Out of the blue the other day, I received a call from a credit collection agency (Dynamic Recovery Solutions) saying I owe over $8,000 (debt was originally $5,000 but is $8,000 now with penalties, fees, etc.). Upon further conversation, they said the debt was from 1995!!! That's 18 years ago and this is the first time that I can recall a collection agency contacting me about this. They said that the debt has passed to seven collection agencies and several letters have been sent out over the years (none that I received). Now, 18 years is a long time ago and I don't have the greatest memory, but I think I would know/remember if I ever walked out on that much debt as that is not my character. And I would think that their efforts to claim this outstanding debt would have been more aggressive around the time it went into defaultâ?¦not 18 years later. Also, I have purchased two houses since 1995 (one in 1999 and the other in 2008) and have never had an issue with my credit. I probably had this credit card that they are referring to at one point (they did have my correct SSN, address, etc.) but I am sure it was paid off...how else would I be able to buy two houses without this coming up (esp the one in 1999 since that would have been within the seven years)? My gut tells me that this credit card was paid off and this is a scam. I ran a credit report recently and of course this is not on there. I would like to pull a credit report from around the time they are saying this went into default - is that possible? Also, I would like to respond in writing within the 30 day window they gave me to dispute their claim. My husband did some research and found that I should respond and request that they provide the following: â?¢ Explanation of why you say I owe this debt; â?¢ Explanation of how you calculated the balance you say I owe; â?¢ Copies of any papers that show I agreed to pay what you say I owe; â?¢ Copies of any documentation establishing that the debt you say I owe is valid; BTWâ?¦I live in TX and the collection agency already told me that they cannot sue me for this debt. They mentioned something about filing a claim with the tax authorities but Iâ??m not sure what that entails. I would ideally like to prove that this is not a legitimate claim and not have this hanging over me anymore. I have read several great responses to posts so I am hoping you all have some great advice for me! Many thanks!
The best way is to (a) write a letter demanding that the provide validation of the debt in accordance with the Fair Debt Collection Practices Act. Hmmmmm, well they had better be able to prove every single letter that they claim that all seven collection agencies alleged to have sent. Here is how I would handle it. Filing a claim with the tax authorities is complex speak for sending a piece of paper to the IRS claiming that you received $8,000+ in income this year that you would need to file on your income tax. So if you take this year's tax return, and re-calculate it with 8,000 in extra income, that there was NO WITHHOLDING taken out of you would see how much of a tax hit that you would take. It's a way that collection agencies can incentivize you paying them x amount, or pay the IRS y amount. Either way, you are going to pay.
I would send the letter, via CMRRR or facsimile, to the company addressed specifically to Joe A. Cagle, COO and Ethics Contact. Dynamic Recovery Solutions 135 Interstate Blvd Unit 9 Greenville, SC 29615-5720 Phone: (864) 561-3177 Fax: (864) 371-6468
Thank you Jam237 - just seeing your other posts I knew you would provide some great advice. I am going to send the letter you recommended. My only other question is how can I prove that this debt is not even valid? I'm almost positive that I have paid this off. There have been two points in my life where I paid off all credit card debt and since the latter, I have not had any debt since and don't keep a credit card balance. So I don't see how this could not have been paid off. Can I contact a credit report company to get historical statements that show this was paid off? If so, does anyone have a recommendation on how to go about this/
I had same problem. Only way to see for yourself is to order all of your credit reports. I used the consumer information bureau (google it) they can show u how to see all your reports, and remove errors from your credit report. Best 300$s I ever spent.
You don't have to pay anyone anything to get your credit report, or anything else. Federal Law gives everyone one free report from the big 3 every year.
So you paid $300 to view your credit report? LOL. What a slick negotiator you are! I'd sign up, but I only have $299.
Few people believe that the easiest method to go out of the debt situation would be to declare bankruptcy or choose for credit counseling. The misconception that some of both is the alternative to the fiscal disaster that one is confronting isn't accurate. The fact remains that, should you be in this scenario, you can consider getting into a debt settlement plan through a dependable business and manage to get more savings in the procedure.
User is a spammer. DO NOT spend $300 on faulty claims like the one above! Just some friendly advice...
