I have been saving up to pay off all my old/bad debts and have been pretty successful so far. i followed what somebody had said earlier in a thread about paying off smaller ones first and moving on to larger ones. Well the largest one i have, which i was going to move to after paying off this other one in December has come up on me. A third party debt collector contacted me about the debt and said the total was $6100 . they said it could be settles for $2475 but i don't have that money and probably wont have it until sometime in next year the funny thing is the letter they sent me had wrong information on it, like my last name was not spelled right and such. when i talked to them on the phone tey said something about an original debt of $3000+ which is what i was expecting not the 6000 but they said something about the debt was sold off from the original organization and that is why it doubled????? they said they are trying to do this so i wont be sued and a judgement levied against me like i said, i fuly intend ot pay off this debt but is this right can they double my debt like that or what what type of options do i have what will or can this third patry do or what will they do
but they said the debt was sold off to a company and they are trying to collect for that company so will the original debtor still have my old debt on record to where i can pay them off? Is dealing directly with the original debtor sound like my best option here
The original debtor is the only one that can remove the bad report on your credit history. Once you have the money, you can negotiate the removal of the bad information. DD
if they actually bought this debt they bought it for LESS than the principal balance. it's whittled down based on a number of factors, which center around how likely you are to ever pay this debt off. it does not double. they're making you an initial offer above what they paid for the debt, so they can make some money. if you can offer them $1500, see if they'll bite. but do your background work to make sure they legitimately bought the debt. if possible, get your orignal debtor to put that in writing.
Just contest everything and see if it comes off, i got lucky and mailed in letters and got about half my debt dropped because it had been sold to debt collectors and the original creditors didnt want to deal with it, or didnt reply in time.
make sure you do everything in writing and send it via certified mail. and tell them that as soon as you send the money you wanted taken off your credit report. get that in writing before you send in the payment.
by the way...i've represented companies that have bought big pools of commercial charged-off loans...i've been a part of bidding on those pools...i still have zero clue how credit reporting agencies work. i've agreed to not file agreed judgments as part of a settlement...and those agreed judgments have still shown up in credit reports. that's just frightening.
So what exactly are you guys saying here? can somebody give me a step by step procedure of what would be a good route for me to take?
see that right there is it, like i said they have a balave of over 6 grand but they said there is an original balance somewhere of 3 so why do they have a 6 grand balance they said i will have till the end of the month to do something or else theyll sue dang it i thought i was doing good paying off all this old stuff and then here this comes like i said i just need someguidance on what to do steps because i havent had this happen before
another thing i remembered, this was a debt for a gateway i bought over eight years ago but that computer was a mess and it was sent back to gateqway i was young and stupid and i thought thagt i could send it back to them and get something in return but i was still obligated to pay off the loan for the computer because it was made with a different company. does that hold any leverage or help anything
