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Negotiating with creditors- Questions????


DanielleG
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Hey guys, I am going to try to do this on my own outside of a credit counceling agency. But I have a few questions. I have received my report and reviewed it. Now I am ready to start "trying" to negotiate. When I read steps 1 -3 in credit repair it states that when negotiating the posting of the payed account u should try for Paid as agreed or just paid with no negative remarks. You should request that from the collection agency and the original creditor. So heres the scoop. I have 26 accounts and over half of them are almost 4 years this December. So almost half of them read either CHARGE OFF, CHARGE OFF FOR $, COLLECTION -ACCOUNT TRANSFERED OR COLLECTION.

So the ones that state Collection are the ones that I am supposed to have them totaly remove themselves from the report and have the original creditor mark it as paid as agreed? Or the collection agency can not remove themselves they have to report paid as agreed and the original creditor needs to report paid as agreed as well? Im confused on that?

Second what about the ones that are charge offs and someone else now has the account? How do you get the original creditor in that case to report paid as agreed? they dont care. Didnt someone buy that account from the original creditor and now the new creditor is going to try to collect and if they do collect they dont have to pay the original creditor a dime right? So what do we do about there listing on the report -nothing? :?:

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Negotiation is entirely contingent if you have money burning a hole in your pocket. You cannot negotiate with something you cannot offer in the first place.

So I am going to assume that you do have money in your hand.

Find the SOL of your state. That is very important. Many states are like four years so you are like in a very good position to deal.

Keep in mind that SOL for debt is different of DOLA for reporting on the CRA. Two totally different things.

From all of your collections stuff, you will have to determine whether or not your this account as been assigned to a collector or has been sold. The longer an account is past due, the more likely that it has been sold.

The longer the past due, the more difficult it is to do debt validation.

If you want to do debt settlement with creditors who have not sold your account to a collection agency, then I would post part of your question to the Debt Settlement forum on this board. It is loaded with plenty of posts and threads of people who did settle with creditors for like a fraction of what they owed and got their trade lines either removed from their credit reports or had them turned into an unrated account.

For the accounts that you cannot settle, then I would post questions on the Debt Validation forum of this board. That forum is loaded with plenty of posts and threads of people who have successfully got their collection accounts removed from their credit reports by following the debt validation method...

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Wolf I do not have money. Some weeks I have 2-300.00 left over but others i have 30-50. So I do not have the money. If I do try to negotiate and the statue is 4 years her e in florida by the way.. If I say to them SOL is running out buddy, you better take what you can get now.. Isnt he gonna go :idea: Lets take her to court????? I dont want to tip them off. Everything that says Charge off except 2 accounts has been transfered to another collector or sold to another collector. And that is about everything. So see debt validation is probably pointless. That lady at the home builders said that debt validation is a bunch of balony. She said all they have to do is say its yours and theres nothing you can do. You can not dispute the amont or anything they are just going to come back and say yeah we have a signed credit app and thats it! Sorry for posting my questions in the wrong boards. But now I know!

Thanks Bunches Wolf!!!!

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First of all, if you don't have any money, then you can't really negotiate. You can't go to a company and say "listen, I'll give you 50% of the balance if you take it off my reports....but oh yeah, I don't really have that money". It just can't work that way. A negotiation should only be made if you can live up to YOUR end of it too. Otherwise, they WILL take you to court for the full amount plus court costs. You don't want to do that.

IMO, if the SOL is *almost* up and they haven't done anything yet....you shouldn't nudge them and remind them that you owe them money. It's possible they put it on the back burner because they didn't think you were going to pay (looking at your credit report would show them you haven't paid 26 people...why would you pay them?). However, if you call and say you have some money that you're willing to give them...then "YEAH, she has money for us!!" and they'll want it.

If it were me, I would wait until your SOL has passed and THEN use that. "Listen, you can't legally collect on this account due to SOL, but I have a little money I'd be willing to give you for deletion". That would work out nicely for the both of you.

The only way debt validation is going to help you is if it's to the collection agency. And you CAN use that - ignore what your home builder lady said. If that were the case, I could take you to court saying you owe my business $5000 and NO I don't have to prove the debt OR amount, just give it to me, too bad for you! :shock:

However, again, watch that SOL. You have to decide which debts you want to start messing with. If the SOL is up in a month, go for it. If it's 9 months, you might want to wait just a little longer. You don't want to screw with the hornet's nest if you have no money to negotiate. SOL is your friend...use it.

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