What should I do?!?!?! Confused!

What you need to do is to learn the law and learn your rights, learn what collectors and creditors can and cannot do and learn how to use their violations of the law and your rights to eliminate your debts.

The way the law is today it is virtually impossible to collect a debt without breaking some law or other and most of the things they do are illegal in one way or another.

That does not mean that everything they do is illegal because it isn't by any stretch of the imagination. It is just that they will usually make a few mistakes in the process even though the majority of things are legal and OK.

 

All I can say - is be VERY patient.

Truly, and honestly - you'd be better of hiring someone to teach you, and possibly do some of the legwork for you. You need to be quite careful choosing that somebody -- possibly folks on this board can make recommendations.

Frankly (and please don't take this the wrong way), I sounds like you're already frustrated, or have very little disposable time on your hands.

Understandable. But it's not compatible with a credit correction mentality. You've got probably 20-40 hours of reading and planning before you can really make your first move.

If surfing these boards for 2 hours constitutes your thorough approach -- then I'm correct and you really need to stop, think about what it is you are trying to do with this process, and make some decisions.

Please, for your sake, think carefully and act slowly - when are where possible. You're relatively young and you have quite a bit of time to do this thing right, and learn some things along the way.

Haste in this case will definitely make some ugly waste. Take it slow, ask some questions, and read up.

Some other websites:

www.creditwrench.com
www.creditboards.com (I think they're down)
www.creditreportrights.com
www.creditinfocenter.com

Further, you really (if you're going to get really good at this) need to learn some law. It's amazingly there to protect us in this situation, and it will do you do you well to get intimate with it. The FCRA and FDCPA are essential material to be learnt and kept close to the heart.

I see so many questions on these boards from folks that wonder "What If...." when it's clearly and very plainly spelled out in LEGAL DOCUMENTS that Congress has put into law. It's that simple.

Off my soapbox!

Good luck.

 

There are lots and lots of posts on this board and many more all over the internet by people who have made the sad mistake of settling or paying off their accounts thinking that would help them get their credit cleaned up only to find out that it hurt them badly and left them with a black mark on their credit they could not get rid of no matter what they did. If you learn nothing else around these parts at least learn that paying them off is not going to get your credit cleaned up but rather will only make it worse.

You will be much better off if you make it a point to stay completely lost on that matter.

That is very simple to do. The credit bureaus themselves will even tell you how to dispute your derogatories. They have the information right on their websites and there are more posts on here than you will probably ever read telling you how to do it. But after you have done it for the next year or whatever it takes to get the job done you will find that you will have done absolutely nothing at all about the debts you owe. The debts you owe should be what you worry about and if you do that the credit reports will pretty much take care of themselves without too much hassle. The debt is the problem, not the credit bureaus. They just report the problem.

Repos are a bit tougher to deal with on average than most other types of debts. Does it say it was purchased by another lender or just what does it say. I seriously doubt that it was purchased by another lender because if it had been you would still be driving the car in most cases.

 

This is the real key right here. Forget about learning how to fix your credit report and learn the laws.

Learn the law and it will protect you. If you do not know the law and what your rights are then the only rights you will have is what the other fellow is willing to give you. Usually that is not much.

 

Yes. its easy to figure out.

And in the above section it became a collection account. So it now becomes a question of whether or not that second lender still has the account or not. The really important thing for you to know at this point is that there can be one and only one original creditor and that original creditor is Bank One. If the loan was purchased by another lender that other lender is a 3rd party collector as defined under the Gramm-Leech-Blighly act which is commonly referred to as GLBA.

The reason GLBA is important to you is that all 3rd party debt collectors including attorneys are under FDCPA or the Fair Debt Collection Practices Act which is the main law that secures your rights by defining what 3rd party debt collectors can and cannot do but does not do much to control the actions of original creditors except in certain very limited circumstances. Of course, you should also be aware that some states make no distinction between the two and bring original creditors and 3rd party debt collectors alike under the enforcement powers of FDCPA but the majority or states make no such effort in regard to original creditors.

By learning the law sufficiently well, keeping careful records of all that transpires and doing the proper things at the proper times it is entirely possible to make the collectors pay for their violations of the law and in the end force them to pay the debt for you and take it off your credit reports at the same time thereby eliminating the need to even worry about the credit reports.

