wadgras Posted May 19, 2003 Report Share Posted May 19, 2003 Howdy.By way of background, I'm about to begin my negotiations for approx $60,000 worth of unsecured debt held by 6 creditors. I stopped paying in September 2001 and most accounts were charged off in April / May 2002. I've contacted the OC's for my two biggest accounts ($24,000 & $8,000) and learned that these have been recently sold to two CA's (Worldwide Asset & First Select). Like most on this board, my desire is to have the OC remove negative references from my credit report in return for payment. However, is there a snowball's chance in Hades that the CA's holding a purchased debt can convince the OC to delete negative information?Thanks in advance. The advice from this board is fantastic. Link to comment Share on other sites More sharing options...
wadgras Posted May 19, 2003 Author Report Share Posted May 19, 2003 Assuing I have a snowball's chance in Hades, I had one additional thought - should I just try to (1) settle with the CA and (2) have the CA agree to remove its listing from my report. Thereafter, I would try to remove the OC's listing through the debt validation process. Or is the OC likely to continue validating the debt even though they no longer own it just to make my life that much more difficult? Link to comment Share on other sites More sharing options...
Anonymous Posted May 23, 2003 Report Share Posted May 23, 2003 well sec. 809 of the fdcpa does not apply to original creditors (which is where i am sure you found the validation idea)just debt collectors. so maybe try it with the CA's first. they are less likely to anyway because they may not have the original paperwork and all that jazz. that is a lot of money. if they validate then settle, if they don't validate, they can still sue, but it will come off your report and then you can negotiate to keep it off in return for payment [in writing] i know it's vague, but that is my synopsis based on the fdcpa and input from others here. Link to comment Share on other sites More sharing options...
Anonymous Posted May 23, 2003 Report Share Posted May 23, 2003 <blockquote>Originally posted by Idon'tpaywell sec. 809 of the fdcpa does not apply to original creditors (which is where i am sure you found the validation idea)just debt collectors. so maybe try it with the CA's first. they are less likely to anyway because they may not have the original paperwork and all that jazz. that is a lot of money. if they validate then settle, if they don't validate, they can still sue, but it will come off your report and then you can negotiate to keep it off in return for payment [in writing] i know it's vague, but that is my synopsis based on the fdcpa and input from others here.</blockquote>but wait, i mean if it comes off your report due to not validating don't forget to count violations so you can act tough and serious if you need to... but what i meant is that you would want to settle with the OC since the CA's listing would come off... gosh i don't know if i've helped, but at least the post will bump to the top and someone else can correct me or spread it thinner than i can. Link to comment Share on other sites More sharing options...
wadgras Posted May 23, 2003 Author Report Share Posted May 23, 2003 Thanks, Idon'tpay.You raise an excellent point about the validation process. I guess I could dispute the listing w/ the credit bureaus and hope that the OCs have forgotten about me. But they, of course, haven't since they told me about the debts being purchased and by who.Something else I nelgected to mention is that neither of the CAs who purchased the debts have entered a tradline on my credit report. Rather, the debt is still listed by the original creditors. So as part of my settlement I am going to demand that the new owner of the debt refrain from reporting anything. I'm just wondering if the purchaser of the debt still has a relationship with the OC, such as the purchaser can convince the OC to modify/remove its tradeline. Link to comment Share on other sites More sharing options...
Anonymous Posted May 24, 2003 Report Share Posted May 24, 2003 well did you try to dispute with the CRA's... here is the thing. i had a charge off listed on my report with the CA there as well. the OC just sent a letter to the CRA's saying to get rid of the negative info... long story...but what i am saying is, before drawing attention to yourself via the CA, just dispute the OC listing with the CRA's and see what happens... if it falls off, then goodie for you. but you want to settle right? i would be concerned with 1. what is on your report and 2. who can sue and how long do they have... Link to comment Share on other sites More sharing options...
Anonymous Posted May 24, 2003 Report Share Posted May 24, 2003 <blockquote>Originally posted by wadgrasThanks, Idon'tpay.You raise an excellent point about the validation process. I guess I could dispute the listing w/ the credit bureaus and hope that the OCs have forgotten about me. But they, of course, haven't since they told me about the debts being purchased and by who.Something else I nelgected to mention is that neither of the CAs who purchased the debts have entered a tradline on my credit report. Rather, the debt is still listed by the original creditors. So as part of my settlement I am going to demand that the new owner of the debt refrain from reporting anything. I'm just wondering if the purchaser of the debt still has a relationship with the OC, such as the purchaser can convince the OC to modify/remove its tradeline.</blockquote>okay i jumped the gun on that and didn't read my original posts...YES, dispute with CRA's you don't know what what will happen, hope for the best...for the CA's that ARE LISTED ON YOUR REPORT, do DV. wait on the ones' with OC and NO CA listing. Link to comment Share on other sites More sharing options...
Recommended Posts