Wow...there's so much info on this forum it has me confused on some things. Here's my situation...I have 2 credit cards which were sold to a CA from the OC. The two accounts are listed below 1. OC - Account Opened - 09/1995 OC - Account closed - 06/2004 OC - 150 days as of 06/2004 Amount - 5,132.00 Scheduled to be removed from credit report 09/2010 CA - Amount - $7,500 2. OC - Account Opened - 10/1995 OC - Account closed 09/2005 OC - 180 days as of 08/2005 Amount - $3,132 Scheduled to be removed from credit report 10/2008 CA - Amount - $5,000 I'm back on my feet and trying to buy a new car. I have the money and I'm willing to negociate a settlement with the OC / CA. Here are my questions. 1. Who should I contact the OC or CA ? 2. Contact by letter or phone ? 4. Do I dispute with CRA'S ? 5.On what grounds do i dispute ? 6. Before I contact anybody do i request valadation via mail? 7. If so on what grounds am i asking for valadation ? 8. If they can valadate...Whats the next step ? If they dont validate whats my next step ? 9. If i strike a settlemnt with the OC / CA what terms should I ask for ? 10. Does the state of Florida recognize "restrictive endoresments" if I strike a deal with the CA or OC ? Thanks for any help ! Please include any other info that you feel I may need to be aware of. THANKS!
1. CA owns the account you need to talk with them about arrangements to pay off the account. 2. Depends how fast you want this resolved. 4. Why? Are the accounts yours? Are the balances correct, including interest since you last paid? 5. If the accounts are not yours, or the balances are incorrect, keep in mind interest calculated from the time you last paid will be included on the tradeline. If the account is not yours or the balance is very out of line then you should dispute and send a validation letter to the CA. Note, if you do this just to see if it will get deleted, and it comes back verified, the CA may not be willing to settle the account for a significant amount, as they will know you are trying to get it removed for some reason. 6. See #4. 7. See #5. 8. If they validate the account and the balance after you dispute it then the CA will know you are trying for whatever reason to get the account removed, or trying to buy something. After the go through the procedures to validate the account, balance etc. they will not be willing to give you such a big break that they may be willing to offer. 9. The best possible outcome would be a pay for deletion of the tradeline. Although it wil rarely work, it's something worth looking into. 10. There have been numerous posts about the state laws, Florida I do not recall if they do or not.
Thanks...If the state that the CA operates out of recognizes "restrictive endoresements" does that bind the CA to take no further action once the agreed settlement is settled and cashed in that state even if the state the person lives in does'nt recognize "restistive endoresments" ?
