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Opinions Please

Date: Sun, 06/14/2009 - 20:18

Submitted by anonymous
on Sun, 06/14/2009 - 20:18

Posts: 202330 Credits: [Donate]

Total Replies: 6


As some of you may remember, I have around a $6400 debt with HSBC. This account went from Direct Merchant Bank/Metris to HSBC. I found out in May 09 that the account was written off and sold then assigned to a collection agency in my state of Illinois. I had been making small semi regular payments on this account up until April of this year. HSBC told me that the account had been legally sold to The Bureaus. The Bureaus told me they had assigned it to ARS. This was all done by phone. ARS contacted me and I requested validation. They rec'd the letter on May 11. I called friday to ask if they had sent my validation yet and why not. They told me they should have already requested the documents but they would request again.

I feel like if this collection agency can prove to me that it has a legal right to collect this debt, I would wait another couple of weeks and ask them to settle this unvalidated account for 20%. I am beginning to think they may have a hard time validating this as it did change hands with the OC. Since it was a very new account I would have thought they could have had it done by now.

I am concerned about one thing with this deal tho. On May 4th, the agency ran a credit report on me. I requested a 5 day dunning letter when they called the first time on a Tuesday. The following Monday May 4th they ran the report and called and ask if I had rec'd the letter. They proceeded to email a notice to me with them listed as the creditor. I fired off the validation letter 2 days later. I finally rec'd the first letter they claimed to have sent on May 12. They had HSBC listed as the creditor. The date on the letter was May 4th. I think they pulled the info off my credit report. But I do know that the account was sold and then assigned to this agency.

The buyers put this on my credit report as soon as they rec'd the account. Since I have requested validation, the account with the buyer no longer shows up on any of the three agencies. Which leads me to think they may not be able to validate so they removed their mark.

Anyhow, what do you think about me doing this? Is there anything that I need to keep my eye on with these lowlife collection agencies? I do owe the biggest part of this debt. I want this to be done. Any suggestions???


Do you mean that ARS has removed their name from your credit report? If it is so, then it does not mean that the CA who has purchased the debt does not own the debt. This is because ARS is not the debt owner and has only been assigned to collect the debt by the CA. If ARS is not in your credit report now, you need not pay them or negotiate with them. Just wait for the CA to call you up for the debt or ask the CA for debt validation directly if the name of the CA is in your credit report.


lrhall41

Submitted by on Mon, 06/15/2009 - 05:17

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Within a month of write off by OC the new buyer (The Bureaus) put an entry on my credit report. At that point the OC had written the account off but there was not a 0 balance. The Bureaus was listed under the OC entry with the same amount that was written off. 6 weeks later, it is no longer there. There is only an inquiry by The Bureaus now. This was on one of the three reports. TransUnion has an inquiry only by the collection agency that the new buyer assigned to the account.


lrhall41

Submitted by on Mon, 06/15/2009 - 13:27

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Guest...correct the CA has not validated. I am pretty sure this CA has the right to collect as The Bureaus forwarded me to ARS. That being said, I want them to prove to me if I pay this debt to them it will not come up again by anyone else ever. I want it done! I know I owe the majority of this debt. That is not the issue. I am willing and able to flat out pay this debt. I want to settle this debt for around 20% without validation, provided they prove they have a legal right to collect. Do you think this is reasonable considering that they may get zip if they can't collect on this debt unless they can validate? All they have to do is provide proof they were assigned this debt by the Bureaus. It makes sense to me that they might cut and run since they can't do squat until they validate. At least they willl make a nice little chunk of change since they probably paid less than $100 for the account. Does this sound possible???


lrhall41

Submitted by on Mon, 06/15/2009 - 14:23

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