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Need Help w/ a CA Please


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Hello All

Was wondering what to do with this CA letter

I had a CC balance sold to a CA. We settled (CA and I) on the amount but they will not do a PFD. They prefer money gram. Note: I have never recieved a 1st letter from them. When I moved the CC was not forwarded to my new addy. This is an accurate debt

This is the letter they sent

Card Holder------

Acct #...............

Total curent balance $$$

As we discussed. CA (name) hereby accepts your offer to pay $$$ to fully settle the above referenced acct.

This offer expires on May 12th. Thus, if we recieve the settlement amount on or before May 12th, and if the funds clear, we wll consider the amount to be settled in full and will stop all further collection efforts.

Nothing contained within this letter changes or in any way limits any of your legal rights, including your rights as set forth in our FIRST LETTER to you about this account.

This angency is engaged in the collection of debts. This communication is an attempt to collect a debt and any information obtained will be used for that purpose.

Should I accept this letter or any help would be greatly appreciated

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Hard to tell without more info. Are you sure the debt was sold? Does the OC's TL on your reports say "sold to another lender"? Are both the OC and the CA on your reports?

If the debt was sold, then the CA paid pennies on the dollar for the right to hassle you. You might want to back up the boat, and put them through the DV process. Just because you did owe somebody else, doesn't meand the CA has the right person, the right account, the right amount and the right to collect in your state. Make them prove it. And, you really don't owe them anything (although that might not hold up in court) so paying them anything and letting them still report doesn't help you at all...hold out for the PFD.

On the other hand, if it wasn't sold (and they're lying to you) then call the OC and negotiate with them...

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I'm with Gorilla. If the debt has been sold to a JDB, make them provide proof. The "deadline" is their way of pressuring you in to sending money FAST.....before you have time to think about it. That's why they want a money-gram too. Also, if you are planning to settle for less than the amount you owed...get it in writing that they aren't going to sell the remainder of the debt to somebody else. One more thing to consider is that they'll probably issue a 1099-C for the "forgiven" amount of the debt. Find out if they plan to issue one and for what amount. Above all....get everything in writing. If it's not in writing, it didn't happen.

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