Hello, I have recently started visiting this board, and am impressed with the quality of the information and support provided by the current members. (Motley Fool taught me a lot about 401K's and such, but their board quality on Credit issues has declined markedly recently in my opinion.) At any rate, hopefully someone can help me in my present situation. While in college, while walking through the Student Union, I was accosted by a credit card application goon. Somehow, he coerced me into applying for a ******** Visa card. (Beer Koozees adorned with Visa logos can be such a temptation, you know) At any rate, I was approved, and everything was fine for roughly five years, where I paid my bills, although slightly behind at times. Then a dark period descended upon me, starting in Dec of 94. The plague was a vile combo plate of employment/girlfriend/relocation hell, accentuated by a barrage of phone calls from the ******** Visa folks. At any rate, I had roughly 1250 bucks charged off. After the incessant phone calls, I decided that they had screwed up by trusting me, and under no conditions would I remit money to these damned landline bandetti. I also had a car loan at the time, which I proudly managed to pay off, with only 30 day lates showing on my credit report. Since then, I have only paid cash for stuff, and if I want it, I have to have the cash. This philosophy has served me well. However, in March this year, I received a "preapproved" credit card application. I filled it out, figuring the ******** crap had dropped off my CR (the seven year myth), they knew I had a decent job, and that they wanted my business. The terms weren't that great. I filled it out, and sent it in. @ five days later, I got a rejection letter, noting the charge off. A couple of days later, a collection agency that had bought the debt from ******** Visa sent me a collection letter wanting the balance in full. I ignored it. Two months after that, they sent me another letter, offering to settle for approximately half. I ignored it. A couple of weeks ago, they sent me a letter offering to settle for $250.00. The only problem was that the letter was received by me one day after the 250 offer had expired. A bright, brilliant (right) plan became crystal clear in my head. I called the CA, and after much effort was finally able to speak with someone. I went to work putting my plan into action. I told them I had received my tax refund letter from the Feds, and that since I had this 300 bucks coming, I could settle this account. All I needed them to do was send me a new letter with the same terms and conditions, and I would settle the account. The rep did a hell of a job, (perhaps my subconcious guilty conscience of not paying the debt back when it was due gnawed away and weakened me) but at any rate, like a probable and/or complete moron, after dancing around the issues, I agreed to go ahead and Western Union them the the balance that day in order to get this issue in the rear view mirror. The CA rep advised me they'd extend and honor the agreement if I sent the money that day. Once I sent the money, they'd send me a letter stating the issue was closed on my Credit report. I sent them the money, then I called them back and gave them the Quick Collect tracking number. That was about ten days ago.....I haven't received anything from them confirming receipt of the money and the closing of the account, etc. How long does it take for them to get that paperwork out? I know they've waited @8 years for partial payment, but ten days for them to get this matter closed seems to be dragging this out unnecessarily. I'm worried they're going to renege on their offer to settle this issue, and if they do, I don't have a leg to stand on. I've got about 12 grand cash in the bank, and want to buy a house/townhouse soon, and I want this matter behind me, but I know if the Collection agency gets wind of this desire, they'll want the BIF. Other than the observation of being a moron for sending money without the agreement in writing, now that I've messed that up, any advice on how to proceed? How long should I wait for the mail confirmation? I know I owed Jabba the Hut the money, and I was sitting in the "No Credit" Cantina when I initiated contact with Greedo (the Collection Agency), but does anyone have any Weasel advice? If the CA does give me the finger, are there any LizardKing Like neutron bombs I can set off in retaliation? Thanks for any advice, Torpedo.
"Torpedo" eh?? You must have been on torpedo juice all along. Seems like you may just be waking up to that fact. Neutron bomb??? Yep. There was one and you were sitting on it when you lit the fuse. The explosion is most likely all over and they are crying about it all the way to the bank with your money. All hope isn't over for you, but if they don't honor their commitment to you, then you have got a rough road to hoe indeed getting rid of your errors committed while drinking that torpedo juice. Do you know what torpedo juice is? It used to be that torpedoes were propelled by alcohol. That's how the sailors used to come up dead drunk on long sea voyages.
You were just royally screwed over. (1) I'm sure the Statute of Limitations has expired on this debt. It is legally uncollectable. The CA had no legal recource to get your money. (2) They aren't going to honor crap. They have your money now. You have nothing to negotiate with now. (3) Because this debt pre-dates the amended 1997 FCRA, you just bought yourself 7 more years of bad credit history because of activity on the account. You should have just left it alone. You would have been better off.
Weasel advice? You mean suggestions to cut yourself from within the trip-bag, donâ??t you? Frankly, you owe the money and should suffer the consequences of not paying prior to this occasion. Why by all rights THIS â??Greedoâ? ought to let ya stew; even hope the other collection agent tags you for the full balance! But I like your sense of humor, so what the hay, here goes one avenue of recourse. Foremost. The collection agent could not legitimately (that is, legally) accelerate the entire balance, if the collector represented a full discount in exchange for your money. Even though youâ??ve nothing in writing (youâ??re right, dumb move) a unilateral memorial of the deal is often adequate. Albeit, you must act fast so as not to lose the edge. Hereâ??s what ya doâ?¦ Compose a letter documenting the deal (the discount), your express performance (payment), and other applicable conditions. Be very polite yet business-like, as though part of your aim is to thank the collection agency for the deal. If the collection agent doesnâ??t respond within fifteen (15) to thirty (30) days, depending on in what state you reside. Estoppel in pais (a fancy Latin term meaning, a preclusion based on silence or conduct when there is a â??dutyâ? to speak out) may exist in your favor should the debt from â??Jabba the Hutâ? be accelerated If the collection agent comes back at you later and demands the full balance (acceleration), the letter should back them off. Whereas if the agent were to persist in collection of the debt after this point (as youâ??ve paid the money), such could be construed as a violation of FDCPA (an unfair and deceptive practice). Candidly, if you send such a letter itâ??s highly unlikely the collection agent will pursue anything but what theyâ??ve agreed to.
..at the same time, make sure you get copies of your most recent credit reports from all 3 CRA's and see what's on there. STart working on cleaning negatives up there as well.. see if the debt was resold or on their as duplicates (meaning same account but multiple owners, bringing your credit down even more). Dispute these as NOT ACCURRATE or NOT MINE Or whateer applies to start the improvement process as well. Good luck..
