Agency Credit Card Debt

I heard about consolidating agency's that provide you with the funds to pay off your debt.Then you just pay back the money as you would any other loan.Is there any truth to this?

This isn't what a debt consounseling/agency does.

What you are describing is going to a bank, getting a loan, and paying the loan back. If done, make sure the interest rates are better, not worse, than the original credit cards.

2008-04-25 10:07:11 by teflon1915

My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors - particularly credit card debt ...

I was contacted by collection agency an account that was charged off 8 years ago. They said they bought that debt and are reporting it on my credit.

I asked for written records with my signature to ensure that it was a real account that I opened. They said that it had been validated by the orginal credit card company, but they could not supply any records with my signature.

Can I have that removed if there are no records with signatures showing that I ever opened that account?

Since it is a credit card debt and it was charged off 8 years ago, the collection agency is violating your rights by reporting it.

A credit card can only be reported for 7 years from the first time you became 30 days late and never brought the account current leading to the charge off. It cannot be re-aged to report for a longer period.

I would suggest doing "everything" in writing and sent certified mail return receipt - create a paper trail to use should you decide to sue the collection agency.

Order your paid reports.
Send the collection agency a debt validation letter. Do not sign the letter, print your initials or type your name.
When you get the green card back, file disputes with the CRA's.

If the account is verified instead of being removed, file complaints with the BBB, FTC, your AG and the collection agencies AG.

If the account remains, sue the collector for their violations.

Chances are pretty good that you are past the collecting SOL for your state. Though you might click on my profile and click on the link listed to find the SOL for your state.
If you are past the collecting SOL, after you do the above steps, you should send the collector a SOL letter.

You might do some reading in the other links I have listed in my profile, to the FDCPA, FCRA and also the last link listed.

2007-05-30 16:36:56 by bjmarchini

Price: $9.95 $9.95

I have some old credit card debt that I need to take care of. I was finally sued by a collection agency and they got a default judgement against me. I am now in a position to settle the account. Would I be better off settling with the ORIGINAL credit card company? .... or the collection agency.

You have to pay the debt collector, it is they who own the debt and who has the judgment against you.

The time to settle was before the judgment, they now have no incentive to accept a settlement, unless you live in a state that does not allow wage garnishment.

2010-02-25 12:44:05 by JK6969

Price: $9.95 $9.95

If that were the case almost no one would have a passport. Nearly everyone at some point has had a financial skeleton in the closet.

Go get your passport and don't worry, they'll do a criminal background check (and possibly a public records check, but doubtful) to make sure they aren't issuing the passport to a felon and that's it. Not paying a debt is not a felony and will NOT show up. :)

2009-06-02 08:09:54 by JT

I have a Credit Card debt with a collection agency, can I request a signed copy of the contract before paying? Do they have to provide me with a copy? I am of understanding such documents should be kept for 7 years legally. I have requested this information and they have provided me with everything but the information I have requested - a signed contract?

Many Thanks in advance.....

they hate you

2008-04-20 18:09:17 by David A