Coming Clean Posted August 29, 2007 Report Share Posted August 29, 2007 I followed credit info centers advise and recently sent a letter to a collection agency which was trying to collect a debt that is about 3yrs old or better. They of course countered my offer, but I wanted to remain firm on my offer, which I felt was fair giving the age of the debt. I emailed them and faxed them back my response to remain firm, but I never heard anything back. So today I called and the recovery department manager indicated that she was not interested in accepting my offer. Conversation ended there.My questions is what if anything can this collection agency do to me now? What can I do about this debt now?I would assume that they will just sell it to another agency and so on and so on. But I don't need any trouble as I would like to buy a home by years end, and don't want to worry about a collection agency causing problems.Oh and I sent this letter also to another collection agency and I haven't heard anything from them. What should I do, I gave them a deadline of Aug 31, 2007, and its fast approaching. Link to comment Share on other sites More sharing options...
trich701 Posted August 29, 2007 Report Share Posted August 29, 2007 Did you first follow the steps of disputing/validating with the CA and the CRAs before offering to settle the debt? Sometimes the CAs play hardball when they know that you are working on credit repair and by offering to settle, it is like an admission of guilt.FAKOTU 8/07 532EXP 8/07 544EQ 8/07 551 Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted August 29, 2007 Report Share Posted August 29, 2007 what was the offer? in most cases, CA's will NOT accept a PFD unless you force them into it by collecting violation after violation on them. What can they do to you now? Not a damn thing since SC has a SOL of 3 years. They could attempt to sue you but you would have an affirmative defense. Link to comment Share on other sites More sharing options...
elyse449 Posted August 29, 2007 Report Share Posted August 29, 2007 ...I'm sorry they didn't accept your offer. Was their counteroffer completely off the mark? Well, whether or not they'll do anything depends on the amount, the age, the type of debt this is....and your state SOL.Well, in any event...if you aren't going to buy a home for an additional year, this collection account may have little to no affect on your ability to acquire a mortgage...than again that may depend on where the market is at that point. The one to ask for certain, would be "firstsource" over in the mortgages forum here at the site. Also, you can ask a few random loan officers in your area to for other opinions. Be prepared for various answers, lol. I was told by one LO that debts beyond 3-4 yrs of age aren't considered, but that I needed to PAY the ones younger than 3 yrs....another LO told me I needed to pay them ALL despite age! So...go figure. Good luck and don't give up. It's always worth asking, even when they say 'no. I am beginning to think that IF CA's would accept PFD's (or settlements that included negotiating the TL on the CR) they'd be a multi-million dollar industry! Elyse Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted August 29, 2007 Report Share Posted August 29, 2007 I am beginning to think that IF CA's would accept PFD's (or settlements that included negotiating the TL on the CR) they'd be a multi-million dollar industry! ElyseI think they are actually mult-billion now since a lot of consumers have no idea about their rights. However, I do agree with the PFD. If they don't have the documentation to prove what they claim in court, why not just take the money and delete since in all reality, they must be able to prove what they are reporting! Link to comment Share on other sites More sharing options...
Coming Clean Posted August 29, 2007 Author Report Share Posted August 29, 2007 I took all necessary steps to clearing up my debts and documented everything. So I think I'm well covered. And considering there are really only two outstanding debts/collections left on my credit (for which I attempted to settle), I don't believe there should be much of an issue. My score is where I need it to be for 100% financing. I just want to make sure that will not try anything stupid!!!And I live in NC not SC, but I believe it's the same statue. Link to comment Share on other sites More sharing options...
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