Hello all, I'm new to this this and really appreciate any advice. First off, I have always had good credit and this account is the only negative thing on my credit my score was around 750. Ok, so I had a chase credit account through Circuit City. I used this account for credit, buy something slowly pay it off buy something else, etc. for 3-4 years with no missed or late payments. I moved and there were some confusions on my bill then i was lied to and was told they will send me a new bill and I will pay 2 months on one bill and no promotions or APR will be affected. Well that was a lie. So after a year of back and forth with chase account went from $2100 up to over $5000. Now a CA by the name of MRS Associates has been assigned to the account. They do not own the account. They offered me a settlement of around $1600, which I would gladly do if the account will be marked payed in full or deleted They said they do not report to the credit bureau. I told them I know that but Chase does and they are negotiating with Chase to settle my account. The supervisor told me that is not how it works. I would gladly pay this $1600 if it will fix my credit. I don't know what my credit is at now, but I can tell you I went from getting 10 credit card offers a day in the mail to 2 in the past 2 years. That is the only good part of this whole situation, no junk mail. O, and the dept is 2yrs old. Figured someone would ask. They sent me a settlement letter by e-mail, but it was no names or signatures and or course does not say it will be deleted or marked payed in full. They said on the phone that it can not possibly be deleted or marked payed in full and that I would have to take that up with the credit bureau afterward. Which I know is not true.Here's the letter. And I have not agreed to pay anything yet, I keep telling them "only if my stipulations are met in writing". Any advice? I really would like this taken care of but I know CA are snakes so I'm trying not to get screwed again. I am putting them on hold for now by asking for validation of debt and the companies registration in the state of Florida, where I live.
Monday, September 21, 2009 My Name My Address Account Information: Our Client: CHASE BANK USA, N.A. Client Acct: ****** Original Acct: MRS Acct: **** Account Balance: $ 5,486.60 Settlement Amount: $1,647.00 Dear ******, Pursuant to our telephone conversation of Monday, September 21, 2009, M.R.S. Associates Inc., has been retained to serve as agents on behalf of CHASE BANK USA, N.A.. Effective immediately, M.R.S. Associates Inc. has been authorized to accept $1,647.00 as settlement on the above referenced account if consummated on or before Monday, September 21, 2009 . Upon receipt of $1,647.00, you will be released of any further obligation to CHASE BANK USA, N.A. regarding the above referenced account. * Settlement is to be paid as follows: $1,647.00 is to be sent to MRS Associates, 1930 Olney Ave Cherry Hill, NJ 08003 on or before Monday, September 21, 2009. Please contact our office with the Tracking Number as confirmation. Upon completion of your settlement, your credit will be amended to reflect a settled account. This communication is from a debt collection agency. This is an attempt to collect a debt and any information obtained will be used for that purpose. Office Hours: Mon - Fri; 8:00 AM to 9:00 PM ET, Sat 8:00 AM to 12:00 PM ET Sincerely, MRS Associates, Inc. PLEASE SEE NEXT PAGE FOR IMPORTANT INFORMATION State Disclosures CALIFORNIA RESIDENTS: The state Rosenthal Fair Debt Collection Practices Act and the federal Fair Debt Collection Practices Act require that, except under unusual circumstances, collectors may not contact you before 8 a.m. or after 9 p.m. They may not harass you by using threats of violence or arrest or by using obscene language. Collectors may not use false or misleading statements or call you at work if they know or have reason to know that you may not receive personal calls at work. For the most part, collectors may not tell another person other than your attorney or spouse about your debt. Collectors may contact another person to confirm your location or enforce a judgment. For more information about debt collection activities you may contact the Federal Trade Commission at 1-877-FTC-HELP or COLORADO RESIDENTS: A CONSUMER HAS THE RIGHT TO REQUEST IN WRITING THAT A DEBT COLLECTOR OR COLLECTION AGENCY CEASE FURTHER COMMUNICATION WITH THE CONSUMER.* A WRITTEN REQUEST TO CEASE COMMUNICATION WILL NOT PROHIBIT THE DEBT COLLECTOR OR COLLECTION AGENCY FROM TAKING ANY OTHER ACTION AUTHORIZED BY LAW TO COLLECT THE DEBT. MASSACHUSETTS RESIDENTS: NOTICE OF IMPORTANT RIGHTS: YOU HAVE THE RIGHT TO MAKE A WRITTEN OR ORAL REQUEST THAT TELEPHONE CALLS REGARDING YOUR DEBT NOT BE MADE TO YOU AT YOUR PLACE OF EMPLOYMENT. ANY SUCH ORAL REQUEST WILL BE VALID FOR ONLY TEN DAYS UNLESS YOU PROVIDE WRITTEN CONFIRMATION OF THE REQUEST POSTMARKED OR DELIVERED WITHIN SEVEN DAYS OF SUCH REQUEST. YOU MAY TERMINATE THIS REQUEST BY WRITING TO THE DEBT COLLECTOR.
It's really a judgment call on your part. You have lots of choices, but there are two obvious ones: 1) Pay the $1600. Assuming you know they're authorized to collect the debt and that the debt is valid (both things you should clear up with a DV by CMRR), $1600 to clear a debt of $2100 (before fees and interest) isn't a bad deal. 2) Don't pay. You might be able to negotiate a better deal, or you might be able to fight them off completely. Maybe it's not your debt. Maybe there's no supporting paperwork. Maybe they'll sue you tomorrow. Maybe you'll win. Maybe you'll lose. If I were in your shoes -- which I am not -- and if I knew the debt was legit and that they were collecting, I would pay. People should always take care of their financial obligations. Thanks to a number of unscrupulous and unethical debt collectors, however, we must always remain vigilant for fraud. How old is the debt? If it's past the SOL in your state, it may be unactionable in court if they decide to sue.
