My ex wife has a collection agency wanting to settle an acct. for approx. 40% on the dollar. Seems, the original creditor wrote the debt off as a charge off and then Gulf State took over. Now Gulf State has charged off the acct. So now, she has an opportunity to settle with Northland. I know how she can get the Northland off her credit report...how about the other two? Who should she contact? I am trying to assist as I know she doesnt have many resources....and want her to clear this up. Please give as much detail as possible. She has to make the first payment of 4 before 8/20/03 and I want to make sure that after all is said and done...these listings wont affect her credit negatively.
How old is the debt? When did it become delinquent and never get paid on again? What kind of debt is it (verbal contract (e.g., dentist office bill), written (credit card, auto))? What state do you live in? What type of corrospondence have you had since the debt became delinquent and you stopped paying (phone only, letters back and forth, etc.)? All of these are factors. Don't pay SQUAT until you get it in WRITING from the OWNER of the debt that they will REMOVE ALL REFERENCES to the account from the credit histories EVERYWHERE.
