Credit Card Debt Recovery

Please read the link below before you waste any time/money on debt recovery companies. Much of the work they offer you can do yourself.

2006-02-27 18:45:26 by srmc_007

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

My friend had around £18k of debts on various credit cards from 2001, after missing payments and defaulting a few times, and having had a few ccjs, she eventually went with a debt repayment co, she then lost her job and moved twice, but did NOT tell any of her creditors, its has now been 2 years since she has contacted or paid any of these debts. Now she has had 2 debt recovery agencies find and contact her about 2 of these debts they had 'bought' from the original creditor, requesting payment. However when she checked her credit file, it is in fact fair, (803 out of 1000) and none of these previous debts show. What does this mean? does she have to pay these people? surely if the debts are not on her file they have been squashed and she should no longer have to pay them?? Any advice appreciated. Thanks

Really ? So she went back to Court and had the original CCJ's overturned ???

Don't be silly - she may have run away from her debts but (as she has discovered) debts don't "go away" that easy ...

... and refusing to pay until they ruin her Credit Rating is not a good choice ...

The Debt Recovery agents will have 'purchased' the debt for as low as 10% ... she should offer to pay them 25% and be prepared to go to half ... (ignore their stupid charges - these are just attempts to squeeze a bit more out her)

NB. CCJ's WILL be registered against her ... if not, then maybe some-one has got the wrong Credit file (they could be registered against her old address and they may not have picked up on the fact that she is the same person, expecailly if she has a common name and moved without telling anyone :-) )

But don't worry - the Debt Collectors know where she lives now, so you can be sure if they don't get something they WILL tell the Credit agencies who & where she is, and the agencies will then update her file .. and the CCJ's still stand so the Bailifs will be round soon ...

2007-06-11 16:24:05 by Kerry

I got a call from a recovery agancy about a credit debt and they said if it isnt paid they can attach my wages. My wages are already attached for child support, I thought only the goverment could attach your wages?
I am talking about a balance of around $1500.

They have to go to court to do it. They can request the court to issue an attachment order. Whether the court will do so remains to be seen. It is very uncommon for that to happen in the case of a credit card debt unless the debt is very large. The court costs are not insignificant.

Most likely it is an opening salvo in an attempt to get you to settle. Since they probably purchased the debt for less than 25%, you might be able to negotiate a settlement favorable to you of say 45% to 60% of the original debt.

2006-09-14 09:04:01 by Lori R

Price: $8.99

over 9 yrs ago i lived at a address with a g/f and took out a credit card ,we split and i moved around a lot for a few years ,in 2001 i moved into my present house,in all this time i had no contact with the credit card company and still havnt but a letter has been recieved at my parents house addressed to me from a recovery agency,i have not lived there for years and years and i have not acknowledged the letter ,i would say the debt is from the 90s,ive had no communication at all at my address ,will i still be liable for this debt and what do i do next
sorry the debt is abt 5-600 pounds
please note this is a uk debt

As others have pointed out, a debt is a debt, no matter how much time has past. It stays on your credit file for 7 years after the last activity on the account. Keep in mind that such activity may be simply a debt buyer purchasing the account from your original creditor. Not every creditor reports their bad debt accounts to the credit bureaus though. What that means is that your bad accounts may or may not show up in your credit history, based on the practices, employed by every individual company. So, the first thing you need to do is to pull up your credit report. You are allowed to do so for free once a year and can get yours here: https://www.annualcreditreport.com/cra/index.jsp. If the debt in question is not to be found, it is up to you whether to pay it off or not, your credit file is not being damaged.

Even if the account is still on your file, its statute of limitations might have expired, which means that your creditors cannot take any legal actions to enforce their claim. Once again it will be up to you whether to pay it off or not. You can find your state's statute of limitations here: http://www.unibul.com/StatutesofLimitati onsforDebt/tabid/101/Default.aspx.

2008-05-05 14:58:58 by baloo

Om account of a series of life threatening ailments I had to shirk away from paying my credit card balances in time for the past two years.Now that I have been enlisted in the defaulter category by the issuing bank, I am repeatedly pressed for settlement of card account from debt recovery agents.Quite miserably the agency representative would not listen to my physical inability or my worsened financial condition.All he would want is a settlement of the accumulated debt forthwith.What possible measures could I resort to in this predicament.I am expecting sufficient financial build up in a matter of 5 months by way of disposal of fixed assets and sincerely do not wish to run away with non payment of outstanding dues.What exactly should I do in the present state of affairs?

I suppose you could approach the bank and make it clear (in writing) that you have a financial crisis, which you intend to get over with by liquidating your assets. A nationalized bank worthy of its name should consider your predicament and not treat you as a defaulter who does not want to pay up. You can even submit the relevant documents, which prove your intention.

In case the problem persists, you can complain against the bank to the banking ombudsman established by RBI. The details of the establishment can be found in the following link.

http://www.rbi.org.in/Scripts/bs_viewcon tent.aspx?Id=159

All the best!

2009-09-16 03:03:45 by sukumaran nair