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roger85
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Subject: Should I still send debt validation if...
 
Posted on Fri Jul 17, 2009 7:27 pm  

I am the one that approached the collection agency? I called my original creditor, which was a bank and they said they've transferred my account to a collection and gave me a number to call. I called it, and all they asked for was my full name and said I owe them this much (which was pretty much on the dot).

Should I still send a debt validation at this point or can they be fully trusted since it was the original creditor that gave me their number?
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30054 Magic Points

 
Posted on Sat Jul 18, 2009 9:54 am  

hI roger85

Do you not have any bills where you have the amount you owe the creditor? However, you could still ask for debt validation and if they do validate your debt you will have to pay it.
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Carol
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



123 Magic Points

 
Posted on Sat Jul 18, 2009 1:01 pm  

Roger,
Once a debt is sold to a collection agency you definately want to make sure it gets validated. Send a validation letter by certified mail. They then have 30 days to validate the debt or lose their right to sue for repayment. Sometimes collection agencies buy old debt but do not get the proper proof to collect on it. Generally good proof would be the original signed contract.
Also make sure before you pay this debt that you have them send you a letter stating the amount that has to be paid off and it should also state that once you pay this amount you will have satisfies this debt 100%. It will keep them from coming after you later and claiming you owe more.
Have you considered asking for a pay for delete? How about a debt settlement? A debt settlement is where creditors will sometimes relieve part of the debt if you agree to pay it off in a certain time period.
roger85
Guest






 
Posted on Sat Jul 18, 2009 10:44 pm  

PFD requires you to pay in full all at once right? I was considering that but not sure if I can rack up the whole balance right away. I've tried debt settlement but the lady at the collection is giving me a 14 day window to pay it off which I can't

So I came to a payment plan of $900 a month. She was very nice and all so I hope I'm not getting scammed. If they actually do validate the debt, then it's all good right?
azwildcat



Joined: 21 Jul 2009
azwildcat's page
Posts: 7



319 Magic Points

Subject: Already paid collection
 
Posted on Tue Jul 21, 2009 1:22 am  

I have already paid all my collections. Didnt know about debt validation. I got everything on a scanned copy emailed to me by the CA but the letter only mentions that the CA will no longer collect debt from me.

I am still waiting for my settlement letters?

1)Can I still get my collections deleted from the credit report.
2) What if I never receive a settlement letter?
3) Should I still ask for validation? But I only paid 50% of the amount owed. Will I pay more if it is validated in the end?

Please help
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



123 Magic Points

 
Posted on Tue Jul 21, 2009 1:31 am  

AZ, you can not get collections removed from your report unless the collector agreed to a pa for delete. Once you pay the debt that option is pretty much gone though. They figure they already got their money so why bother. You have to relize even if you get the collector removed from your report the original creditor will still remain on there. It takes 7 years to fall off. Debt validation at this point may not be any good since you already paid the debt. I would keep any proof you have showing your repayment and the amount they agreed upon. They usually will send the settlement letter but just be sure to keep a hold of all document to protect you in the future.
azwildcat



Joined: 21 Jul 2009
azwildcat's page
Posts: 7



319 Magic Points

 
Posted on Tue Jul 21, 2009 1:36 am  

Fireyone.
All the CA told me that i can get it removed once i get the settlement letter.

I still have one more payment to go as one of the collector asked to pay in two installments. Now if I dont pay then I lose the option of not settling it for 50% of the amount.
Second i am looking for a job and have been denied coz I have collections on my account. Getting them removed is important for me in order to get a job.
Should i cancel my last payment?
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30054 Magic Points

 
Posted on Tue Jul 21, 2009 12:18 pm  

Hi roger

Quote:
PFD requires you to pay in full all at once right?


Well yes, untill you come to an agreement with the CA to pay a certain amount.

Quote:
So I came to a payment plan of $900 a month. She was very nice and all so I hope I'm not getting scammed. If they actually do validate the debt, then it's all good right?


Make sure you have the documents with you and every agreement is in writing. Do not accept email - only certified mails will do. These are important matters, so be as careful as possible. Get an agreement with them in writing to have your debts removed from your record once the payment is made.
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Carol
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Tue Jul 21, 2009 12:47 pm  

When they agreed to 50% did they do it by mail or phone? You need to be sure before making that last payment you have some type of paper that states once you pay the agreed amount (make sure they state that amount) the debt will be satisfied. If all I had to send was a letter like that to have a debt paid then I would. I think they probaly would feel the same way. Also have the letter state you will recieve a settlement letter after all payments are made. Right now you still hold a card in your hand..the final payment, so call them and ask that this be done.
azwildcat



Joined: 21 Jul 2009
azwildcat's page
Posts: 7



319 Magic Points

 
Posted on Tue Jul 21, 2009 2:26 pm  

I received a letter by fax and scanned copies via email stating that once the final payment is made. I will longer be contacted the agencies and will receive a paid account letter.
Once I receive the settlement letter, I can send it to all the credit bureaus and it will say paid on all my collections.

I am sure this is better than having collection amount worth a couple of thousands on my credit report.

I already got the settlement agreement letter.
warghade



Joined: 14 Jul 2009
warghade's page
Posts: 34



629 Magic Points

 
Posted on Sat Sep 19, 2009 12:59 pm  

Roger,
Once a debt is sold to a collection agency you definately want to make sure it gets validated. Send a validation letter by certified mail. They then have 30 days to validate the debt or lose their right to sue for repayment. Sometimes collection agencies buy old debt but do not get the proper proof to collect on it. Generally good proof would be the original signed contract.
I already got the settlement agreement letter.I am sure this is better than having collection amount worth a couple of thousands on my credit report. When they agreed to 50% did they do it by mail or phone? You need to be sure before making that last payment you have some type of paper that states once you pay the agreed amount (make sure they state that amount) the debt will be satisfied. If all I had to send was a letter like that to have a debt paid then I would. I think they probaly would feel the same way. Also have the letter state you will recieve a settlement letter after all payments are made. Right now you still hold a card in your hand..the final payment, so call them and ask that this be done.Fireyone.
All the CA told me that i can get it removed once i get the settlement letter.

I still have one more payment to go as one of the collector asked to pay in two installments. Now if I dont pay then I lose the option of not settling it for 50% of the amount.
Second i am looking for a job and have been denied coz I have collections on my account. Getting them removed is important for me in order to get a job.
Should i cancel my last payment?
crorkz
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