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CA vaildations = trouble?


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I have been reading for the past 2 days and everywhere i read i keep hearing about how you "shouldn't" pay a CA until they vaildate that the account is actually mine. I have find a website that offered a vaildation letter:

Here is the one I am talking about :

http://members.cox.net/faircredit/30dayvalidation.htm

It is for two CA that have been sending me letters for 1200.00 and the other for 124.00 for a phone bill that i swore i paid. Could I possible awake a sleeping giant if i send these letters? I dont want to be in a lawsuit or anything for i KNOW that i could not afford it. My credit rating is 485 and i am trying to turn in around slowly. I have looked into bancruptcy but dont want to do that unless I have to, to stop the letters and try to rebuild my credit any help would be great!!

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Welcome to the board!!

<blockquote>Originally posted by broken68

I have find a website that offered a vaildation letter:

Here is the one I am talking about :

http://members.cox.net/faircredit/30dayvalidation.htm

</blockquote>

This letter from FCM is a pretty standard "debt validation" letter that you'll find on most of the sites out there.

<blockquote>Originally posted by broken68

It is for two CA that have been sending me letters for 1200.00 and the other for 124.00 for a phone bill that i swore i paid. Could I possible awake a sleeping giant if i send these letters? I dont want to be in a lawsuit or anything for i KNOW that i could not afford it. My credit rating is 485 and i am trying to turn in around slowly. I have looked into bancruptcy but dont want to do that unless I have to, to stop the letters and try to rebuild my credit any help would be great!!

</blockquote>

We really need more detailed info on each of these accounts, who they are, where you are (for SOL purposes) to give you any sort of valuable advice. However, if they're already sending you letters, they know you're alive and they're already awake. Asking for proof that you indeed owe the alleged debt won't change anything. I'd definately stick around here and do some reading before even considering BK or paying off the collectors.

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you said you needed more infor well here is what it says on my credit report!

Name of collector: Portfolio RC

Acnt: 7879##########

Profit and loss writeoff

updated:12/2002

opened 10/2002

closed:08/2000

blance: 124

most owed:124

past due:124.00

Status as of 08/2000 Charged off as bad debit

Next would be an old Aspire Visa Account

which was picked up by guld state and then a company named Northland bought the account from them

Gulf State

Acnt: 395##########

Placed for Collection

Updated 09/2002

Placed 01/2001

Closed:

Balance: 1567.00

Most Owed: 1567.00

Past Due: 1567.00

Status as of 09/2002: Collection Account

Also I have a few other accounts that says: Purchased by another lender: on my credit report but the ohter lenders name is no where on my credit report?!!? and they all say both say closed on 04/2001and 07/2001 Where are the other lenders names at? Or if they are closed is it closed? SO confused. There is more to the whole credit thing then i can grasp :confused:

Thanx for the help

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<blockquote>Originally posted by broken68

are you sure it is 3 yrs? if that is the case what happenes after the SOL passes? does it mean that the debits are gone? I am confused on this one! Do I need to send a letter still? Anyone?

</blockquote>

They will remain on your credit report for 7 years- but passing the SOL means that they can not sue you, or if they tried- your defense would be that SOL has passed. Usually you can negotiate for a settlement easier-pay 40-50% and have the TL deleted.

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<blockquote>Originally posted by LadynRed

40-50% on an expired SOL debt ?? No way.. I'd start by offering them 20 or 25%! Since they cannot sue you, legally, to collect this debt, then they may very well accept 20-25% rather than get a big fat NOTHING otherwise.

</blockquote>

The account above has not passed SOL- I have mailed two settlement offers to Cross country Bank for a charged off cc that has passed the SOL- they declined both. They will take the $$ but will not change the TL or delete from my CR.

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B, I sent you that validation letter. I am also dealing w/ Portfolio, they verified on equifax, but if they do not verify by the 14th on trans and exper. it will be deleted...

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<blockquote>Originally posted by broken68

Name of collector: Portfolio RC

Acnt: 7879##########

Profit and loss writeoff

updated:12/2002

opened 10/2002

closed:08/2000

blance: 124

most owed:124

past due:124.00

Status as of 08/2000 Charged off as bad debit

</blockquote>

Well this is impossible, it can't be charged off in 2000 if it wasn't opened until 2002 unless that is the transfer date. What bureau is the report from?

<blockquote>Originally posted by broken68

Next would be an old Aspire Visa Account

which was picked up by guld state and then a company named Northland bought the account from them

Gulf State

Acnt: 395##########

Placed for Collection

Updated 09/2002

Placed 01/2001

Closed:

Balance: 1567.00

Most Owed: 1567.00

Past Due: 1567.00

Status as of 09/2002: Collection Account

</blockquote>

Is Northland reporting it too, or how do you know they purchased it? If they did, Gulf shouldn't be reporting it on your report.

