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I just received a letter from Southern Capital Associates for 9674 that I owe for a credit card. This is the first letter and phone call I get. Some collector left a message and when I called him back he said that he was sending this to a lawyer to set a courd date. I am scared to death! The last time I made a payment on this particular card was in May of last year. Now I dont know what to do next. Should I offer to pay them $200 a month for the next 4 years? That is all I can afford if anything? Or what should I do?
Hi Jessica_Guerrero_98,
It seems like Southern Capital Associates is collecting on behalf of your creditor. You need to know for sure that they are doing legitimate collections. Ask them to validate the account in writing. It should post your last payment on the account along with calculation of interest rates and the outstanding balance. Make sure that you are aware of the http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm laws and this company is following it legally. You don't need to be scared at all. Just make sure that you have the complete details before sending money. You don't want to end up paying someone who never had your file and tried to pocket your money.
Thanks,
Richard
Jessica, you should follow Richard's advice.
I just want to add.
Try to Negotiate a settlement for the
alleged debt as well as your CR. That's
very important.
After paying Southern Cap, you want a
complete Deletion of Southern Cap's Account
from your CR. Get EVERYTHING in writing!!!
FYI: Southern Cap paid only pennies on the
dollar for the alleged debt. You may try
negotiating something like 75% of $9,674
and work your way down. You should NEVER
agree to pay the alleged full balance due
(after DV, of course) to a Junk Debt Buyer.
Southern Cap may have paid $1934 for
the alleged debt with statute. So, $5804
(or 60%) or $4837 (50%) may be more
than reasonable. Do NOT pay $9,674+.
FYI: AFTER paying a CA, the CA may
sell the remaining Balance to another
JDB for further collections, unless you
negotiate that. Get EVERYTHING in
writing !!!
FYI: AFTER paying Southern Cap,
the OC Trade Line (with $0 Bal) will still
remain on your CR for the full 7 years
(or until May 2013). You cannot negotiate,
with the CA, about the removal of an OC TL.
You need to think about all this and do what
you feel is best for your situation. And don't
be scared. If you study this Board enough,
you may be able to offset some of what
Southern Cap say you owe. Most CAs are
known to violate the law.
I hope this helps.