departed Posted September 18, 2008 Report Share Posted September 18, 2008 I have an account unpaid since 2005. The account has been moved to a collection agency which has listed April 2008 as the date of major delinquency.It is a legitimate debt but I am not sure if the amount is correct or not. Would it be wise to settle this account at this point and restart the clock ? or I should try to be offensive on the CA and see if it can be deleted? If this thing doesn't work, then only settle with them? Link to comment Share on other sites More sharing options...
LeslieR Posted September 18, 2008 Report Share Posted September 18, 2008 You should DV the debt. Even though you know its yours, you need to know if the CA collecting is the legal owner or assignee. It also sounds as though they have reaged the account, which is a violation that you can use as leverage in a settlement and/or PFD agreement. Have you received the initial letter from this CA? When? If more than 30 days ago, then they are not obligated to respond to your DV, but you should still attempt to get a response.Follow the DV flow chart in the stickies. Link to comment Share on other sites More sharing options...
departed Posted September 18, 2008 Author Report Share Posted September 18, 2008 OK.Does anyone know if these debt consolidation companies, which settles an account on our behalf, actually get any commission from the collection agencies?? Link to comment Share on other sites More sharing options...
Crash Posted September 18, 2008 Report Share Posted September 18, 2008 What about the SOL? If it's over the SOL, can they still collect? Link to comment Share on other sites More sharing options...
StressPot Posted September 19, 2008 Report Share Posted September 19, 2008 Debt Consolidation Company = Just Say No!Why pay a company to do something that you yourself can do? It's a waste of money.Besides, if you dig deeper, you'll find that a lot of times these companies make your situation worse.Keep reading here and good luck!StressPot NOTE: In answer to your question: No, more then likely your first few months of payments to a Debt Consolidation Company would be their fee.OK.Does anyone know if these debt consolidation companies, which settles an account on our behalf, actually get any commission from the collection agencies?? Link to comment Share on other sites More sharing options...
admin Posted September 22, 2008 Report Share Posted September 22, 2008 OK.Does anyone know if these debt consolidation companies, which settles an account on our behalf, actually get any commission from the collection agencies??Nope, they get their commissions from...YOU!! Link to comment Share on other sites More sharing options...
departed Posted September 22, 2008 Author Report Share Posted September 22, 2008 How bad it is to pay a collection 2-3 months prior to buying a house? Will it help me if I get a secure card to compensate a decline in my credit score by making my account active (paying collection)? Please help me understand my ups and downs in paying this legitimate collection account. Link to comment Share on other sites More sharing options...
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