Question on debt settlement letter
Date: Sun, 03/07/2010 - 07:40
Thanks, hope I am making sense...
I added both the name of the original creditor and the collectio
I added both the name of the original creditor and the collection agency's name with a slash between them ( / ).
Thanks for the quick reply. Did you get signatures from the CC c
Thanks for the quick reply. Did you get signatures from the CC company and the CA or just the CA?
Sorry for all the questions, but I am just a little nervous that they are going to try and screw me...
Quote:Originally Posted by ryansdad1Thanks for the quick reply.
Quote:
Originally Posted by ryansdad1 Thanks for the quick reply. Did you get signatures from the CC company and the CA or just the CA? Sorry for all the questions, but I am just a little nervous that they are going to try and screw me... |
If the collection agency is assigned to collect on behalf of the original creditor I requested both signatures on the mini contract I included, if the debt is owned solely by the collection agency I requested one signature on my mini contract.
How do I know if the debt is owned by the CC company or CA? Do I
How do I know if the debt is owned by the CC company or CA? Do I call the CC company and ask them or call the CA? The settlement letter that I received from the CA says that they purchased the account from the CC co. Does that mean that it is owned solely by the CA? Any chance you would be willing to send me a copy of the contract you used? I could paypal you some $. I just want to be sure I get this right.
Thanks again!
I would call the original creditor and verify that this CA owns
I would call the original creditor and verify that this CA owns your debt. The actual process should have been sending the CA a letter of validation to make them prove they are legally able to collect on the debt but I'm not sure if you have ever received a letter of collection from them in the mail with the mini Miranda warning. At that time you would have had 30 days to request validation. Click the link below for some sample letters.
http://www.debtconsolidationcare.com/letters/
Thanks Shazzers, I actually called my CC co. and they told me t
Thanks Shazzers, I actually called my CC co. and they told me that I needed to call the CA b/c they had already sent it o them. Never received anything from the CA as I called them immediately and got started negotiating.
Have you heard of any CC companies coming back and trying to collect after the debtor thought he had paid what he thought was a settlement?
Quote:Originally Posted by ryansdad1Thanks Shazzers, I actually
Quote:
Originally Posted by ryansdad1 Thanks Shazzers, I actually called my CC co. and they told me that I needed to call the CA b/c they had already sent it o them. Never received anything from the CA as I called them immediately and got started negotiating. Have you heard of any CC companies coming back and trying to collect after the debtor thought he had paid what he thought was a settlement? |
Yes, unfortunately I have. That's why in actuality it's best to be absolutely certain that the collection agency is either assigned to the debt or owns it. I came right out and asked the CC if they assigned so and so or sold the debt to so and so. I did all this for a friend, he had already received a letter of collection when I entered the picture so requesting validation wasn't an option, it had already passed the 30 day window, that's why I called the CC company and asked if the CA owned or was assigned to the debt. They verified what I needed to know, then the negotiations began. I told my friend to get in writing the CA was collecting on behalf of Chase, he also requested the collection agency to also add Chase along with the original account number with the CA's name and the account number they assigned to it. Just to make sure there was no question the debt was settled by both.
I'll be honest with you, I am no expert in debt settlement, but
I'll be honest with you, I am no expert in debt settlement, but I have read a lot about it on this forum, and hopefully asked all the right questions to cover all the bases. So far it seems to be working out alright but ya never know. I am sharing my experience with you and I hope it's helpful in some way, but, there's all kinds of information in this forum so don't hesitate to ask all the questions you can think of so you will make sure and do this right. There are a lot of knowledgeable people at this forum, read everything you can get your hands on about debt settlement.