Hi there, A couple of weeks ago I posted wondering if I should settle a couple of charged off credit card accounts that I had...a CA has been calling and is threatening to sue....I just got a new copy of my CR and here is what I see...I had a discover card it says that it is a charged off account/account transferred or sold....I also had a Bank One (I think it turned into FUSA) card that was charged off. I feel like a real idoit because even w/ the key I am confused as to what dates are those of the last activity...I'm thinking the Disc was charged off 5/97 and the other in 6/98. Below that I see that Gulfstate Collection Agency has listed one of the accounts twice....I made a payment arrangement with them and stopped paying after they never sent me an agreement in writing...there are 2 separate listings from them both with the same amount...one has what looks like it deducted what I paid in. I think that a CA called Midland is also trying to collect on this account. Oh, my CR is so messed up I don't know what to do! Now, the people that have contacted me now are pretending that they represent the actual credit card company (I know the cc co has been out of the loop for years now), I don't see them anywhere on the report but she says they have both of the above accounts...they are a local attorney's office. She agreed to a 60 percent settlment, but should I request where the debt is from (since I'm not sure since they got moved around so much), should I settle?...any advice would be greatly appreciated! fjh
First of all, make the collection agent validate the debt. I can tell you from experience, Gulf State won't be easy! They will violate the law, and for some reason they don't care. I sent 3 valiation letters, and they have not responded to any of them. Then, they sold the debts! The second agency I was able to get removed via the AG of my state. Gulf state is still listed. I am waiting then I am going to sue them in court for 5K. I have all of my ducks in a row. I am just biding my time. Once validated, there are a few things to remember when settling: 1. Make sure you get the terms in writing. I WOULDN't SETTLE without removing the tradelines, with a letter from the company. 2. I would start at 50%, provided they will remove the tradeline. This will take a little time.
