stating I'd better pay or contact a third party as to when I can pay a debit for a CC that I have. The balance due is WAY more than I can cough up now. What do I do...? Do I contact the company that I have the orginal debt with and try to work it out with them? or is all hope lost? There has been so much to read...I'm terribly confused. Monmarabs.
so, I might be able to contact them still and settle with them rather than dealing with third party? Is it recommended this be done in writing?
This is my Visa account that has been turned over to a collection agency for them to collect nearly 1700.00. 700 or more of that is overdue fees, overdraft charges and late fees...yada. The letter says I have 30 days to respond to their claim and dispute the credit. I am trying to figure out what to do. I know with them being a third party, they can't sue me for the debt and if I ask them to validate the debt, that they have 5 business days (I believe). I guess the problem is I just don't know where to start. A friend of mine that has been through what I am going through has advised me to contact them in writing stating I want to settle the account for like 10%. He said they will write me back saying I'm insane, but counter offer with a settlement of 60%. He said then I can contact them again throught writing and say that I am sorry, I can not agree to that, but I can settle for 25% if they will agree to report that account was paid as agreed and to remove bad remarks. Any thoughts?
monmarabs if they will agree to report that account was paid as agreed and to remove bad remarks. 1*Any thoughts? ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> 1*report that account was paid as agreed . This is a bad thought.
why is that a bad thought? My situation isn't going to improve. I am not able to make minimum monthly payments. I am trying to do what I can to clean up my credit so that the collectors and account holders will stop calling.
Re: Re: okay guys...I've received a letter *report that account was paid as agreed . This is a bad thought. lb 59 ------------------------------------ why is that a bad thought? monmarabs ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> Because there isn't any such thing as a paid as agreed collection account. This is a physical impossibility as there ain't no such animal.
Re: Re: okay guys...I've received a letter so how do you think that will appear on a credit report? I mean what will they do if I settle with each of them for an agreed amount and pay it. There will be some type of arrangement I can make right?
Re: Re: Re: okay guys...I've received a letter You should not agree pay an unproven debt. If they can't prove it they have to remove it and cease collection activities on it. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
Re: Re: okay guys...I've received a letter so write to them and tell them you dispute the validity of the debt. make them prove they have a legal right to collect a debt from you. it will at least let them know you arent one of the 'easy' ones. and it will buy some time. Don't get all legal and nasty in your letter. be nice. you're just an 'average joe' who doesnt think he (she?) owes this debt. Not sure where you got that info....they sure CAN sue you if they own the debt. hmm. i dont think thats right either... CAs claim that they can assume a debt is valid if you dont dispute it within the first 30 days. therefore, YOU should be able to assume it ISNT valid if they don't validate within 30 days. But, i don't think there's a time limit for CAs to validate a debt. they just can't continue collection activity until they do so. I could be wrong tho. I know theres been a debate as to whether a CA can just discontinue collection activity but still leave the TL hanging there for 7 years. sounds like your friend was talking about a settlement-for-deletion, but forgot the 'deletion' part. I wouldnt EVER settle unless the TL was going to be deleted. and get everything in writing.
Re: Re: okay guys...I've received a letter what is TL? my next question: alright, I have this 3rd party company dispute the debt. they can sue me if they have "ownership" of this account now. In other words, I have to assume Providian has washed their hands of me and this CA has purchased my account and want to collect. It is in my best interest to have them validate the claim. In other words if I dispute this debt, they should have about the same amount of time to respond to me with an itemized list of the charges that have made this account where it is today...? Finally, what do you do if both parties can't come to an agreement?
Re: Re: Re: okay guys...I've received a letter Precisely, utterly and perfectly correct. Doesn't this sound fair to you guys? .
Re: Re: Re: okay guys...I've received a letter if I dispute, what can I expect to get? What if they can not validate this account?
Re: Re: Re: okay guys...I've received a letter You should expect to see something that proves the debt is yours. A signed contract, copies of sales slips, things like that. What you will probably get is a printout with your name, address and the amount. Then you send them another letter telling them that this is not proper proof that the debt is yours. If they can't prove it's yours, they have to remove it from your credit reports and stop trying to collect. If no one can prove it's yours, you don't owe it.
Re: Re: Re: okay guys...I've received a letter Click on the link at the bottom of Butch's post that says "What is Validation!" Read that, and read a lot of other things here, like the posts at the top of the board, and you'll start to understand where all of this is going.
Re: Re: Re: okay guys...I've received a letter Hedwig, thank you...there is so much information, I don't know where to begin... I also made a few references earlier about time limitations on responses of dispute and validation...this was pulled from the link (from Butch's post) that was set up to answer some of the common questions... This is where I was getting some of the info from. I am a Texan and my fellow comrad that faced the same fate as myself was explaining these things to me. BUMP>for TEXANS re: 30 reply to validation in the State of Texas, It seems we have our own laws in ADDITION to Federal.. "BOY.... IS THIS YER BILL?"<boss hogg> crazy cooter "I'm gonna get dem duke boys"Rossco P Coaltrain!!!!! Finance Code Section 392.001 et seq. of the Texas Statutes governs debt collection practices in the State of Texas. These provisions generally mirror those prescribed under the Federal Fair Debt Collection Practices Act under 15 U.S.C. §§ 1692-1692(o). Specifically, the statutes require debt collectors to provide written response to disputes by consumers within 30 days of receipt of written notice, and make corrections to inaccuracies within 5 business days, prohibits conducts which constitute threats or coercion, harassment, unfair or unconscionable means, fraudulent, deceptive or misleading representations, deceptive use of credit bureau name, and use of independent collectors.
Special for newbies ------ Read these links http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243
Re: Re: Re: okay guys...I've received a letter I know with them being a third party, 1*they can't sue me for the debt. 2*if I ask them to validate the debt, that they have 5 business days (I believe). 3*I guess the problem is I just don't know where to start. monmarabs~~~~~~~ ++++++++++++++++++++++++ 1*Don't bet on it. 2*Give them 30days after you receive the GR.CD. 3*Here.Special for newbies ------ Read these links http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243
Yep, TX is a little bit more stringent then the Fed. I just sent out a letter to a CA yesterday. According to the TX Finance Code "silence is not an option" Here is a link to 392 as it was amended a few months ago. Sorry, haven't located a "clean" copy. http://www.capitol.state.tx.us/tlo/78R/billtext/SB00533F.HTM