<blockquote>Originally posted by broken68

Also I have a few other accounts that says: Purchased by another lender: on my credit report but the ohter lenders name is no where on my credit report?!!? and they all say both say closed on 04/2001and 07/2001 Where are the other lenders names at? Or if they are closed is it closed?

</blockquote>

Not sure what your question is. It's probably easier, or at least less confusing for me, if you open up this question in a new thread since it's different accounts.

<blockquote>Originally posted by Candy

They will remain on your credit report for 7 years- but passing the SOL means that they can not sue you, or if they tried your defense would be that SOL has passed. Usually you can negotiate for a settlement easier-pay 40-50% and have the TL deleted.

</blockquote>

Disagreeing. Negotiating settlement in return for deletion is not easier. 9 times out of 10, the CA will violate the consumer laws which gives you leverage.

And why would you start out negotiating before validation? Makes absolutely no sense. When they don't accept the request for deletion, are you then going to dispute? If it truely wasn't yours, then why would you ever offer to pay it??

If you were to negotiate, Lady is 100% right, you shouldn't start out offering that high of a percentage.

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Swede your right- I misread and thought DV letters went out already and missed its a CA. But I was really just answering the question regarding SOL.

Many others have had success with having charged off accounts deleted or changed in reporting- offering settlements on accounts that are validated, past the SOL. I of course am not that fortunate. I offered 300.00 (Originally started at 200.00) to CCB, for a charge off- they will not negotiate on deletion or change in reporting.

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<blockquote>Originally posted by Candy

Many others have had success with having charged off accounts deleted or changed in reporting- offering settlements on accounts that are validated, past the SOL.

</blockquote>

We're on the same page then! :p

Actually, all the sources I use all say SOL in CO is 6 years, not 3.

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Back to my credit report (see above) About the Nortland one, I dont know if they purchased it, I just know that i get letters from a company called Northland instead of Gulf!?!? Also do i send the validation letters to the orgianal (sp?) creditor or the CA? And about the the other one..that is exactly how it appears on my credit account. it says closed

Name of collector: Portfolio RC

Acnt: 7879##########

Profit and loss writeoff

updated:12/2002

opened 10/2002

closed:08/2000

blance: 124

most owed:124

past due:124.00

Status as of 08/2000 Charged off as bad debit

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Back to my credit report (see above) About the Nortland one, I dont know if they purchased it, I just know that i get letters from a company called Northland instead of Gulf!?!? Also do i send the validation letters to the orgianal (sp?) creditor or the CA? And about the the other one..that is exactly how it appears on my credit account. it says closed

Name of collector: Portfolio RC

Acnt: 7879##########

Profit and loss writeoff

updated:12/2002

opened 10/2002

closed:08/2000

blance: 124

most owed:124

past due:124.00

Status as of 08/2000 Charged off as bad debit

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What are the chances that a CA will verfiy the accounts? Anyone have past luck? your success rate?? I got credit report off TransUnion...I belive someone asked me about it earlier!!

Here are the 2 accounts that I have questions about

"Name of collector: Portfolio RC

Acnt: 7879##########

Profit and loss writeoff

updated:12/2002

opened 10/2002

closed:08/2000

blance: 124

most owed:124

past due:124.00

Status as of 08/2000 Charged off as bad debit"

That is how appears on my account. I thought maybe it was a typo since it opened later than it closed, but it isnt. Any ideas on this one???

For the next one, I get letters from Northland instead of Gulf so I assummed that northland purchased it. But if northaland CA does not appear on my credit does it mean that they didnt purcahse it?

"Gulf State

Acnt: 395##########

Placed for Collection

Updated 09/2002

Placed 01/2001

Closed:

Balance: 1567.00

Most Owed: 1567.00

Past Due: 1567.00

Status as of 09/2002: Collection Account"

After I send a validation letter and dont hear from them in 30 days then what steps do i need to take?

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Ok, I'm confused. Is the account past the SOL a credit card or a written contract of some kind ??

If its a credit card, the SOL in CO is 3 years, if its written, its 6 as Swede has stated.

COLORADO

3 Years

Open Acct.:

Oral Contracts;

Written Contract- Goods Services

+++++++++++++++++++++++++++++++

13-80-101 - General limitation of actions -

Three Years.

(1) The following civil actions, regardless of the theory upon which suit is brought, or against whom suit is brought, shall be commenced within three years after the cause of action accrues, and not thereafter:

(a) All contract actions, including personal contracts and actions under the "Uniform Commercial Code", except as otherwise provided in section 13-80-103.5;

+++++++++++++++++++++++++++++++++

6 Years

Written Contract:

(signed promissory note) :

§13-80-103.5

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Lets not forget where you signed the contract. Did you sign in another state? If so the OC or CA has the right to choose the greater number of years in whichever state you either live in or signed the contract. Look up statue of limitations on your search engine of choice and you should be able to find resources. Good Luck

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