I have paid all my debts in 2007. How do I get a new debt of $314.00? I have moved out the States since 2002 and have not used any credit card. I am confused now. Please help! Thanks
To whom do you owe the debt? Do you have anymore information to give us so that we can try to help you find more information and you can get this all cleared up.
Hi mtmissiontothepoor
I think that $314.00 may be any credit card due which you have forgot to pay and the creditor has reported it to the bureau. All you need to do now is to send a debt validation letter to the creditor whose name appears in your report. If they can validate your debt, then negotiate for a PFD and pay off the debt. But if they cannot validate the debt, send a dispute letter to the credit bureaus asking them to delete the listing.
If you can get a settlement you should just pay it off and get rid of it, after you get debt validation of course. You should be able to settle this out for about $250 or so.
That would be a pretty good deal and for that price I would take it, esp. if it is in SOL. If it is let go for years they can add sooo much interest and then won't settle for that kind of amount. Believe me I know this first hand.
Depends on how desperate they are, these collection agencies buy this old debt for pennies on the dollar. So as long as they make a profit, they are happy. But the bigger the profit the better.
Ne3ver thought of that. My one debt though started at $300 and in 7 years is now over $1600. Last time they called they wanted a $1300 and no less. They been trying to get this for a few months. that is over a thousand dollars more than I used.
I know, I think they should have a limit as to what they are allowed to charge, it gets crazy. then some third party buys them for pennies on a dollar and then tries to get the full amount out of you. It is a rip off game.
That is true and really aggravates me. It doesn't give me any motivation to even pay. If it was the original debt I would have gotten rid of it long ago.
Yes, the CA purchases these debt at even less that half the actual amount but try to get more than double the actual debt by adding interest to it. If they can manage to get back the full amount of the debt, they are at huge gain. Moreover, after taking the money, they even do not bother to delete the listing from the credit report. So when repaying the debt, we should negotiate till the end for pay for deletion and get that in writing.
I have always agreed that they are blood hounds. they prey on the weak and financially unstable people. Don't you think that a good percentage of us would purchase and pay off our own debt if we were given that option? I know I would but when dealing with the Original creditor I was never given a chance to clear my debt by getting at least some decent deal. Makes you wonder why they have these collection agencies. We wouldn't need half of those bottom feeders if we aere given the opportunity to get the deal they did. It would also probaly help get rid of some of the harrassment in the industry.
I know for sure that Carol is right, these sharks are called "junk debt or zombie debt" buyers, just google either one and you will see a ton of them. The will purchase the old debt dirt cheap, but the problem with this is that they often do not get all the original paperwork or original contracts with the account. therefore it is very hard for them to do the debt validation, many times they can not unless the are representing the original creditor. Just be sure that you know who you are dealing with, you can do this by a simple debt validation letter.
That why it is always necessary to sent a debt validation letter. Unless and until they can validate the debt, there is no question of repaying back any amount. Moreover, if they still harass you for the debt, you can always complain against them to the FTC and the AG. If they validate your debt, always try to settle for as less amount as possible, because even if they get back this small amount from you, they stand to gain. But don't forget to bargain for Pay for deletion agreement.
You are right goodnatured. There are many instances CAs promise to delete the listing from your credit report. But as soon as you pay them back, there is no initiative on their part to delete the listing. So unless and until you have the pay for deletion agreement letter in hand, you cannot get the listing out of your report by the CA.
So what is a person suppose to do? Will the CA put a promise lioke this in writing before paying off the debt? Once it is paid and they don't fullfill their end of the deal what is the next step? Can you still get it deleted?
YOu file suit against them from breach of contract then send them a letter informing them that they can either show up for court and face damamges or, keep to your agreement.
Sounds like a good plan. At least you have some rights. I can see getting something like this in writing is really important. It is a shame more places do not offer the Pay for deletes. It really doesn't seem like they would have alot of work to do to get it deleted.It would also probaly help settle out more past accounts if they made it part of their settlement.
CMBV is right. If you have all written documents where the CA or the original creditor promises you for pay for deletion, and if they do not delete it even if you pay back your debt, you may file legal suit against the CA. So pay for deletion is a good instrument to remove a listing if you have the agreement in writing.
I am glad to see that a person is entitled to sue them if they don't delete the debt from your report as promised. It gives you leverage when clearing up you CR as long as you have the promise in writing.
It is about time there is some backbone in it for the consumer, we need all the help we can get. Filing a civil suit is as easy as walking into the courthouse, filing the paperwork and paying the fee, it does not take genius to do it.
To whom do you owe the debt? Do you have anymore information to give us so that we can try to help you find more information and you can get this all cleared up.
We would definatley need more info. Can they validate the debt? Get us some more info and we will do everything we can to help
You must give more information. This is not a bill site. The debt validation is a good idea fireyone.
