Hello to all! I am a new member to the site and I have thoroughly enjoyed wrapping my brain around all this wonderful information. I am in some deep crap with some creditors and I need some helpful advice. Okay here is the deal: Due to a job layoff in March and having a gravely ill spouse, my credit has taken a huge hit. Basically, I have five credit cards that have all gone into the toilet and four of them have know been transferred to collectors. In fact, over the last week I have received letters from these companies basically saying I need to respond to them in thirty days to dispute the validity of the debt or they will assume the debt is valid. One of the company's names involved is Atlantic Credit and Finance who say "ACF has purchased the above referenced account" from HSBC. The others basically read that the accounts were transferred to the company from the original creditor in order to be collected. What are my options? I had originally hoped that I would have been able to deal directly with the original creditor and ask for some "goodwill". These cards are all over 4 years old and I had never missed a payment until all hell broker loose in my life. I was going to see if they would delete all lates that had been reported to the credit bureaus in exchange for full payment(I am still unemployed, but have come into some money) Obviously with the accounts being put into collection and/or sold the game has changed. What should be my next plan off action? If HSBC did indeed sell the debt off, they have basically washed their hands of everything, correct? So I would be SOL with them, correct? What about the others? Can I ignore the collection agency totally and go to the creditor? Please, any advice would be great.
That is correct. HSBC does not normally hold on to their paper - they sell it at the first sign of problems. Sometimes it helps to know who the creditor is to advise if you are up a creek, or if you can get it pulled back. I am assuming they are all charged off (over 180 days late)...
