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What are your options to eradicate debt and live lavishly?

Submitted by on Thu, 03/02/2006 - 19:00
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Hello, I am needing to figure out how to take care of all of my debt. It's been about 3 yrs since I have had any contact from any collection agencies. I've ran a credit report and it has given me the following collection agencies and information:
NCO FIN/99 ($1813.00)
NCO FIN/22 ($2129.00)
Midland Credit ($1213.00)
CER STS REC (1634.00, 99.00)
Discover ($1118.00) P&L write off(What Does This mean?)
and LVNV Funding/ Sears Citi ($361.00)
Where should I start? debt negotiation?
I am at the point to clear all of this debt.
Thanks for all the input and time.
Thanks,
T. Nguyen


I would start with sending out validation letters to all of these companies,from your list,I can see that most of them are collection agencies,You want to make sure that there are no duplicate debts on your credit report,for example,maybe the write off from discover may now have been sent to NCO.Once you receive validation,consolidation will most likely be your best move.They will set you up with one monthly payment,and when you have more money you can increase your payments thru the consolidation company.You can get a free consultation from this site.If you can pay all of this off now,you will want to make sure that they change your credit report to paid as agreed once the payments are received.But validating these debts should be your first move.There is a sample of a validation letter on this also.Hope this helps some.


Submitted by twokidtwocat on Thu, 03/02/2006 - 20:12

twokidtwocat

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You could contact each and negotiate a settlement, if you have the cash OR you could contact a settlement company and have them negotiate for you.... they might have contacts at said companies and be able to negotiate better deals for you - so even if you have to pay them, you would might be ahead. Either way, be sure the negotiations include "Paid" or "Paid as Agreed" as the only acceptable account designations.

If you don't have the cash available to pay them all, I would start with the lowest balance and pay it, then next and so on and so forth.

Good Luck!


Submitted by Taquita on Thu, 03/02/2006 - 20:14

Taquita

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T. Nguyen,

You can definitely negotiate with all these agencies listed in your report by your own, but dealing with collection agencies might be a hectic job. That is the reason I will go for consolidation. The counselor will negotiate with all your creditors and collection agencies on your behalf and set up the payment plan for you. So you need not worry any more.

I would also suggest you to check the SOL of these accounts. If they are past SOL, no one can legally force you to pay them. So it's completely your choice whether you will pay it or not. Any negative entry like charged-off, collection, etc stays on your report for 7 years from the date it was reported and goes off automatically after that. So please check if these accounts are near to 7 year reporting time or not.


Submitted by stanley on Fri, 03/03/2006 - 09:18

stanley

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How in the world do you even get in touch with the companies? I can't find a contact number for NCO/FIN/99 anywhere.


Submitted by on Thu, 07/20/2006 - 15:57

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I just found out that my ex-husband has defaulted on a debt that he was suppose to pay off (according to the divorce decree). He has also added to the acct. The credit card company does not honor the decree and since the acct is under my name, they want me to pay. I had not received any info on it because it was going to his address. Now it is with a debt collection agency and they are willing to reduce the debt and have me pay it off, but I don't want to do this. Plus they are pressuring me to pay the settlement amount over a two month period. What are my options?


Submitted by on Wed, 11/15/2006 - 07:57

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Quote:

I would also suggest you to check the SOL of these accounts. If they are past SOL, no one can legally force you to pay them. So it's completely your choice whether you will pay it or not. Any negative entry like charged-off, collection, etc stays on your report for 7 years from the date it was reported and goes off automatically after that. So please check if these accounts are near to 7 year reporting time or not.


That is not completely accurate. The SOL just gives someone ammunition in court, if they are to be sued. If you can show that the SOL passed before the CA filed suit, the judge will likely throw it out. The SOL passing does not mean you aren't responsible for the debt, just that you can fight it if they sue you. Even the 7-7.5 years passing doesn't mean you aren't responsible for the debt. It just means it will have to be removed from your credit report.

If you delibrately do not plan to pay these debts because they will "fall off" your CR in a month, that is essentially stealing. In other words, you used those credit cards to buy things, and never paid for them.

Start by sending the DV letters and go from there. Find out the "Date of last Activity" on these accounts and such, and take care of this in a responsible way. You'll be much better off for it.


Submitted by Seeing_the_Light on Fri, 05/16/2008 - 04:27

Seeing_the_Light

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I would suggest you definitely look into debt settlement. Your credit has already been affected basically as bad as its gonna get so why not save a lot of money and get this debt burden off you shoulders quickly. Debt settlement is going to get you out of debt fast so you will be in a prime position to reestablish your credit. A good settlement company will be able to settle these around 40-60%. I would suggest you shop around and compare different company's. There are alot of crooked one out there unfortunately so please be sure to look them up with the BBB to see if they have a good track record.


