NCO Settlement - my situation - Am I to late?

[sample]

Hi all,

I’ve read a few posts here and there; my beef is with NCO Financial.

I had a charge off in 2005 with MBNA for $6,608. NCO now says I owe them a whopping $11,000. I really, really (yes really) want to settle this and move on with my life. I’m pretty deep in to the credit clean up, but these guys are the biggie and getting an agreement with them seems nearly impossible. I called the other day (I know, no calls but all my letters were previously returned “undeliverable”) and someone said, “You’re in arbitration; we can’t take anything less than $8,000.” I’m trying to get this down to $2,500; I’d be happy to give them certified check via FedEx. But this is (honestly) all I have and being jobless is on the horizon. I'm also going to have some other debts to pay and saving is not really an option in a few months.

So, question, I know I’m hoping, but is it a fools hope? This is going to remain on the credit file until 2012—I HAVE to get this off my credit. And should I request for validation? This seems like it may make them more upset and really come after me. In their eyes, I’m beyond the $10k mark; that can’t be good. But on the other hand, they more than likely purchased my account for $400 or less and given the Economy they should feel like the just hit the lotto… Is there any successful letter templates out there fitting my situation?

Thanks in advance.

[CarolinaBlueEyes]

NCO is nasty to deal with and this is going to be on your credit , thats just the reality.. you can try a pay for delete but the bottom line is they usually dont delete and are not required too..

You can try to make a payment plan.. it can't hurt but put it in writing , dont chat with them by phone and IF you send them a check or do a debit you open ANOTHER account in a different bank and use it ONLY for this purpose they have been known to take way more out then allotted.. they are a nasty bunch in fact they were given the largest fine in HISTORY by their own ATTorney General a few years ago for many shady practices.. just be careful.. go to budhibbs.com and see what they have to say regarding them.. they are a slimy lot and to be honest I have had to deal with them and it took a lawyer before I could get a decent settlement..but have it off your credit.. not likely

In my case (and I guess this is one of the reasons they got fined) they made up documents.. said I did not honor my payment plan(never HAD a payment plan with them).. a host of other things.. I DID report them to the AG in PA and lo and behold (since I didnt owe anything , the debt they were after was 5 years out of the 3 year SOL in my state).. they dropped it.. even my laywer hates them.. LOL

Sure you can validate but if you know its yours don't expect that to make a bit of difference and NCO couldn't care less about the economy.. or your personal situation.. for them its business as usual.

Oh and one more thing if you are in Arbitration thats a whole other set of worms.. and 2500.?? again not likely on a debt this large.. not trying to make it worse but you need to be realistic.

[astiman]

Other than their "word" do you have ANY proof this is in arbitration?

Have you acknowledged (to them) that the alleged debt is yours?

Why haven't you DV'd them?

[CarolinaBlueEyes]

astiman is right.. I assumed you have Arb papers.. was this just something he said over the phone?

[sample]

No, I’ve not DV them. I guess I’m assuming that I if I do send them a request to validate and they do, they will come after me in full effect—or at least this is what I gather from other posts I’ve read on this topic. Meaning, if I do send a DV letter it will surface this and I will be picking myself up and putting this account back front and center.

I have a bit of information from my credit report…the last date this account was paid was 4/2005, closed 11/2005. So is it safe to say the SOL runs out 11/2009?

I have two additional items I need to pay which sum about $2,000. This account, however, scares me. NCO scares me, and I feel like I’m backed into a corner and I am fearful of making the next move.

I received a notice from the “national arbitration forum” about 3-4 months ago with NCO as the claimant—I’ve not heard anything since then.

[CarolinaBlueEyes]

OH you will.. if you are in Arbitration.., it takes time but you have a entire new can of worms in front of you... I think you need to get pro active on this and contact the NAF, they have a website and find out the status of your case.. before you end with garnishments and frozen bank account out of the blue. They do have a code of procedures but as anyone (search my posts about NAF) can tell you, they make up their own law... you want to be on TOP of this before it runs you over.. NCO is one thing.. NAF.. a whole other nasty animal.

CALL NAF though and stay on them.. its nearly impossible to get a live person there but letters are useless

One more thing.. if you got notice from NAF a DV is useless now.. it is way beyond that.

