Did Worldwide Asset Purchasing buy my credit card debt,paying off Bank of America and now expecting me to pay Worldwide is that legal or would they be out their money in a court of law?
Hi zzapair
If you want to be sure about the debt, you should first pull out your credit report and find out whether the name of the collection agency is in your report against the debt. If you find it against your debt, you should immediately send a debt validation letter by certified mail and wait for 30 days from the date they receive your letter to get the validation. If they validate the debt properly, then you can come to a settlement plan and pay off the debt else you may send a dispute letter to the credit bureaus asking them to remove the listing from your report.
If the CA has already purchased the debt from BOA and validates your debt within 30 days from the date of your DV letter, you can come to a settlement agreement with the CA and pay off the debt. You should try to make the CA agree for PFD so that as soon as you pay off the debt, the negative listing goes out of your report. But if you do not repay off the debt, the creditor may sue you to the court and bring judgment against you to garnish your wages. If this happens then the judgment may lower your score by 100 points. So to prevent judgment you should always try to repay back the debt if the creditor can properly validate it.
Yes it is definatley legal. First check your report and if it is on there or they are sending you collection letters definatley validate. You will find that settling the debt will be much better than letting it go (if they can validate). Not only will this save you from havin g your wages garnished but the longer you wait the higher the amount you owe will rise. Remember if they do validate the debt and yo go to repay you will want to ask for a pay for delete and a settlement offer. Some of these places are known to settle on half to seventy percent of the debt you owe. For example iif you owe $100 they may take $50-$70 to settle the debt.
Hi zzapair
If you want to be sure about the debt, you should first pull out your credit report and find out whether the name of the collection agency is in your report against the debt. If you find it against your debt, you should immediately send a debt validation letter by certified mail and wait for 30 days from the date they receive your letter to get the validation. If they validate the debt properly, then you can come to a settlement plan and pay off the debt else you may send a dispute letter to the credit bureaus asking them to remove the listing from your report.
If the CA has already purchased the debt from BOA and validates your debt within 30 days from the date of your DV letter, you can come to a settlement agreement with the CA and pay off the debt. You should try to make the CA agree for PFD so that as soon as you pay off the debt, the negative listing goes out of your report. But if you do not repay off the debt, the creditor may sue you to the court and bring judgment against you to garnish your wages. If this happens then the judgment may lower your score by 100 points. So to prevent judgment you should always try to repay back the debt if the creditor can properly validate it.
Yes it is definatley legal. First check your report and if it is on there or they are sending you collection letters definatley validate. You will find that settling the debt will be much better than letting it go (if they can validate). Not only will this save you from havin g your wages garnished but the longer you wait the higher the amount you owe will rise. Remember if they do validate the debt and yo go to repay you will want to ask for a pay for delete and a settlement offer. Some of these places are known to settle on half to seventy percent of the debt you owe. For example iif you owe $100 they may take $50-$70 to settle the debt.