Got a call from collection agency today...they have received an old account from Household Finance that I havent paid on in over 3 years. They want me to redo my account so it doesnt list as in collections. They want me to send $500 down and then they will redo my loan. I told her I didnt have $500 down...she then told me they would be able to garnish my wages up to 40% of it. She started getting nasty with me so I just hung up on her. What should I do?
Forgot something...she also said they would send paperwork to my employer and would only take 48 hours to garnish my wages.
So do I contact collection agency and request the address so I can send a valadation letter? This is all new to me so I need you guys to guide me through this!
This is one of those posts that scares me. Although you need the help, you should probably do some homework BEFORE fighting these folks if you can.
Ok first this is important. Don't talk to them on the phone. Second pull your credit report and see if its still listed from 3 of the CRAs. If so dispute it to the CRAs, if it comes back verified, use the address on your credit report and send a validation notice to the collection agency. Wait 30-45 days then send a Cease Communication letter stating you want no more communication from them and you will deal directly with the original creditor. PLease get the exact month and year this was charged off and what state do you live in?
Not sure how to get all 3 of my credit reports. Am I able to do this online? Or do I need to mail them a letter? I live in Minnesota, and the debt was obtained in Missouri. We will be here in Minnesota 3 years this December.
TMitchell, I am also wary of this post. Advice: Read this board, each and every post. Then you should be able to formulate a game plan.
Read the FAQ section at the top this will give you lots of info and links. You can order your credit reports from Experian, TransUnion and Equifax websites. Please, please, please read the Fair Credit Reporting Act and The Fair Debt Collection Practices Act. These two laws really spell out what federal laws are there to protect you. Also, check out what the consumer laws are in your state and the state that ca is in.
mntware, Nodding with the others, start reading and the faq is great. I only wanted to add two things that I don't know if you will find or realize straight away... First: You don't have to talk to any collectors on the phone and can tell them to communicate with you in writing only. Second: You got a call from a collection agency today. They received an old account from Household Finance; you've not paid anything in over 3 years. They want you to send $500 down and they will redo your loan. This last part doesn't make sense, collection agencies don't redo loans, they collect them. Sassy
