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again, would be a waste of money trying to pay the debt off

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carol

carol

Joined: 27 Jun 2006
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Location: Los Angeles, California


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Posted on Mon Oct 27, 2008 7:09 am  

Yes, a debt which has already been sold off to the collection agency cannot be entirely removed from the credit report. You can get the CA listing deleted after making a pay for deletion agreement with the CA, but in that case the original creditor listing will stay in your credit report for seven years. Both the OC and the CA listings can be removed from your credit report only if the OC has not sold off the debt to the collection agency.
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goodnatured



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Posted on Mon Oct 27, 2008 2:01 pm  

In my case carol, they have made it through several collectors before I could come up with the money to pay them off, so one collection agency could not delete what another one had put on there.
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sdchargers_63

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Subject: debt
 
Posted on Mon Oct 27, 2008 2:55 pm  

So..again, would be a waste of money trying to pay the debt off. It just goes through so many 'hands', by that point. Souns like you wouldn't be accomplishing anything anyway, if you try to pay it off. Makes sense to me, anyway.
fireyone



Joined: 26 Feb 2008
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Posted on Mon Oct 27, 2008 10:50 pm  

IF and that is a big word SD IF it is past the SOL then just don't deal with it. They can not entirely remove it anyway so that mark is there regardless for over 7 years (7.5). Why bother paying the absurd amount they ask for only to have the bad mark remain on your credit. Paying it and getting it marked as satisfied really doesn't do much,if anything, for your score so if it is past the SOL just keep your money in your pocket. Also once you see it going to sooo many collectors and it does happen to be in the SOL then always ask for debt validation because chances are it wouldn't have been sold so many time if they had the proper validation and could sue for it.
sdchargers_63

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Subject: debt
 
Posted on Tue Oct 28, 2008 4:32 pm  

Yea..I can 'see that'. True.............I agree. Why waste money? Either way, it WOULD be a 'negative' listing.
fireyone



Joined: 26 Feb 2008
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Posted on Mon Nov 03, 2008 11:58 pm  

Exactly and most collection agencies will not tell you this.
goodnatured



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Posted on Tue Nov 04, 2008 3:58 am  

This stinks, If I would have known this I probably would not have paid them, they still reflect on the negative side for me, so it did me no good at all, except stopping the annoying phone calls.
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carol

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Location: Los Angeles, California


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Posted on Tue Nov 04, 2008 5:56 am  

Hi Chargers
Pay for deletion can remove the negative listing completely from your credit report only if the debt has not been sold off by the original creditor to the collection agency. However, if it is already sold off to a CA, you can only get the listing of the CA removed from your credit report, but the OC listing, which will stay in your credit report for seven years.
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Justin

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Posted on Tue Nov 04, 2008 6:31 am  

I agree with fireyone. If the SOL on the debt has already expired, you should not make any further payments, because even if you make the payment, you cannot get the listing out of your report completely as Carol said. Moreover, the listing will get automatically removed from your credit report after seven years from the date it got listed in your credit report and the creditor cannot in fact sue you to the court to bring judgment against you.
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fireyone



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Posted on Wed Nov 05, 2008 12:55 am  

With the way collector harass people these days some are just better off leting well enough alone and leaving the SOL to protect them. I also think by adding so much money to the original debt scares people away from repaying. Look at the situation: lets just say a $300 card turns into $300 in 5 or so years. Why would someone protected by the SOL want to repay that amount even if they made a deal at half ($1500) thats just ridiculous. I really believe they should legally have to put a cap on the amount they can run up a past due debt. No wonder they do not get much repayment.
sdchargers_63

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Subject: credit
 
Posted on Wed Nov 05, 2008 12:10 pm  

That WOULD be expensive. And, if you DID start paying on the debt, again, the fees/% rate has probably gone up SOO high, you probably couldn't get it paid off, anyway.
fireyone



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Posted on Wed Nov 05, 2008 5:16 pm  

I am not sure how those laws go SD. There is a certain point that they can no longer charge interest on an account. I have asked here several times and never get a straight answer. I think that interest can no longer be added after the original creditor sells the account off to one of these junk debt collectors. Of course I do suppose they try to slip oit in there one way or the other. I noticed my last post I missed a zero.I had meant to say when a $300 card turns into a $3000 dollar card because of all the interest and crap they add in there .
sdchargers_63

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Subject: credit
 
Posted on Thu Nov 06, 2008 12:10 pm  

Basically, I suppose you would have to just 'wait and see' WHO reported WHAT on your CR. Gosh......Could be a ZILLION CA's that have the same debt on your CR's. Doesn't seem fair, does it?
goodnatured



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Posted on Sat Nov 08, 2008 1:03 pm  

No it don't, I think the minute another picks it up that they should delete the last one so that the only thing that reflects is the original creditor and one (current) collection agency. I think the whole system stinks.
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fireyone



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137 Magic Points

 
Posted on Tue Nov 18, 2008 12:48 am  

Hopefull we will see some changes in these types of things since I see PA is now recognizing this credit problems. They have seen the massive debt because of collecotrs adding crap on. I just wonder if this will work for us or against us.

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