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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Thu Jul 31, 2008 7:02 pm
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| I would first off request debt validation. There are some excellent letters on this forum that you can access. I also wonder if say the tenth collector buys a debt for how long can each collector keep addind money to this debt? Surely there iks a stopping point somewhere. Also olnce they sue you for a certain amount can they still add on all those fees? |
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goodnatured
Joined: 03 Nov 2007
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Posts: 4007
1224 Magic Points
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Mon Aug 04, 2008 3:31 pm
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Is the SOL still in effect for this account? If this is truly the tenth collector I am sure that it must be out of the SOL if what you are saying is true.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Tue Aug 05, 2008 3:28 am
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| It would have to be olut of SOL by that time but I was just using this as an example. I thought once a debt was purchased by a debt collector they couldn't add any more monies to that debt. The only thing is I am unsure of how true my thinking is becasue on my CR Midland bought my debt for $1232 or something like that and now since they got the debt it is up to $1600 and going. |
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erb1953
Joined: 31 Dec 2007
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Posts: 621
-55 Magic Points
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Wed Aug 06, 2008 4:53 am
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| The debt should not increase by the collection agency, it should only be increased by the original creditor. How can they inforce something and add to a debt that you are not even sure that they own. Have you sent them debt validation on this account fireyone? |
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Justin
Joined: 17 Jul 2006
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Posts: 1298
28935 Magic Points
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Wed Aug 06, 2008 10:07 am
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Actually what happens is that, the collection agencies purchases and then adds interest on it. This takes the debt to a very large amount. But you can always negotiate with the CA and settle for a much lower amount than that demanded by the CA. You can also make them agree for a pay for deletion agreement if the debt has been listed in your credit report.
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All the Best 
Justin |
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erb1953
Joined: 31 Dec 2007
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Posts: 621
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Thu Aug 07, 2008 2:13 am
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| This is all new to me, I had a few accounts in collections, all with different collection agencies, not one of them added anything, it was all what the original creditor had left at the balance. They did negotiatie that down also. Even the ones that were the worst to deal with did not add any extra money at all. I may have just gotten lucky. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Fri Aug 08, 2008 1:56 am
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| It is this that makes me wonder where all the added fees ever end. If i was not able to pay this debt for a couple years couldn't it possibly be thousnads more? Who gets to set the interest rate? It all seems absurd to me. A debt that starts out as 500 turns into thousands...unreal. |
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bobbi
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Subject: i do owe my brother 2.400 dallars
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Sun Dec 13, 2009 7:20 pm
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| he took me to court icant pay the whole thing i have a judement against me help can he garinshim my checks i am a waitress i make 2.45 hour |
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