2 different collection agencies collecting on PDL loan

Date: Wed, 06/17/2009 - 07:52

Submitted by anonymous
on Wed, 06/17/2009 - 07:52

Posts: 202330 Credits: [Donate]

Total Replies: 4

I took out a loan with Cashbanc for $450.00. After finding this site, I learned that Cashbanc is illegal in my state. I sent Cashbanc e-mails and letters with the terms of my state and asked for a payment plan. I have never received a response from them. A couple of weeks ago I received a call from H&P Capitol collecting on this loan. Now the $450 has turned into $1015. Last week I was checking my credit report and noticed that National Credit Adjusters was on my credit report for the loan I took out with Cashbanc. I need to get this taken care of, but don't know who to contact. Do I try contacting Cashbanc, H & P Capitol or National Credit Adjusters? Do I contact the credit bureaus and dispute the debt? Any help would be greatly appreciated.

If it is in fact illegal in your state, send the CA a C&D letter

If it is in fact illegal in your state, send the CA a C&D letter telling them so plus the fact that you are morally only obligated to pay back the principal. Then report them to your state ag's office. If you paid back the principal, make a demand for a paid in full letter.

lrhall41

Submitted by SOAPLADY on Wed, 06/17/2009 - 07:56

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Do I send it to H&P Capitol who called or to National Credit Adj

Do I send it to H&P Capitol who called or to National Credit Adjusters who has never sent me anything, but yet reported it to the credit bureaus.

lrhall41

Submitted by on Wed, 06/17/2009 - 08:01

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Copy them with the letter too.....cc your ag office

lrhall41

Submitted by SOAPLADY on Wed, 06/17/2009 - 08:04

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If you truly are prepared to pay the original amount owed, then

If you truly are prepared to pay the original amount owed, then you can try to contact the original creditor to make arrangements and bypass the CA's.

I did this with other debts that I knew had been sent to collections. What happened was that the original creditor informed me they no longer had the account and directed me to the agency that did. With one, I did get re-directed to a third agency but since I was ready with a payment plan proposal, everyone I talked to was willing to help me get to the right place.

However, I wouldn't call until you have a proposal ready and the funds in place to get started.

As for the entry on your credit report, dispute it.

lrhall41

Submitted by on Wed, 06/17/2009 - 10:16

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