Hi mtmissiontothepoor
I think that $314.00 may be any credit card due which you have forgot to pay and the creditor has reported it to the bureau. All you need to do now is to send a debt validation letter to the creditor whose name appears in your report. If they can validate your debt, then negotiate for a PFD and pay off the debt. But if they cannot validate the debt, send a dispute letter to the credit bureaus asking them to delete the listing.
If you can get a settlement you should just pay it off and get rid of it, after you get debt validation of course. You should be able to settle this out for about $250 or so.
That would be a pretty good deal and for that price I would take it, esp. if it is in SOL. If it is let go for years they can add sooo much interest and then won't settle for that kind of amount. Believe me I know this first hand.
Depends on how desperate they are, these collection agencies buy this old debt for pennies on the dollar. So as long as they make a profit, they are happy. But the bigger the profit the better.
Ne3ver thought of that. My one debt though started at $300 and in 7 years is now over $1600. Last time they called they wanted a $1300 and no less. They been trying to get this for a few months. that is over a thousand dollars more than I used.
I know, I think they should have a limit as to what they are allowed to charge, it gets crazy. then some third party buys them for pennies on a dollar and then tries to get the full amount out of you. It is a rip off game.
That is true and really aggravates me. It doesn't give me any motivation to even pay. If it was the original debt I would have gotten rid of it long ago.
Yes, the CA purchases these debt at even less that half the actual amount but try to get more than double the actual debt by adding interest to it. If they can manage to get back the full amount of the debt, they are at huge gain. Moreover, after taking the money, they even do not bother to delete the listing from the credit report. So when repaying the debt, we should negotiate till the end for pay for deletion and get that in writing.
Wow thats just wrong IMO...especially if what Carol is saying is true. Anyone else agree with her?
I have always agreed that they are blood hounds. they prey on the weak and financially unstable people. Don't you think that a good percentage of us would purchase and pay off our own debt if we were given that option? I know I would but when dealing with the Original creditor I was never given a chance to clear my debt by getting at least some decent deal. Makes you wonder why they have these collection agencies. We wouldn't need half of those bottom feeders if we aere given the opportunity to get the deal they did. It would also probaly help get rid of some of the harrassment in the industry.
I know for sure that Carol is right, these sharks are called "junk debt or zombie debt" buyers, just google either one and you will see a ton of them. The will purchase the old debt dirt cheap, but the problem with this is that they often do not get all the original paperwork or original contracts with the account. therefore it is very hard for them to do the debt validation, many times they can not unless the are representing the original creditor. Just be sure that you know who you are dealing with, you can do this by a simple debt validation letter.
That why it is always necessary to sent a debt validation letter. Unless and until they can validate the debt, there is no question of repaying back any amount. Moreover, if they still harass you for the debt, you can always complain against them to the FTC and the AG. If they validate your debt, always try to settle for as less amount as possible, because even if they get back this small amount from you, they stand to gain. But don't forget to bargain for Pay for deletion agreement.
And get that in writing correct?
yes, definately get it in writing.
I am learning anything important is worth getting it in writing. A persons word doesn't go as far these days.
Not if the person works for a collection agency!!!!
You are right goodnatured. There are many instances CAs promise to delete the listing from your credit report. But as soon as you pay them back, there is no initiative on their part to delete the listing. So unless and until you have the pay for deletion agreement letter in hand, you cannot get the listing out of your report by the CA.
So what is a person suppose to do? Will the CA put a promise lioke this in writing before paying off the debt? Once it is paid and they don't fullfill their end of the deal what is the next step? Can you still get it deleted?
YOu file suit against them from breach of contract then send them a letter informing them that they can either show up for court and face damamges or, keep to your agreement.
Sounds like a good plan. At least you have some rights. I can see getting something like this in writing is really important. It is a shame more places do not offer the Pay for deletes. It really doesn't seem like they would have alot of work to do to get it deleted.It would also probaly help settle out more past accounts if they made it part of their settlement.
You have to get the pay for delete in the beginning.
Thats what I have been seeing. I wish they would just make this part of the deal or at least make people aware of the fact.
CMBV is right. If you have all written documents where the CA or the original creditor promises you for pay for deletion, and if they do not delete it even if you pay back your debt, you may file legal suit against the CA. So pay for deletion is a good instrument to remove a listing if you have the agreement in writing.
I am glad to see that a person is entitled to sue them if they don't delete the debt from your report as promised. It gives you leverage when clearing up you CR as long as you have the promise in writing.
It is about time there is some backbone in it for the consumer, we need all the help we can get. Filing a civil suit is as easy as walking into the courthouse, filing the paperwork and paying the fee, it does not take genius to do it.
That is very true. Once people start taiking action they actually can breathe again. It also helps but the bad fishes back out to sea.