Credit Card Debt
Debt Recovery; Know Your Rights When Dealing With A Collection Agency And Learn How To Control Your Finances So You Can Eliminate Credit Card Debt [K] [i] [n]
William N. Beasley (Kindle Edition) 2011-11-23
Release date: 2011-11-23
Answers
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.
My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors - particularly credit card debt ...
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.....
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Have to file bankruptcy. Been out of work for 6 months. Two credit cards have been written off but amount, I guess, has been turned over to a collection agency. When I file for bankruptcy do I just list the bank or just the collection agency? Can the collection agency garnish my wages if I obtain employment? Thanks.
List them both.
Filing for bankruptcy will stop any judgements to garnish your wages.
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.
I was one of those dumb 18 year olds who accepted every credit card offer that came in the mail. I have all paid off now accept one. It went to collections in 2002 and was recently sold to another collection agency. I understand that after 7 years your debt is sopposed to go off your credit report. Now that this debt was sold does the 7 years start over or will my 7 years be over next year?
The 7 year reporting period begins from the date of delinquency. NOTHING can reset this 7 year clock. If you missed a payment on 1/1/2000 and never brought the account current, the negative mark must be removed 1/1/2007.
If this went to collections in 2002, it will come off your report this year or next, depending on when you actually became delinquent.
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Business Managment ยป Is a collection agency harassing you? There ...
Is a collection agency harassing you? There are rules a collection agency must follow. Here’s an example. You come home from working all day and while you are relaxing after dinner and the phone rings. You answer it, and it’s collection agency. But wait, it’s 9:05 pm – that’s a little late right? Correct. If a bill collector calls you after 9pm, they are in violation of the law. The Pentagroup Collection Agency has a varied mix of reviews from people who have done businesses with them according to several online sources. Pentagroup, according to their website, is a certified collections agency who offers services such as debt collection, customer service and a variety of other specialty services that can be outlined on their site. Junk debt buyers are a growing industry. Their purpose for existence is to purchase bad credit card accounts from creditors to collect on them and make a profit. Junk debt buyers are also referred to as bad debt buyers or simply debt buyers. The accounts purchased by these agencies range from auto loans to retail accounts. It is estimated that about 70% of the accounts often sold to junk debt buyers are credit card accounts.
...News
"Start Over, Finish Rich", David Bach's 10 Steps For Getting Out Of DebtHuffington Post (blog) - Dec 23, 2009
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"Having small credit cards at five different retailers almost helps you avoid looking at your entire debt picture," says Hasson, whose nonprofit agency and more »San Francisco Chronicle - Dec 20, 2009
Credit card debt in the Bay Area and California is falling faster than the nation as a whole, according to figures supplied by TransUnion, a creditCharleston Gazette - Dec 13, 2009
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Philadelphia Inquirer - Dec 23, 2009
I have spoken to companies that have advertised on TV about getting out of debt with the aid of their credit-counseling service. My present credit-card debt and more »Minyanville.com - Dec 08, 2009
Which4U - UKEditor's Note: This is part 3 in a multi-part series about paying off credit card debt and dealing with collection agencies. Read part 1 here and part 2 If you use credit cards, please use common sense along with themPlay it smart when it comes to credit card billsall 119 news articles »
Suburban Life Publications - Dec 23, 2009
We didn't think the borrowing would turn in to a credit card account without a debt limit. Everyone knows you can't borrow your way out of debt. and more »