A little help for a newbie. I have an account that a CA as recently started sending me letters on. it is about 6 years old on an auto-loan originally with Mercantile bank, then Firstar, Now US Bank. I really do owe the debt and I am trying to figure who it would be best to try and settle with. The Bank shows it charged off. Ad Pallisades is now trying to collect on it ($2467). I am not sure if the CA has purchased this debt or is working for the bank? What would you guys suggest? A C&D to the CA then try to settle with the bank. Or just send a low ball offer to the CA. Or would you need to know if the CA purchased the debt first? Thanks in advance for your replies, Debtor_x
No repo, I was begining to believe the bank had forgoton all about it, as we used to have a pretty good business acct with them. They were aware of our business failing and filing CH13. So I think they layed off me for a while. Bt seeing how I signed for this one loan personally I guess I can't blame em for wanting to get paid!! Thanks....
What is the SOL for your state? Just a personal observation but I wouldn't pay an out of statute debt to a CA. If your conscience bothers you, make a donation to a favorite charity. It'll go to better use than a ca who likely bought the debt at 2 or 3% of the orginal value.
SOL 10 yrs on installments, 7 on revolving credit. and this one says last activity 1997. So I would have to dodge for another four as well as keep on staring at it on the dern reports for that long, I would just assume settle. Thanks
It won't stay on your report 10 yrs, despite the SOL. Is it the CA on your report? If so, why not send out a validation letter, and then dispute with the CRAs it may come off. If you plan to pay it, make sure to get EVERYTHING in writing, before you send any money. And be sure and ask for deletion.
It would not be wise to pay this debt without a written promise of deletion upon payment. If the debt is in the hands of a CA at this point your first step would be to demand validation CRRR. Once they have received your demand for validation (you've gotten the green card back), if it is one you credit reports you should dispute it with the CRA's. If they verify (without having provided you with validation)you have them on one violation which you will use for leverage to bargain for a deletion. If they do not mark the account as disputed on your credit reports you have them on another violation. Each violation is worth $1000. I fyou continue to rack up violations it may be in their best interest to settle with you prior to court for deletion and you won't have to pay a dime. On the other hand if it is not on your credit report once you send a demand for validation they cannot report it to the CRA's until they validate and you don't have to worry about dodging them because they cannot try to collect until they have validated. If the account is with the OC, you can request "verification". In your request for verification you can state that you are disputing the account. The same then applies to the OC. They must mark your account as being disputed on your credit reports. If they do not then you have them on a violation. Againt this is useful as leverage to then bargain with the OC for a settlement arrangement whereby you get a deletion upon an agreed upon payment. Hope this helps.
I believe that Palisades is another name for Gulf State/ OSI/ Sherman Acquisitions ... if you search you will see a lot about them and the trouble they have caused. I am disputing with Palisades right now becuase I don't think they are bonded to collect in my state. peace, delilah
Thanks all, I do not think I want to start with the CRA on this one and since the CA is currently trying to collect on this I think I should either start with them as you have pointed out to have them validate. Now should I at the same time try to get the CRA's to investigate? Or should I just C&D the CA and try to do same validation route with the OC? Oh by the way the car is an 86 olds cutlass and if I tried real hard I might get $500 for it. I just figured if I settled or not I don't think title is necc. to part the thing out (probably get same $ or more that way).
O.K. I am getting ready to do this thing. I agree that what robin has said sounds like "The" best route! I want to be more clear with exactly what is going on. Since I have been here a little longer now and I started my disputes on-line. Decided to go after charge-offs first. Reason for the wait on this is I wanted to have the money handy before trying to negotiate. O.K. all that said I failed to mention above that this is currently being reported on all 3 CRAs by both the CA and OC. I was reading letters section and came across the C&D series and thought that it made sense to try and "scare" off the CA and deal with the OC. Then reading deeper into these posts I am coming to the conclusion that dealing with the CA has certain benefits as to which laws they are bound by. My question is if I start the validation route with the CA and they can validate, I think I know how to negotiate for full deletion of what they are reporting, but how do I get them to have the OC remove what they are reporting? Sorry for the long post and thankyou in advance for any of your thoughts on this.
OSI informs me that Palisades is not part of their organization. OSI stated to me that they have purchased debt from Palisades in the past but got so much junk from them that they will no longer purchase from them.
I believe that is just about the most ignorant thing one can do. You cannot legally dispose of any vehicle to which you do not have clear title. Parting it out is destruction of mortaged property and could lead to a nice visit to the iron hotel. You cannot destroy someone else's property.
