Hello, The original creditor still reporting to my credit report,but the collection agency trying to collect the debt for them. My question is who do I deal with? Do I offer any settelment to the collection,or a gnore the collection what I should do please? Is it true I dont have to pay any thing to the collection because the original creditor run their lost and claim it in their taxes? Why they are reporting it on my credit report,if someone us trying to collect the debt for them?
Has the debt been sold or assigned to the CA? Either way, the OC will still report the charge off. But if the debt has just been assigned, you might have a chance to still work with the OC regarding how it's reported on your credit reports.
Hi, The debt been just assinged to CA ,and that what it said on the the CA letter they send me. I also know that the original creditor reporting it as charge off or collection on my report,and they report it every month when I don't pay. So why it saying charge off,or collection witch one is it? Do you think has been charge off,but they still want to get money from me? Please I want to know what you mean by I can still work with OC regarding on how it reported on my credit report? I also want to know if there is any I can deal with the OC creditor as far settelment,or will have to do that with CA? Thanks
Even if it's just been assigned, the OC can still report is as a charge off. That's exactly what it is for them. The collection agency is the one reporting a collection because the debt is in collection with them. Since it hasn't been sold yet, there's a chance you could communicate directly with the OC and get them to pull the debt back from the CA so you can pay them. They don't have to work with you though. Depending upon the OC's protocols, they may just immediately direct you to the CA and tell you that you must deal with them since the debt has been assigned. In that case, you'll have to negotiate your settlement with them.
Thanks for the info. Do you know if this true? I should send a "Notice to Cease and Desist". to the collection agency If they report to the credit bureaus, simply dispute it (but only after I have sent the notice). Most companies follow the general accepted accounting practice, which means a debt must be charged to profit and loss after it becomes more than 120 days delinquent. Once this happens, the debt goes through a world-wind of being sold from one collection agency to another. If you pay any collection agency for the debt, your account will be noted "paid after charge off". This means I will have a bad mark on my credit which carries the same weight as if it was unpaid. Thanks
I wouldn't suggest sending a C&D letter. You don't leave the debt collector many other options than suing you at that point. It is true that an "unpaid" charge off is basically just as harmful to your credit score as a "paid" charge off.
Based upon what I know about your situation, I would want to contact the OC first to see if I could convince them to pull the debt back from collection in return for payment. And if you can negotiate with them to remove the charge-off or at least list it as "Paid as Agreed", that would be even better. Make sure you get ANY agreements in writing. If they refuse to work with you after multiple attempts and just direct you back to the CA, then you can begin by sending a DV letter to the CA via CMRRR.
Two important questions before replying to your post: 1) Is the reported information on your credit reports 100% accurate; date, amount, account #, etc.? 2) Is the account past the law suit statute of limitations for your state of residence? Link to state SOL periods: Why Chat's Credit Confusion - State SOL Information ***This is a key step in determining how to to approach a collector. Each state has laws that determine the timeline in which you can be sued. If you are past SOL, they may still try to sue, but the SOL is a defense used to get the process stopped. Note: I am not a licensed attorney. This information is not legal advice between an attorney and client.
Hi, What you mean by DV letter please? I checked for the date I opend the account,and it is reported correct on the credit report 2008. The only first 6 numbers are showing on my credit report are correct,but on Equifax there is different number. What you mean by etc please? I also checked the SOL ,but I did not undestand what to look for,but this is what I fund please: Judgment: 10% A binding written agreement may provide for interest of 15% or 6% above prime STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 5 Written Contract: 8 Domestic Judgment: 6 (over $5000) Renewable Foreign Judgment: 6 Renewable BAD CHECK LAWS (CIVIL PENALTY) $100 minimum or 3 times face value up to $500 GENERAL GARNISHMENT EXEMPTIONS See federal law. COLLECTION AGENCY BOND & LICENSE Bond: No License: No Fee: No Thanks for your help.
DV stands for Debt validation letter. Oh, and credit card accounts are "Open Accounts", so it looks like the SOL would be 5 years in your state.
Ok, So what would hapend in 5 years,or after 5 years plase? Is that mean they can sue me ? I also did send validation letter. I also send settelment offer letter. So what now? Thanks
They could sue you at any time, but you would have an absolute defense after the SOL has run. Did you send the DV letter to the CA?
The best thing to do is send a Cease and Desist letter to the collection agency and let them know you will deal with the creditor directly. Dispute the credit collection account with all three bureaus. Also, dispute the original account. Once the original creditor charges the debt off, they will sell it to a collection agency. If the agency can't collect, they usually return the receivable to the original creditor and the creditor sells it again. This is a continuous cycle until the debt is so old that Receivable company will buy it. Then it goes away. Anytime you receive a letter from a Collection Agency, immediately send them a notice to cease and desist. Thy can not report anything to the bureaus until after 30 days of giving you notice that they are attempting to collect the debt. If you send the notice before the 30 days are up, they can not report anything to the bureaus.
Yes,I did send the DV letter to the collection.I also send settelment offer. I am very confeuse some say you have to try to settel,and some said no just send a letter of Cease and desist to collection. Well witch is true,and what the best thing to do please. Thanks
If this is truly a debt I owed, I would want to settle it and then move on with my life. You'll always get different opinions about how to approach these types of situations, so you just need to consider them all and make the decision that you feel is right. Did you ever contact the OC to see if you could convince them to pull the debt back from collection in return for payment?
Well I try to contact the OC ,and I did talke to someone on the phone after giving all the information she said this account with a collection agency. I asked her if she can get my account back with them,or if I can talke to a supervisor about it,then she said I will have to transfer you to our agency office who can help you. I said ok, then someone again come on the phone claiming the HSBC agency office asking me about the accont information,then she said what kind problems you having with a collection agency did they offer any settement.I said I do not want to deal with them,they never offer me any settelment offer,they are rude on the phone,and they don 't give enough time to talk to them. I said I just want to see if I can bring my account with you and deal with you directly. So after all that she said well let me transfer you to the departemnt that deals with these problems,and she said just another officer from my departement HSBC and see if they can work something with you. I was like what! I thought you the one, since you asking me all these questions.I said you are going to transfer me to the collection agency are you? she said no no it is another officer works with us,so I did no't belive her and I hing up the phone. So what you think,and what next? do I try again,or what? How I know they are not going to transfer me to the collection agency? Thanks
The debt hasn't been sold, so you just need to reach the right person within the OC who has the authority to pull your account back from collections and deal with you directly. Call and immediately ask for a supervisor...don't give up!
Well,I kow it just I said there were going to transfer me to the collection agency,witch I was trying to talk them to pull my account back with them. I got a call from the collection agency just about an hour after I talked to the OC . They left me a message saying the they are trying to talke to about enquire call I mad to OC creditor. Well I know it, that way I hang up the phone with Oc. Why they want to transfer me to the collection,when I was trying to ask them to pull my account back with them,and just deal with them? Do I call them again,and how I know they wont ttry to transfer me again to the collection,because they keep transfering me from one one person to another? Thanks for the help
They want to transfer you to the collection agency because your file has already been turned over for collection. That's normal, and it's why you keep getting transferred around until you end up in the CA's hands. Like I previously said, if you're not able to convince them to pull your account back, then you'll just need to deal directly with the CA. You can't force them to pull your account back if they're not willing to work with you.
