Removal of derogatory entry

Date: Tue, 02/03/2009 - 08:17

Submitted by anonymous
on Tue, 02/03/2009 - 08:17

Posts: 202330 Credits: [Donate]

Total Replies: 2

Chrysler Finance closed out my account as "charged off as bad debt." The account was bought by Palisades Collection LLC who want to collect $4,571.00 from me. I have never had any contact with either Chrysler or Palisades in reference to this debt because I moved overseas. After discovering this debt on my credit report, I called Palisades, a representative told me that if I paid the entire amount, they would remove the derogatory entry from my credit report. They wanted me to do a telephone check to pay off the debt (give them my bank name, routing code, account number, and they would withdraw the above listed amount) yeah, right, no chance of that. I have been told that it's possible to negotiate with collection agencies in order to reduce the amount owed, after all, the agency paid for the bad debt loan documents, and is now looking to make a profit. Do you know anything about negotiating with these businesses. Thanks

Hi tina5150, Firstly, here is some info on the process of do-

Hi tina5150,

Firstly, here is some info on the process of do-it-yourself debt settlement.

More importantly, though - how long were you overseas? How long has it been since you made a payment on it? What state did you live in at that time, and what state do you live in now? It may have gone past the Statute of Limitations, in which case they cannot collect. And what is the name of the collection agency?

Thanks.

chrys

lrhall41

Submitted by Chrys Henderson on Wed, 02/18/2009 - 23:05

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Palisades Collection LLC is one of the most agressive "legitimat

Palisades Collection LLC is one of the most agressive "legitimate" collection agencies out there .... they are big, and if they don't "want" to do something, they won't. If they write a "paid in full" letter for you, they can later deny it and say it was "an error". I had to obtain an attorney in order for them to take me seriously, I HAD paid the debt in full, and I WAS going to have my record correctly reflect that, come hell or high water. But it has taken about 3 years and a court to get this dealt with, and it is not quite over yet, they aren't returning the "Release of All Claims" for me and my attorney to accept and sign to finalize everything. So be very careful in dealing with them.

lrhall41

Submitted by smo65d11 on Thu, 02/19/2009 - 07:05

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