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Paid JDB. Now What?


BigJT
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So I'm talking to a friend of mine about helping him with credit repair, and he tells me that he has some collection accounts (credit cards). He made the mistake of working out a payment agreement with them where he sends them a few dollars every month.

Once someone does this, what can they do? They've basically admitted that they owe the debt, they've restarted the SOL, and they've wasted some money. What can be done?

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They have restarted the statute of limitations most likely (actually I would say they have except you never know about every state law, but don't see how they did not).

The rest of your question needs a ton more details. If there were actually going to sue and he was not prepared to fight then it might not be stupid.

As much as I like to fight, I can't say it's always say it's stupid to pay a collection agency.

Now a JDB? There would have to be a pretty compelling reason before I would not classify that as stupid, like a 10% settlement to avoid a lawsuit where an atty would charge more than the 10%, a job requiring no outstanding unpaid accounts, etc.......

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As ColtFan is implying, the first thing to figure out is who he is actually dealing with. If the OC still owns the account and he's paying a CA...stop. Call the OC and tell them its his personal policy NOT to deal with CAs, and if they want their money, they'll deal with him directly or take him to court.

If its owned by a JDB...stop...tell them to prove you owe them, or get lost.

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OK, so it turns out he's made payment plans with a couple of JDBs and a CA. He let them automatically take money out of his account. I told him to cancel those drafts ASAP.

Beyond that, I don't want to advise him to do anything that will result in him getting sued. They're all calling him, even the ones he was paying. He wants the calls to stop. We're in Texas, so we can still DV. Is that the way to go, or is that just going to precipitate a suit?

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Did he get agreements in writing? If not, here's the situation your friend is in...he's letting people take money out of his banking account without any proof that the money is being applied to debts he alledgely owes.

You're right not to advise him...but you might suggest he see if there is a www.naca.net lawyer in the area that will discuss his options.

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Did he get agreements in writing? If not, here's the situation your friend is in...he's letting people take money out of his banking account without any proof that the money is being applied to debts he alledgely owes.

You're right not to advise him...but you might suggest he see if there is a www.naca.net lawyer in the area that will discuss his options.

A couple of the companies sent him a letter saying something to the effect of "this letter confirms the verbal agreement to electronically deduct $x monthly from your bank account." It didn't say for how long, or what they would do in return. Interesting tactic.

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