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Discussion in 'Credit Talk' started by jsever, Aug 6, 2001.
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You are not too far off the mark.
Collections accounts are normally purchased from the original creditor for pennies on the dollar. Most collection agencies will maintain accounts in their portfolio for a predetermined period of time during which they will attempt to collect. If they are not successful, they will often sell the account to another agency to clear it from the books.
There is another scenario as well. Often creditors will contract with the collection agency to collect an account within a predetermined period of time. If unsuccessful the account is returned to the original creditor. The creditor may at this point try to collect again or send it to another agency under contract. Typically after three attempts - one through the creditor, twice through contract agencies, the account is then sold outright.
I was just venting - After all the good advice and instruction on this board, I know the best way to approach these people. I should stay off the phone and write letters. I procrastinate though. People on this board have said over and over that you need to be persistent and have plenty of patience.
What bothers me here is that the first CA reports to one CRA so it is on my credit report at Equifax. Then the second CA probably reports to a different CRA, then I end up with this baseless collection on two different credit reports.
The original creditor in this case was PrimeStar. They no longer exist and were bought out by Direct TV. Now I see that someone else is trying to buy out Direct TV. This debt could never be traced anyway. When the original creditor doesn't even exist, how can these CAs report this stuff to the CRAs and get away with it?
Dealing with collection agencies that report to CAs is like the scene in a Monty Python movie where two knights are fighting. The attacker keeps cutting of one appendage after another until the other knight is just bouncing around the woods on his torso!
DISH NETWORK IS TRYING TO BUY DIRECTV...
DIRECTV I thought was trying to buy DISH NETWORK last year...
DIRECTV ALREADY ATE UP USSB AND PRIMESTAR...
Yes, but the validation letter sent immediately upon receipt of the demand for payment does wonders for these sleazeballs.
A properly worded validation letter demands that they go back to the first one and get a validation who then has to go back to the next one down the line until it reaches the original.
Two or three collection agencies all stuck to the validation letter like Brer Fox stuck to Tar Baby is pretty hilarious.
Reason is that they can't meet the 30 day deadline and then it's PAYDAY!
Is a validation letter sent after the thirty days is up still effective. Or is it better to wait until the CA sends you another letter and send validation letter then?
In my case I called the original creditor (Direct TV at the time) and after an exhausting search by several people on the phone, they could come up with nothing regarding my account. I mentioned this to the first CA when I called them. They said they could nothing by my just calling them, but that I had to send them (CA) a letter telling them the same thing I had said on the phone. As I said, I'm a procrastinator, I haven't sent the letter yet. I was hesitant to send them any kind of documentation.
The law says you have 30 days after receipt of the first collection letter to demand proof of the indebtedness.
I've never paid any attention to that at all. I have people coming into the office every day dragging their old paper sack full of letters that are even months old and we just go ahead and send the validation letters out anyway. Never have been called on it.
Even if some smart bill collector did call me on it, there is another answer they would have to contend with.
They don't seem to spend all that much time studying what the law says or worrying about it until it's too late so they probably don't ever stop to think about the 30 day business and I sure don't plan to enlighten them any time soon either.
When a CA buys a debt are you obligated to pay theCA?
There is a lot of controversy about that.
Some say that yes you are obligated to pay and the creditor has the right to sell his right, title and interest in the debt at any time he so chooses provided that there is a clause in the contract permitting him to do so. Others dispute that claiming that it is the creditors right to sell at any time. Still others claim that while the creditor does have right to sell the debt, this does not create a legal obligation to pay the new owner. Personally, I don't feel qualified to tell you what the law really is on this matter.
I'm not an attorney. And in fact, I've never really had any real occasion to worry about it.
Seems that it's usually nearly impossible for the new creditor to provide proof that the debt is valid.
There are lots of ways to go at this type of thing, and I like to take the simplest approach possible and let the legal beagles sort out the mess.
I'm quite sure that I will either find out the real truth behind this issue as I will probably get forced to do so sooner or later. Just hope it's later.
Apparently this is a real can of worms and the last one has not yet been shaken out to my satisfaction.
Sorry I couldn't give you a better answer. I just do what works.
And what happens if they never send another letter?
Bill - this 53.00 collection was moved to another collection agency, how do I get the first one off my credit reports? And I'm sure that eventually the second ca will also put it on my report.
You can send a validation letter at any time your heart desires.
It makes no difference that you never receive a demand letter from them.
All you have to do is find out that someone claims a debt against you and you can demand validation of that debt.
You start with the last one and make him validate. Give him 30 days to validate and if he don't, you whang him first. When he is gone, then go right back to the first and make him validate all over again. OF course, when the last one gave up, he turned the debt back to the first one. That don't let nhim off the hook because he still did not validate but attempted to escape the trap. His letter to you saying that he is returning the debt to the first one doesn't let him off the hook. He still has to pay for his sins and if he no longer has the debt then he is going to have to foot the bill in cash for his transgressions unlelss you want to let him off the hook. Just depends on whether or not you are willing to actually sue him if push really does come to shove.
Sueing them in small claims court will soon be no big problem at all because in the next few days I am going to put up all the necessary forms and instructions on how to do it or how to defend against a small claims court suit on my website. Just going to have to find some spare time to do it in or let one of the office gals do it for me when I find the right one with a little spare time.
Right now it's a little hectic because I am putting in a new computer system so things are in a heck of a mess around here.