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Paid chargeoffs.


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This is my first post.

I have two accounts on my reports that are hurting my credit pretty bad. HSBC and CAP.One. These are on all 3 CRA's. This is all that Equifax shows. I also have some other negatives on the other 2.

Right now my main concern is HSBC, and Cap.One. about 2 months ago I settled both of these debts through collections. First Southern Cap. Invest. a company saying they represented HSBC contacted me and agreed to accept 600.00 which was the principal plus 200.00 and he said when they received this payment he agreed to stop reporting me nagatively and would report me paid/settled in full. I paid this amount but HSBC is still reporting me as a charge off. I contacted HSBC and they said they have nothing to do with who I paid which is Southern Capital. , and won't change anything. But HSBC is on the letter. On top of all of this now there is another collection agency reporting to Exp and TU with the balance showing owed to them (the difference between the 600.00 and full debt)

Cap.One was taking me to court I made a deal with their attorneys to pay the principal and 200.00 and they said they would no longer report me negatively but now they show me paying legally a lesser amount. The last court paper I received stated I was dismissed without prejudice.

Any advice would be greatly appreciated.

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I am sorry to report that you just ran up against the problems that are associated with paying CA's. Every thing you described above is common practice.

Paying a JDB does not bind the OC to change what they are reporting. JDB's frequently sell the balance that remains after you pay a partial total.

As for the other TL, they are reporting it as "paid for less than full balance, which is correct. Paying an account is an admission that it belongs to you. It activates all sorts of problems for you.

As I have said hundreds of times on this board, do not pay a CA or JDB under any circumstances, unless the following conditions are met:

1 You have DV'ed the firm, and they have validated.

2 You have gotten them to agree to:

- delete the TL

- not sell, assign, or transfer the remaining balance

- dismiss any lawsuit with prejudice

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I have a letter from So.Cap stating my balance would be paid in full and has RE: HSBC on the letter. Can I use this and a copy of my bank statement where the payment cleared to at least stop the other CA? Also if I dispute with the CRA's and send a copy of this letter will it have any effect?


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at this point and time I would advise you to do Debt Validation on all parties client, ca and cra, wait for response to ascertain whether the ca or oc meets the "burden of proof " for d.v and proceed from their responses in one of two ways negoiations or litigations.................

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