hello, my name is david g. i am completely new (an

I would start by calling each of your creditors. You can find their number on the back of your credit card or on their website. Find out if they still own your debt and if not, who it went to. You can also check your credit report to see if any CAs or the OC information is listed there. Once you find out who to contact, check out the DIY section on this forum. There are sample letters for an unsolicited settlement offer. I'd start by offering 25% of the balance due.

i got a copy of my credit report from experian and the accounts have been closed and sold to collection agencys, which are listed on my credit report.

i would rather just call these people to negotiate a settlement and pay these off as i now have the money to just pay them and be done with it. im trying to avoid mailing a bunch of things back and forth. is it ok for me to negotiate with them over the phone? or do i need to have them send me a debt verification letter?...even though i dont feel i need a dv letter because i know i owe it.

if i do call them and we come to an agreement on a settlement amount, what do i need to get from them in writing before i feel safe sending them a check so that i know the account will be closed and reported as paid?

Does it say they have been sold? A lot of the big lenders like Cap One, AMEX and Discover hand onto their paper and simply assign their accounts to collection agencies.

You should negotiate over the phone....collection agencies will not do it thru the mail. However, make sure they fax you settlement agreement before you pay them a dime.

i will give a more detailed report here on each of the 4 accounts:

1. chase bank usa - i stopped paying on this in august of 2009 with a balance of roughly $2500.
status - closed. "purchased by another lender".

this account has been taken over by equable ascent financial. the balance is now shown as $4338.

2. hsbc bank - i stopped paying on this in august of 2009 with a balance of $3514.
status - closed, "written off".

this account has been taken over by main street acquisitions. the balance is now shown as $3745.

3. bestbuy/hsbc - i stopped paying on this in august of 2009 with a balance of $1290.
status - closed, "purchased by another lender".

this account has been taken over by lvnv funding, llc. the balance is now shown as $1290.

4. wells fargo financial - i stopped paying on this in april of 2009 with a balance of $1605.
status - closed, "written off, purchased by another lender".

there is no collection agency/creditor listed on equifax report for this account, so im not sure who the "lender" is, that this was sold to. i will find out when i call them.


im not worried about calling these people and negotiating on the phone with them. they have zero chance of trying to play hard ball with me, as i have nothing to lose since my credit is in shambles, and thats ok. im doing well right now, and i just buy everything cash....so the fact that i cant get credit and get into debt again bothers me none. that being said, i would like to get everything cleared off the books that says i still owe, even though my credit number is shot.

there are a few questions im wondering right now.

1. i just need to know exactly what it is that i need to demand from them in writing before i send them money orders to pay these off and so that i am protecting myself from collectors coming after me down the road saying i still owe on these accounts?

2. am i trying to go for "pay for delete" on these accounts?

3. what percentage should i offer on these being they are pretty old acccounts?

if i need to add anymore info that would be helpful, just ask.

thank you so much for all the help, and i feel really good that im going to take care of these things myself rather than having to hire someone.

anyone have some advice?

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