Doing that is not easy. So don't think that you have suddenly found an easy way out of your problems because that is far from the truth.

In your travels about this and other boards in your search for information the most important thing of all is to keep a level head on your shoulders, analyze each and every bit of information you run across and think about it to be sure it makes good common sense. You will probably run into all sorts of ideas and all sorts of people out there that will try to sell you some hairbrained scheme that will sound like it is the best thing since sliced bread but is most likely to hurt you far more than it will do you any good.

Many of them can quote you all kinds of law and court cases but when you take the time to study what they say you will find in many cases that they have tried to make the law into what they wish it said rather than what it actually does say. Be very careful of that.

 

I thought once they were charged off that was the end of it.

thankins
===============
Rude awakening isn't it?
The End LB59
- - - - -- -- - - -
PS
I thought once they were charged off that was the end of it.
Think aout this for a moment!
Does it really make sense?
If that were true everybody could just let things charge off and never have to pay for anything.
The sad news is there ain't no free lunch.

 

Should I try and settle with them or what?
thankins
================
Why would you pay un proven debts?

The END ************************* LB 59

 

Generally there are three theories to credit repair.

1) Those who spam dispute the CRA's and hope things go away.

2) The litigious bunch of persons who threaten the law and sue to get what they want. The laws protecting creditors in this country from abuse were and are designed as a shield. Most of the veterans here using this approach try to take those shields and use them as swords. In reality, those swords are more like blunt daggers but at any rate they do get the point across. This theory works not so much as creditors are scared of being sued, but because getting sued is a nuisance and given the right motivation, i.e. deletions, the person doing the credit repair can be convinced to go away easily.

3) Pay for deletion camp. This works on the principal that you being the credit repair person has what the creditor wants... their money back. To get that money back quickly, the creditor will have to make some sort of concession, once again that being deletions. Otherwise they may not get it back at all or when they do it won't be without some sort of a fight.

No one approach works or is appropriate for all situations. Nor is each without pitfalls. If you really want excellent success you will have to become a master of all three. This takes a lot of time and hours and hours of research.

 

Very good analysis indeed. There is also yet another approach which you didn't happen to think to mention which can get you a squeaky clean credit profile as well. I call it the Pink Panther approach. It can do all sorts of wonders if one can perfect it. Beats the IRS, the judgments, student loans, everything. It is reasonably trouble free too and not all that hard to implement.

 

Do enlighten us Bill as to the mysterious pink panther approach, unless of course that is a trade secret...

BTW... thanks. I'll have the theme song stuck in my head all day!

 

Oh, its no trade secret at all. Just about everybody knows it well and it is far more commonly practiced than any other method by far. Remember what the Pink Panther often said? "EXIT STAGE RIGHT" or sometimes it was "EXIT STAGE LEFT" And then many, many years before that it was "Cheese it, Louie!" meaning the same thing.

There is also a song about the method.
Eight by Ten room for rent, Fifty Cents, Got no car, Got no home, Got no cigarettes, King of the Road.

LOL

 

Methinks you are thinking of the infamous "Snagglepuss" cartoon......the Pink Panther never spoke.........Wow.....I finally got to give input and correction on the credit board...albeit it has nothing to do with credit........or "does it"? Anyways, good analogy, bbauer.

 

The pink panther was a bit before my time as seeing I'm only 25. And what I do remember from my fuzzy childhood memories is the pink panther never said anything. I think the character you are referring to would be snagglepus.

I can't remember much about the show other than those phrases and I'm still clueless, unless what you mean is to avoid the mess in the first place or to hide until they go away.

 

The pink panther was a bit before my time as seeing I'm only 25. And what I do remember from my fuzzy early childhood memories is the pink panther never said anything. I think the character you are referring to would be snagglepus.

I can't remember much about the show other than those phrases, I'm still clueless about what your talking about, unless what you mean is to avoid the mess in the first place or to hide until they go away.

 

Is there an echo in here????? And who's been callin me the "pink panther"?




And Yes, dixi...I do believe he means....exit stage left....as in "Take Off".....get the hell outta sight.

 

Exactly! (LOL)