reports. Do I deal with Protocol or call Resurgent, LVNV? I've heard these companies like to go after the rest of the settlement. What's the best way to make sure the debt is done with and doesn't show up ever again. I'm afraid if i broker this deal with Protocol, LVNV will still try and come after the rest. Any help would be appreciated


Have you pulled your credit report lately to see who's reporting this debt? That might be a good place to start. I would also send debt validation letter to Protocol asking them to verify the debt and that they have the authority to collect/settle this account in full. You can get sample letters here:

http://www.debtconsolidationcare.com/letters/

Also, get the settlement offer in writing - make sure it lists the original creditor account number etc, so you have proof of what account your settling, and once it's settled make sure you follow up and get the letter stating "xyz" account has been settled.

Then make sure you check your credit report to see it is reported correctly.


lrhall41

Submitted by Justina on Tue, 02/12/2008 - 15:32

( Posts: 138 | Credits: )