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The original creditor passes a debt to a collection agency. The debt gets passed on to 4 and 5 collection agencies. The debt is now double the original debt; eg, $2,500 turns into $5,000. I want to start working on cleaning my credit. There’s a late night TV guru that claims you can fight this but I don’t want to buy his book because I have read such bad reviews about him. Can I fight this ‘obscene’ dollar amount? I have started making payments, can I still fight the high dollar amount after the fact?
Is it a judgment?
Demand validation of the debt; a breakdown of how the accounting.
by starting to make payments did he already admit to the full debt here? For his sake I hope not. It is rediculous amount and I myself believe that once the original creditor sells the debt no other company should be able to add late fees or any other dollar amount ot the unpaid balance.
OP likely admitted that the debt was his, but he can demand validation of the debt (including a breakdown of how the balance was figured). If this debt is a judgment, then attorney fees, court costs, and statutory interest would have been added.
If a collector calls you and say asks you what you are planning to do with this debt and you answer "nothing don't call back" and the debt is out of SOL does that start the clock all over or does a payment or payment arrangement the only thing that restarts SOL?
If you aren't going to pay on an out of SOL debt that is yours, send a cease and desist letter. If/when the CA sells the debt, send a new CND letter to the new CA. Repeat as needed. Postage is very cheap in comparison almost any amount of debt being collected...
Thank You Morningstar..you've been a gem. Where can I find out how to write a cease and desist letter?
The "Debt Forums" (link at the top of the page) has one or two...
Thanks once again. I will head there now and go take a look.
You can include a cease and desist letter in your request for validation. You only owe the amount past due, NOT any fees the collector feels the need to add.
What would be the meaning of asking for validation at this point? I mean it already past SOL and I definately don't want to start that clock rolling again. If I ask for debt validation isn't this going to show them that I am interested in paying off the debt? My main concern is not restarting that clock or giving them reason to try and reage it.
If you don't make a payment, the statute of limitations will not start again, you really should visit the debt forum they have tons of information there on this very subject.
oKAY DO i NEED TO REGISTER ON THAT FORUM LIKE I DID THE OTHER ONE? I GOT SOME RUNNING TO DO FOR MY SON THIS MORNING SO I WILL DO THIS LATER IN THE AFTERNOON.
Check out this FREE information first
I utilized this free site recently and found it to be very helpful TOS violation removed. They also have a TOS violation removed that probably applies better to your situation.
IIRC, you do need to register (might even have xx post minimum) before you can access the letter templates.
I will try to access that site and see what I can find. Thanks for everyones help.