Rockola Posted February 15, 2005 Report Share Posted February 15, 2005 I’m being harassed by a law firm that claims to have bought a debt from the OC. They are threatening to take me to court and place judgment against me. 1- If I negotiate a deal with them to pay the debt at reduced cost can the OC try to collect from me in the future or have they relinquished all rights to the debt..2- Also if the debt has been sold can I still negotiate for a favorable credit report from the OC through the debt buyer?3- If the attorney is trying to collect this debt he has bought does he have to be a licensed CA in my state of NC? Link to comment Share on other sites More sharing options...
willingtocope Posted February 15, 2005 Report Share Posted February 15, 2005 I'll answer what I can...1. If the OC has truly sold the debt and its listed as "charged off / sold to another lender" then technically, the OC has relinquished all rights to the debt. Doesn't mean they can't buy it back, but, they'll probably leave it up to the JDB to hassle you.2. Its unlikely the CA will influence the OC to improve your CR. That's why there's really little incentive to settle with an CA. A "charge off" is still a bad mark. And, the only reason to settle with a CA is to get their TL off your report...but you need to make sure you have a written agreement that they'll do that AND that THEY won't sell the balance to someone else. Again, little incentive to settle with a CA.3. As for licensing see:http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=12017 Link to comment Share on other sites More sharing options...
ghacorp Posted February 15, 2005 Report Share Posted February 15, 2005 I would proably tell the lawyer to take a hike! He obviously purchased your old mistake on the cheap to sue you for a substantial profit. You may wish to settle if you can afford to do so, but my preference would be to force validation and challenge the purchaser in court. I recently defeated UNIFUND on an old matter pro se. It was a two year battle, but worth it in the end. The lawyer would not have to be licensed to file a lawsuit, but would have to be admitted to the Bar in your area. In the view of the FTC, a lawyer who does more than a few collections a year is a debt collector. Link to comment Share on other sites More sharing options...
retmar Posted February 15, 2005 Report Share Posted February 15, 2005 I agree with ghacorp on this. Follow his advice if it is a very large amount. If it is minimal and easy for you to pay, then submit an offer of settlement with them. And if you do, make it to where all is in your favor only. Come in at maybe $.20 on the Dollar and expect at least $.60 as a counter. Then you counter again. You might also double check the SOL on this as if it is past, it will change the whole picture.Remember, if it was purchased, it was done so for pennies on the Dollar. To answer your other questions, if the debt is sold, the OC forfeited all rights to the debt, and do not have to respond to you at all, including the changing of a TL at any CRA. This includes any request from the buyer. At the same time, do not hesitate to ask as you never know who may open the letter. About the only way they would ever get the debt back is IF you proved to them they sold in error, then they may buy it back and make things right with you in an amicable settlement. Now, if the buyer has placed negative on your CR, then you could approach them to delete their own TL. As to the licensing issue, you would have to check your State's laws to be sure. This includes your court procedures. Link to comment Share on other sites More sharing options...
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