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I'm slighly confused.

Date: Mon, 09/29/2008 - 12:23

Submitted by anonymous
on Mon, 09/29/2008 - 12:23

Posts: 202330 Credits: [Donate]

Total Replies: 2


I'm so glad I found this website, although my head is spinning slightly from all of the info. I hope you all can set me straight. I have about $15,000 in various credit card and medical bill debt that has recently been turned over to various collection agencies. I have about $5,000 in cash that I can put toward immediately paying something off, but I'm not sure where to start. Do I need to send the debt verification letters first? If I don't get a sufficient response, do I still have to pay them, or am I only able to get the entry removed from my credit report? My credit rating sucks, and I want to resolve the debts and improve my credit rating (if possible) in short order so I can move on to paying off other debt that is not troublesome right now. Advice?


First of all send debt validation letter to the different collection agencies. If you really have those debts and want to pay them off then the best way to sort out the matter is through dealing directly with the creditor companies.

You can follow the follow the following steps as mentioned in the following article: -
Step by Step Guide for settling your debts with creditors and collection agencies

You can also call the above given toll free number 800 601 1579 to get free counseling from our community expert.


lrhall41

Submitted by angelinahill4u on Tue, 09/30/2008 - 00:38

( Posts: 67 | Credits: )


Unfortunately, these are legitimate debts. Just to be clear, I should do the following:

1. Send debt verification letters to the collection agencies.
2. If I don't receive all of the info. requested in the letter, request that the collection agencies remove the entries from my credit report.
3. For any sufficient replies, call the original creditor directly and request that the account be retrieved from the collection agency.
4. If that request is refused, send a settlement offer letter to the collection agency.
5. If the original creditor pulls back the account, send a settlement offer directly to the original creditor.

If the collection agencies have to remove a listing from my credit report, is it correct that they can no longer report on this account at all, even if I'm still working with them to settle the debt?

I appreciate all of the advice so far. What a huge help!


lrhall41

Submitted by on Tue, 09/30/2008 - 06:23

( Posts: | Credits: )