Submitted by mobile0311 on Fri, 05/16/2008 - 07:13

mobile0311

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I think you should validate the debt then negotiate a settlement for less. You can do this on your own and be just as successful. However, do everything in writing.


Submitted by on Sun, 05/18/2008 - 05:53

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I think you should validate the debt then negotiate a settlement for less. You can do this on your own and be just as successful. However, do everything in writing.


Submitted by on Sun, 05/18/2008 - 05:53

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Regardless of what strategy you intend to pursue, validation is key when dealing with collection agencies, especially the less ethical ones like NCO, Midland, LVNV, and that ilk. These folks are famous for scamming people out of the full balance on a debt they bought for pennies or may not even own at all. You want to make damned certain that you're dealing with the right company on each account, othrewise you could potentially be out the money with no change in your credit report. And your list includes three of the worst CAs.

There's a good DV [debt validation] letter here. Send it certified mail, return reciept requested. And be sure to print out and include the enclosure [FTC opinion letter.]

Validation is a right, not a privelege. If the CAs cannot or will not properly validate the debt, don't pay them dime one.


Submitted by unclewulf on Sun, 05/18/2008 - 08:22

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Been reading this thread from the beginning. I saw alot of posts about NCO. I SUPPOSELY have accounts with them. However.......when I ask them over the phone to send me something to verify the debt, they tell me " they aren't obligated to do that." I did have some accounts with them, however, that was YEARS ago. NOW....they are trying to bring OLD accounts up. I just told them if they are NOT "obligated to verify it,"..then, I'm not "obligated to pay them."


Submitted by sdchargers_63 on Sun, 05/18/2008 - 19:20

sdchargers_63

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...also, I want to say, I've been looking up debt consolidation Co.'s. I've looked on the BBB site. The 'concern' I have with this is a few of Debt Consolidation Co's I've looked up don't have ANTHING on the BBB site..I mean nothing 'negative' OR 'positive'. What should I 'make of that'?


Submitted by sdchargers_63 on Sun, 05/18/2008 - 19:23

sdchargers_63

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Quote:

Been reading this thread from the beginning. I saw alot of posts about NCO. I SUPPOSELY have accounts with them. However.......when I ask them over the phone to send me something to verify the debt, they tell me " they aren't obligated to do that." I did have some accounts with them, however, that was YEARS ago. NOW....they are trying to bring OLD accounts up. I just told them if they are NOT "obligated to verify it,"..then, I'm not "obligated to pay them."


Hey, I recently sent a DV letter to NCO, and got the green card back yesterday. So, I will update everyone about what happens with that, hopefully soon! They'll have 30 days from May 19!

BTW... is it 30 business days, or 30 calendar days in Texas?


Submitted by Seeing_the_Light on Wed, 05/21/2008 - 03:57

Seeing_the_Light

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HI..
WELL I JUST CHECKED MY CREDIT REPORT AND IT HAS A CREDITORS WITH THE NAMES OF FIRST COLLECTION SVCS AND allied interstate INC.. BUT I CANT SEEM TO GET IN CONTACT WITH THEM..


Submitted by on Thu, 05/29/2008 - 11:32

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HI..
WELL I JUST CHECKED MY CREDIT REPORT AND IT HAS A CREDITORS WITH THE NAMES OF FIRST COLLECTION SVCS AND allied interstate INC.. BUT I CANT SEEM TO GET IN CONTACT WITH THEM..


Submitted by on Thu, 05/29/2008 - 11:32

( Posts: 202330 | Credits: )


HI..
WELL I JUST CHECKED MY CREDIT REPORT AND IT HAS A CREDITORS WITH THE NAMES OF FIRST COLLECTION SVCS AND allied interstate INC.. BUT I CANT SEEM TO GET IN CONTACT WITH THEM..


Submitted by on Thu, 05/29/2008 - 11:32

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The Collection Agency says they do not honor the decree, but a Divorce decree is legal by law. I would send them a partial copy where it states you are not responsible for the debt and refuse to pay it. Send your letter by certified mail and state you dispute the validity of the debt. These collection agencies will hound you to death if you let them. Personally, there is no way I would pay a debt I am not responsible for. You can also report your proof to the credit bureau and they have to take it off your credit report. Good Luck!


Submitted by bkblue on Wed, 05/18/2011 - 08:38

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