Sign in to follow this  
ajearly

where to start with collections? PDF or Validation

Recommended Posts

I'm trying to clean up my credit, I have 4 open collections. All together they add up to only around $2100 and I had planned on just paying them off over the next 6 months in full. but recently my score via credit karma took an unexpected plunge by -75 points it says it was do to the 2 oldest of the collections changing the "last reported" or "date updated" date to 28 august 2015.  Both these collections are currently owned by Transworld systems. In a panic I began searching the web for answers on whether this was legal and what I could do to possible fix my credit in a hurry. In the process I learned that paying off these collections like I had planned was probably actually the worse thing I could have done for my credit. I'm looking into other more favorable options.

 

  My questions is should I attempt the validation letters I have been hearing about or should I jump straight to a pay for delete attempt? is it to late for a validation letter to help me? Also, all collections are past their SOL but not the 7 year fall off. The collection agencies are not attempting to contact me as of yet just reporting on my credit.

Share this post


Link to post
Share on other sites

If you have not received a letter from a collector in the past thirty days, you are two late to send one. Sending one blind may or may not get your a validation, but you could wake them up so that they will come after you, even sue you. TX SOL is four years, try to get past that as quietly as you can. Once you pay them one dime you will rest or extend the SOL so that they CAN sue you. You have not said where you are on your debts as far as last payment.

  • Like 1

Share this post


Link to post
Share on other sites

 My questions is should I attempt the validation letters I have been hearing about or should I jump straight to a pay for delete attempt? is it to late for a validation letter to help me? Also, all collections are past their SOL but not the 7 year fall off. The collection agencies are not attempting to contact me as of yet just reporting on my credit.

 

Being a resident of Texas affords you some rights that residents of most states do not have.  One of which is being able to DV at ANY time as long as you invoke the Texas state law that allows for this when you do DV.  Texas Fair Debt Collection Practices Act § 392.202. CORRECTION OF THIRD-PARTY DEBT COLLECTOR’S OR CREDIT BUREAU’S FILES.

 

I would send a DV invoking Texas law and find out who the original creditors are.  If the debt has not been sold and TransWorld is a collection agency then you can deal directly with the OC and decide if you want to do PFD to deal with the account(s).

 

What @TomnTex said about a payment leaving you open to suit is NOT accurate.  Unless you make a sole payment that brings the account CURRENT you cannot reset the SOL for suit.  The other way would be to enter into a new payment agreement.  THAT would reset the SOL for suit as well.  

 

Find out who you owe what to.  Post back when the last payment (DOFD) was and we can better help you on a plan.  Despite what some will tell you PFD DOES work and can be done.  I have used it several time successfully and have not been sued and the trade lines were removed as agreed.  The key to doing it right is to have the agreement in writing BEFORE you pay and including deletion of the trade lines, not selling any remaining amount, and that the payment is full satisfaction and accord on the debt in the agreement. 

 

When you are ready private message me and I can give you a copy of the PFD letter and agreement I used that worked for you to adjust to your circumstances.

Share this post


Link to post
Share on other sites

Horrible Collection Agency. They get sued often and they always lose...  http://www.consumeraffairs.com/debt/transworld-systems-collection-agency.html 

Share this post


Link to post
Share on other sites

Well i can only go by memory on the last date paid because Transworld is not showing the last payment made but if these accounts are from what i believe they are, the date of last payment shouldn't be past august of 09. If i can cut a few off through the DV letter that would be great honestly im scared to pay anybody after the horror stories i've read of late.

 

Thank you Clydesmom will do.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this