Also you can forget about the SOL being in 2009, now that they have filed a NAF complaint and served you before the SOL that extends it.. its like being sued before your SOL.. they can take time to get it to an arbitrator.. etc.. so that is also out the window.. I am not trying to scare... well maybe I am.. scare you into finding out what is going on.., "ignoring it" is not going to go away.. NCO might have NAF never does. Did you know in NAF they find against you, then NCO files a judgement you get NO say in court.. you can go but the ONLY reason a judge overturns it is if they find the arbitrator, (who you never see or meet and is in a different state) had a conflict of interest.. 99% of those for judgement (depending on your state laws) get nailed.. then you end up with, as I said, garnishments and bank accounts frozen.. so get on this.. at the very least you can request an in person hearing in your area if they have not yet ruled.. do this TOMORROW and let me know what happens.. if they have not ruled you still may have some time...

My NAF case took a year before they got hot and heavy.. but i had two amazing lawyers and some legit issues... won my case but its the norm.

No, I’ve not DV them. I guess I’m assuming that I if I do send them a request to validate and they do, they will come after me in full effect—or at least this is what I gather from other posts I’ve read on this topic. Meaning, if I do send a DV letter it will surface this and I will be picking myself up and putting this account back front and center.

I have a bit of information from my credit report…the last date this account was paid was 4/2005, closed 11/2005. So is it safe to say the SOL runs out 11/2009?

I have two additional items I need to pay which sum about $2,000. This account, however, scares me. NCO scares me, and I feel like I’m backed into a corner and I am fearful of making the next move.

I received a notice from the “national arbitration forum” about 3-4 months ago with NCO as the claimant—I’ve not heard anything since then.

[RocWizard]

Hi all,

I’ve read a few posts here and there; my beef is with NCO Financial.

I had a charge off in 2005 with MBNA for $6,608. NCO now says I owe them a whopping $11,000. I really, really (yes really) want to settle this and move on with my life. I’m pretty deep in to the credit clean up, but these guys are the biggie and getting an agreement with them seems nearly impossible. I called the other day (I know, no calls but all my letters were previously returned “undeliverable”) and someone said, “You’re in arbitration; we can’t take anything less than $8,000.” I’m trying to get this down to $2,500; I’d be happy to give them certified check via FedEx. But this is (honestly) all I have and being jobless is on the horizon. I'm also going to have some other debts to pay and saving is not really an option in a few months.

So, question, I know I’m hoping, but is it a fools hope? This is going to remain on the credit file until 2012—I HAVE to get this off my credit. And should I request for validation? This seems like it may make them more upset and really come after me. In their eyes, I’m beyond the $10k mark; that can’t be good. But on the other hand, they more than likely purchased my account for $400 or less and given the Economy they should feel like the just hit the lotto… Is there any successful letter templates out there fitting my situation?

Thanks in advance.

A holder who does not give value cannot qualify as a holder in due course.

UCC 3-303;1(1).

[RocWizard]

UNITED STATES OF AMERICA

FEDERAL TRADE COMMISSION

WASHINGTON, D.C. 20580

Division of Credit Practices

Bureau of Consumer Protection

September 16, 1993

Stuart K. Pratt

Director, State Government Relations

Associated Credit Bureaus

1090 Vermont Ave., N.W.

Suite 200

Washington, D.C. 20005-4905

Dear Mr. Pratt:

This is in reply to your letter of August 16, 1993 concerning whether a debt collector is covered by the Fair Debt Collection Practices Act when it purchases defaulted accounts from the original creditor.

We consider the purchase of a defaulted account “. . . an assignment or transfer of a debt in default solely for the purpose of facilitating collection of such debt for another." See Section 803(4) of the Act. As such, we do not believe that such a purchase removes the debt collector from Act coverage with respect to that account because it does not make the debt collector a creditor under Section 803(4). I hope this has been helpful.

Your interest in writing is appreciated. Please be aware that since this is only the opinion of Commission staff, the Commission itself is not bound by it.

Sincerely,

John F. LeFevre

Attorney

Division of Credit Practices

[texaninfl]

My fiance had two NCO Financial items on her credit report for some sort of "unpaid medical bill", which was bogus and we very easily had deleted. These guys sound like the Mickey D's of collection agencies. They must serve just about any business interest.