debt settlement offer from collection agency!
Date: Thu, 04/10/2008 - 19:51
most of my credit cards have gone into collection and charge offs. i'm being harassed by many different companies i never borrow money from. never heard of. they might have bought my account from my original creditor. they are offering me settlement about 50-30 percent of what i owe. is this too good to be true?
what should i do if i do want to pay off these debt that i have. i really just want to pay what i actually owe to the original creditor minus interest. but if they offer to settle for half or even 30 percent of the debt should i go for it?
also one more question. once the original creditor sells my account do i owe them money or do i owe the collection agency money? please help me. i'm so stress out wiht this it's affecting my work and family. getting to the poitn where i just wanna quit everything and give up on life.
Well, when they are making a settlement proposal, you can mull o
Well, when they are making a settlement proposal, you can mull over it if it sounds reasonable. BUT, collection agencies are often not trustworthy.
- Check out whether they are licensed to collect debt in your state or not.
- Ask them to mail you the payment schedule
- Make sure that you receive statements to see the progress with the program
- Make sure that you receive the account settled statement from them, also ensure that they update the credit bureaus accordingly and get the paid off accounts omitted from the report.
But first,ask them to validate your loans by sending them the DV letters (you can take the help of the model debt validation letter available in this site and rewrite it to meet your requirements). If they fail to validate the account, forget about repaying them.
And also, send the letter by registered post, and preserve the receipt for future references.
Welcome to the forum Guest. You can find a good validation lette
Welcome to the forum Guest. You can find a good validation letter template via my signature. Send it certified mail, return receipt requested. Please be sure to send the enclosure with it.
Civil Claim Judgement
Help! I had a car in my name only and my husband wrecked it, then I got sued for it and its on my credit file. They say I owe over $7,000 plus $40.00 % since 07/04. I want to get rid of this debt it is ruining my life, but can't afford to pay the whole debt and %. Can I offer a lump sum as paid in full, if what percentage should I offer without insulting them? If this works and they settle with me, will they get me released from this debt or do I have to do it? If I have to do it on my own, how and where do I go to get it released?
If the debts are from 1999, then you need to check your state's
If the debts are from 1999, then you need to check your state's statute of limitations.
SOL would fall under the UCC, 4 years from when the deficiencey
SOL would fall under the UCC, 4 years from when the deficiencey balance was realized. Once the 4 years has expired you are no longer legally responsible to pay this debt.
It looks to me like a judgment is involved. SOL for judgments ca
It looks to me like a judgment is involved. SOL for judgments can be as long as 15 years, so it depends on what state Frustrated is living in, and I mean besides the obvious state of frustration! :)
What state are you in? And is it the same state as where the judgment was issued? And if not, which state was that?
debt
A Judgement? Is the SOL 15 years in ALL states? I had a Judgement several years ago ( in 1991). I never paid it off, but, it stayed on my record for 7 years....then 'fell off' my CR.
You are confusing too many things. The SOL for bringing a lawsu
You are confusing too many things. The SOL for bringing a lawsuit is different than the amount of time that it is a valid judgment is different than anything that is on a credit report. They are all independent of each other and don't have a single thing to do with any of the others.
SOL to bring a lawsuit is a state by state thing. Depends on what kind of agreement you had and how your state treats it. A judgment is also dependent on the state's rules but generally are longer than the SOL for filing the lawsuit. And they can usually be revived at least once. I know of at least one state that can keep a judgment valid for 20 years. And the credit report deal has nothing to do with either of the above. Just because something comes off of your credit report does not mean that you can't be sued for it. Of course, the credit report is a great tool for tracking these things, but don't take it to court and think that it is the magic ticket to getting you out of a debt - if the plaintiff has their paperwork together, the court may not even want to see it.
Yes, I see that people are getting confused with the original po
Yes, I see that people are getting confused with the original post (which is over a year old) and the new post that I was responding to, by Frustrated - whose debt is from 2004 and not 1999.
Hi sdchargers_63,
I said that it CAN BE AS LONG as 15 years, depending on the State.
And yes, there are different SOLs.
debt
WOW!! yep..I remember you saying it can be up to 15 years. That's a LONG time. It really 'limit' you if you're thinking about buying a house, etc. if that Judgment is still on there. If you DO have a Judgement on your Credit, is it possible that lenders 'look past' that? Does it matter how old the Judgement is?
Someone can correct me if I'm mistaken, but I do believe that lo
Someone can correct me if I'm mistaken, but I do believe that long SOL period for judgments is for *unpaid* ones. But at any rate, they still come off your Credit Report in 7 years.
And that depends on what type of loan one is applying for. And lenders have different criteria for what they consider to be a problem and what isn't that much of a problem, so that is a tough question to answer outside of the actual determination.