bad credit score due to $305 charge-off sold to coll agency
Date: Sun, 06/08/2008 - 23:10
The last payment was on 1/2005. The gas credit card was charged off in 6/2005 and sold to a collection agency in 5/2007.
The collection agency raised the amount due to $408 on 5/2008.
I only have 6 months and the debt will be past the statue of limitations in California (4 years).
I was trying to re-finance my home mortgage and I found out about the negative items that I've been ignoring. I'm not sure what to do.
I have no other debt and I have a lot of assets. I can easily pay off the debt, but it might not be worth paying it off since the damage has been done to my credit.
Since the original creditor sold the debt, I don't think I can negotiate with them. Should I contact the original creditor?
Hire a credit repair agency? I can pay off my debt, but I'm not sure I can fix my credit record.
Please advice...
As you have already been contacted by a collection agency, so it
As you have already been contacted by a collection agency, so it is rest assure that you will not get the chance to lapse the SOL. So, it is better to avoid that idea.
But the amount concerned collection agency is claiming from you is higher than the actual debt amount. Let me give you a section from FDCPA: -
So, please check out the laws concerning collection norms of your state. If your state law doesn????????t permit the collection agency to collect any extra amount from you or you have no such agreement then they have violated fdcpa rule then you can ask for verification of the amount.
I hope other members are also there to help you.
Regards,
Phoenix
The only way I would pay that debt is to do a pay for delete. T
The only way I would pay that debt is to do a pay for delete. They should accept it since their time to collect it is running out. Jusdt make sure you get it in writing before you give them any money.
