Ok, I'm getting a little sick and tired of the credit repair game. Not too long ago, I had some hope, but in the end I don't think I'm really getting anywhere. I don't want to keep playing games with the cc companies. I want to pay and get out! But, I know that this won't do much to help my credit. For some encouragement, I'm asking all that have negotiated settlements IN EXCHANGE FOR DELETION OR PAID IN FULL status to please post their experience and/or creditor. I'm tired of wasting money on certified mailings. I'm considering paying 50% of the debt and deal with the R9 rating. Just to give you an idea of how hopeless my situation is I'll give you a rundown of my negatives: 7 charged off accounts (all from this year). Disputing hasn't worked. The accounts are still with the creditor and they won't respond to my letters. My creditors are: Capital One (2 accounts): Total of $638.47 owed Orchard Bank: $607.10 owed FCNB: $1214.00 owed Providian (2 accounts): Total of $3918.12 owed, and Cross Country: $1055.00 owed (yes, you read right,..Cross Country). So far, I've had no luck negotiating a settlement. My total debt to these creditors equal: $7432.77. Has anyone had success with these companies? Encouragement is GREATLY needed. I'm starting to lose hope. lb
The reason you are spinning your wheels and getting nowhere is that you are dealing with original creditors, not 3rd party debt collectors and the ones you are dealing with are some of the toughest around. You need to get them to turn your debts over to 3rd party collectors where you can deal with them much more effectively. Sometimes that takes a bit of doing, but if you p*** them off enough they will send you to a 3rd party collector and then you will have a chance to be in the driver's seat instead of them. Don't give up. It can be done and it's really not all that hard if you go at it in the right way.
How do I get them to sell my accounts to CA's? So far, collection agencies have been contracted to handle my account and I've sent them all validation letters. If they aren't the ones reporting, I don't want to deal with them. Should I keep sending my settlement offers or just cease contact altogether? One of my Cap One account has a balance of $196.00. Is it best to pay this off? I doubt they'd be willing to negotiate for such a small amount of money.
ok. Cap1. Call the executive offices and speak with the famous Mr. Miller. ask him if you pay the balance in full if they'll reinstate the account with no derogs and allow you to again rebuild your credit with them. Hopefully, that would take care of the account's derogs, open you a new, small account, and allow you to start rebuilding credit with them. that's my first advice. by the way, I'm hitting walls with PRovidian increasing my terms today (and I just hit my 24 mos mark) so I'm frustrated too. Call, be nice, explain you're digging yourself out of a hold, and see what can be done with Cap1. Then we'll start on the rest. It'd be good to have one account done with
yes, but your atty father in law can say he buys debts and that's lucky for you congrats on the buyout ! I wondered how you were dealing with the actual, old debts since you neutralized all credit bureau blackmail. I agree, these newer accounts are more difficult. repairing the CAp1 might be worth it. they will want in full, I'm sure. But MR. Miller is reasonable. You might even get a fee or 2 back. the rest will be more interesting. Once they go to collection agencies, perhaps we can use LKs father in law to buy them. A cottage industry
Since the charge-off's are new and I would like to move within the next 6 months is it best to just pay the accounts in full and dispute a few months later? Maybe they won't rush to verify since they are paid in full. Any thoughts?
Tey are not going to deal with you. These accounts are too new. They will not be given up on until they are older. The older the bad debt of is, statistically that makes it worth less money to a 3rd party to buy. Typically, once an account has been bad for 2 years, then it is only worth about 3 pennies on the dollar for a 3rd party debt collector to buy. It is all statistics. I offered to pay 5% of the face value on a $6,000 charge off. I offered to purchase the debt, not settle on it. They contacted me to try to collect the full $6,000 and I turned around and had my step-father (attorney) offer to have his office purchase the debt for $300. The collection agency accepted the offer. We have not gone through with it yet. I don't think we will. I wanted to see if they would accept such a low ball offer. The account is not on my credit report and it cannot reappear since I have legal settlements with the CRAs to keep it cloaked. The point is, this collection agency got the debt for less than my $300 (5%) offer. ************************************* Thanks for responding. I'm new here and don't know much about your situation, but I have a question for you....Experian and TransUnion are reporting that they updated an item on my credit report with new information. After evaluating both reports, I see that no new information exists. Is this reasonable grounds to get them to remove or "cloak" the account? I have not yet brought the matter to their attention. What should be my next move?
Your next move should be to force the collector to take it off your credit report one way or another. Whatever it takes, but do it. Trying to fight with the credit bureaus is about like trying to mud-wrestle with a pig. You get all messed up and the pig loves it.
Your next move should be to force the collector to take it off your credit report one way or another. Whatever it takes, but do it. Trying to fight with the credit bureaus is about like trying to mud-wrestle with a pig. You get all messed up and the pig loves it. ****************************************** I have strategies to use once the acct goes to collections. The problem is all of the accounts are with the original creditors and they are not budging. I just sent off a few letters via PFB. I got a response from Cap One already from a Eugene Cook asking me to call. Hopefully, that will turn some results.
I'll take your advice. I admit....negotiating over the phone can be a bit intimidating...not to mention I wouldn't be able to prove a word of the conversation.
Hi Lizardking :_) So, why aren't you buying the debt for such a great deal and getting it all over with? I know it can't hit your reports, but eventually aren't you worried some collection agency will take it to court for a judgment. and even if the judgment can't hit the reports, it could be collected on with your assets... Do you know something else we don't???
LK this has to make one wonder.....If I set up a business as a collection agency, simply to try and purchase my own debts and then subsequently challenge the other entries.......wonder if this would work.
LK this has to make one wonder.....If I set up a business as a collection agency, simply to try and purchase my own debts and then subsequently challenge the other entries.......wonder if this would work. ************************************** Is this legal?
If you are the official new owner of the debt, then you also control that debt. This is what rich people do. They just have their lawyers buy the account and then kill it. ****************************************** Uhhmm.....maybe it's time to start looking for a lawyer.
Still waiting... Can anyone post the names of the companies that agreed to delete or update and how you negotiated the deal (ie, letter, by phone, through CRA). Thanks.
