OCs and Merrick Bank

[sharizap]

Two quick questions- Most of the CC accounts on my dh's CR appear to still be with the OCs- even though they are all more than a year overdue. (some are 2 and 3 years.) Is this a good thing? (seems, from what I'm reading, that it's better to deal with the OC?)

Also, I noticed that Merrick Bank has been making regular inquiries on his CR for the past year or so- I think soft inquiries. (not sure how to tell) About once every quarter. So yesterday we get a phone message from a Merrick Bank rep. We haven't called back yet... I should say *I* haven't called back yet. (since I'm the one who is handling all of this- he's on firm orders to say nothing on the phone to ANYONE!!) What's interesting to me about this whole thing is that they called on our home phone, which isn't listed ANYWHERE. It's an internet phone service and when we call out, the caller id doesn't even give our name. I'm sure I must have given it to someone somewhere and it must be appearing on his CR now- otherwise I have no idea how she'd have gotten this number.

Anyway, I plan to call her back to see if we can settle the account. What are the chances of getting a pfd on a settled amount? If I'm talking with the OC, is it ok to negotiate over the phone? What should I insist on having in writing?

[stancil1]

First off, I wouldn't call them back. Send a request for verification of debt just like you would to any other OC that you want to dispute, this way at least you will get to see what they have in the way of documentation. Make your request by way of CMRRR. You can modify the letter on this site to suit your needs. As soon as you get your greenie, dispute with the CRAs. Then just wait for them to respond. Try to catch them in violations so that you'll have some barganning power. PFD should be the very last option you consider.

D

[geekspeed]

Merrick, Providian, and others make "soft" inquiries to see if you qualify for a balance increase. Its a very devious practice meant to "reward" you for paying bills on time. I tend to think its predatory, get people in over there head -- if the card is above 70% you shouldnt be raising the balance...

Dont call them back, start the DV 1-2 punch -- it works a little bit different with OCs but the outcome is usually the same.

[sharizap]

I figured out how they got my phone number.

Last week, before I found this site, they were one of the accounts I called. I do have notes on the conversation, including the person's name and the settlement offer she made. I have so much paperwork going on at this point that that note got lost in the shuffle.

*le sigh*

I'll call her tomorrow- I guess since I already started it this way, I need to continue? Or can I shift gears at this point and start communicating by letter?

[sharizap]

bump

[MadinKS]

I'll call her tomorrow- I guess since I already started it this way, I need to continue? Or can I shift gears at this point and start communicating by letter?

Nothing says you have to call them. Written is much better than calling and listening to lies and CA pressure. I would definitely cut telecommunication and start DV's by mail. Be sure to tell them you only respond to mail and no phone.

[sharizap]

Written is much better than calling and listening to lies and CA pressure.

This is the OC, though. Does that change anything?

From the "Settling Your Debts" page on the CIC website:http://www.creditinfocenter.com/debt/originalcreditor_debtsettlement.shtml

How do you know your account is still with the credit card company?

Easy. Just call them. Unlike all of my advice on how you should never call a collection agency, calling the original creditor is just fine and is actually the best way to get things accomplished. If you account is still with them, they will start dealing with you.

There's also this advice:

You don't need anything in writing from the original creditors in order to accept a deal. As a matter of fact, they will refuse to give you anything in writing. That's ok. And:

Paying by checks over the phone, credit cards (I know this sounds crazy) is fine. I'd still pay with a cashier's check or money order, but I don't really see a problem if they insist on taking payment over the phone.

This is a little confusing, and seems to be completely contradictory from what everyone here seems to advise: DON'T talk on the phone, NEVER pay with personal checks or cards, and get everything in writing.

:-\