goingunder Posted October 5, 2004 Report Share Posted October 5, 2004 Need to know how to go about getting all my collections paid - but at a settlement price. I have the letter - but do I need to call and talk with them, or just send the letter, with the amount I'd like to settle with having them agree to Paid as Agreed on CR and sign and return?If I was getting a loan, and it was based on paying off these accounts, I'll have $11,500 to pay off the debt. I can do this as long as I can get them to settle for less. BUT, I won't have the money, until I get the signed agreement back from them stating they will accept this as PAID IN FULL - and the bank needs to see the signed letter before giving us the loan. How do I go about this. Will they send it right back? What if I put down payment to be made within 30 to 45 days, etc.??? but, then, what if something happens and I don't get the loan (for some reason) - then I've just opened all these cans of worms. I just don't know what to do first. Where to start. I don't even know what CA is handling what account anymore. Link to comment Share on other sites More sharing options...
breathing_easier Posted October 5, 2004 Report Share Posted October 5, 2004 Are the accounts appearing as TLs on your CRs? If so, then you will want to try to dispute them off first. It also sounds as if you haven't gone through the debt validation process (as long as these are debt collectors and not the original creditor)? If you can't get the TLs off your reports through disputing, then you'll need to DV each of the CAs. If they're reporting TLs then the CRAs can provide you with their name and contact info (should be right on the credit report). If you're not in a big hurry for the HELOC (I think you said it was for home improvements on your other thread?) then you will want to go slow, take your time, and do this right. Link to comment Share on other sites More sharing options...
goingunder Posted October 5, 2004 Author Report Share Posted October 5, 2004 Yes, I just sent in a dispute to Transunion and will wait for that to return. Then after that, I will dispute the CA themselves.What about the original creditors? Do I DV them if CRA comes back verified? Even though they are all with CA? Link to comment Share on other sites More sharing options...
breathing_easier Posted October 6, 2004 Report Share Posted October 6, 2004 Yes, I just sent in a dispute to Transunion and will wait for that to return. Then after that, I will dispute the CA themselves.What about the original creditors? Do I DV them if CRA comes back verified? Even though they are all with CA?The OCs are not bound by the FDCPA, only CAs, so you cannot go the DV route with them. Are the OCs reporting on your reports or only the CAs. Do you know if the accounts were purchased by the CAs, or are the CAs acting as agents for the OCs? Link to comment Share on other sites More sharing options...
breathing_easier Posted October 6, 2004 Report Share Posted October 6, 2004 Yes, I just sent in a dispute to Transunion and will wait for that to return. Then after that, I will dispute the CA themselves.What about the original creditors? Do I DV them if CRA comes back verified? Even though they are all with CA?The OCs are not bound by the FDCPA, only CAs, so you cannot go the DV route with them. Are the OCs reporting on your reports or only the CAs. Do you know if the accounts were purchased by the CAs, or are the CAs acting as agents for the OCs? Tell us exactly how the accounts are reporting on your reports. Link to comment Share on other sites More sharing options...
goingunder Posted October 6, 2004 Author Report Share Posted October 6, 2004 Well, not sure, but all of the OC have is Collections/Charged Off. How do you tell if it was sold or not? Link to comment Share on other sites More sharing options...
breathing_easier Posted October 6, 2004 Report Share Posted October 6, 2004 Have you received any demand letters from CAs? If so, who do they say they're representing? If you haven't received any demand letters and unless the OC's TL says "Account Transferred or Sold," the only way to know for certain if they've been sold is to contact the OC. Of course, that can be dangerous because, if the OC's internal recovery department is handling the collections then they'll want to harangue you for payment. But it is one way of finding out. Link to comment Share on other sites More sharing options...
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