Here is my situation. I hope someone can really help. I had a GE Consumer Card for Care Credit (dental work) in 06/2001. Because of extreme interest, late fees, etc., it got way out of hand. Not making excuses...it just is what it is. Anway in May of 2005, I began receiving harrassing calls from Arrow Financial Services. There initial letter to me was May 2, 2005. After some research, I sent a letter dated May 21, 2005, asking that the validate the debt. I sent it certified mail, return receipt requested. Still have not received a response as of this date. No further communications from them. I just ran my credit report from Experian...here is my problem: There is a reported charge off from GEMB/Care Credit showing on my credit report. It is hard for me to understand, but it state under 'Status' "Account charged off/Past due 150 days. $2,309 written off. $641 past due as of June 2005." Also Date of Status = 03/2005; Last Reported = 06/2005; Recent Balance = $2,309 as of 06/2005; under 'Creditor's Statement' it says: "Purchased by another lender". Account History: Charge Off as of Mar 2005 to Jun 2005 180 days as of Mar 2005 150 days as of Feb 2005 120 days as of Jan 2005 90 days as of Dec 2004 60 days as of Nov 2004, Apr 2004 30 days as of Oct 2004, Sep 2004, Jul 2004, May 2004, Mar 2004, Aug 2003, Jul 2003, May 2003, Jan 2003, Apr 2002, Jan 2002 Sorry for such a long post. I really need help on addressing how, if possible, to have this removed. If I save up enough money to pay it off, should I send the original creditor a debt settlement offer asking that the charge off be removed from my credit reports once paid? And what about Arrow Financial?
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The toothless inflatable monsters I understand that you have a problem with the GE care credit. you no longer owe GE any money because they have sold your dept to this collection agency and that is a good news because they probably sold it for $400 or $500 and remember that you are the boss you have the money and they will have to play your way in order to get it if any. so next time you get a call from these toothless inflatable monsters, let them know that if they want any money they will have to take $300 as a final settlement or nothing at all, and be strong, they are at you mercy, they work on commission so they only make money if they collect. And trust my no body is paying them these days, you will notice the way they will become so sweet and nice to you, so don't be afraid and tale them to call you any time they are ready to settle on your terms and hang up and if they call again answer the phone and remind them of your terms and "stick to your guns" that is the key. I have excellent credit and it is not because I pay my bills. They are under pressure to collect so they can get there commission, if no body pays no body eats, the carrot is in your hand and there hands are tied behind there back. this is industry secrets that the public does not know, and I Know I am hated for this, this has made me very popular at my new job, so please "spread the word" I forgot to add that they ask you if you can give them more money like maybe 8 or $900, this is just a nigotiation tac tic they go high you go low so tale them $350 max and the rest is Up to you.
