i have two credit card charge offs with 7/2001 being the last payment, the debt has been sold several times?

Question

the amt owed is always a different number (I'm supposing tacked on fees etc...). Initially the debts were about $3000 on each card ...now they are showing up 6 and 7000. From what i can tell there are 2 collection agencies trying to collect on the same debt on one of them. i have never responded to any of the agencies in any matter. My credit report is skewed with inaccuracies based on these credit agencies. ie....the dates show up as when the agency takes on the debt., amounts vary etc... The question is what to do. I was going through a tough time...divorce etc...but i am now in a position to pay off everything.

Answer 1

They cant leave that on your report for more than 7years from the date of last activity, so if you pay for one of both of them now the time limit will start all over again.
Regardless how many times they sell it the date is still the same, just keep track of who has it and when the time comes for it to be removed bring it to their attention, they try to do this so you wont notice it and it stays on there.

So if you pay it it will start all over
You can also do a dispute with the agencies and they need to get back with you in 30days

At the same time you can send out verification to the collection agencies as well and they have 30days to get back with you

If they can not verify all the info or if it is not back in writing to you in 30days it has to be removed from your report.


Good Luck

Answer 2

Legally only one collection company can own your debt at one time. The collection company would have bought your debt from the credit card comp and then tried to get the money from you. Sometimes the collection comp will also sell your debt to another collection comp. This is why you are seeing multiple reportings on the file. Your date of last activity will not change once it is sold to a collection comp - that is why if you intend to pay the debt you need to pay it directly to the owner of the debt at this time. You can contact the credit bureau that is rpting your debt and they will be able to tell you which comp has reported it most recently - that will be the comp that has your debt now and that is who you pay. Also you can call and dispute the accounts that are reporting and are no longer in ownership of your debt. They should not be reporting your debt if they do not own it - try and have those companies removed from your file. Remember there are 3 agencies - experian tran union and equifax. You can dispute online by mail or phone. Good luck!!

Answer 3

If you want to pay off your debt, contact the agencies. Offer them a settlement in full for the original amount owed on each card. If/when they agree, get it in writing and tell them until they send you the agreement in writing, you will not pay them.

When the agreement comes, make two copies. Store the original and copy in two different places. Send the third with your settlement amount.

Do not allow the companies electronic access to your bank account. Do not send post dated checks. They will wipe out your account or cash the checks. You won't have a legal leg to stand on.

Answer 4

The most important date on a charge off is the date of first delinquency. That date is important because 7 years from that date the trade line on your credit report is obsolete. You are really close to that date, you might want to just wait it out. Check out your states statue of limitations, just to make sure they can't sue you for the debt. Dispute the trade lines on your credit report, with some many people have bought and sold the accounts they might not be able to validate the account and if that happens they must remove the trade line. Good Luck!

Answer 5

i replaced into interior an identical subject some years in the past. I elected to settle with the mastercard companies.the series companies can come once you and sue you regardless of if it somewhat relies upon on the quantity. extra desirable than probable they gained't by using expenses it takes to pass in the process the legal technique. they are going to easily proceed to threaten you with a tournament and make contact with each and every of the time with regard to the debt. i know that there is a statute of obstacles and cant bear in mind how long that's. Legally the series companies can't save including up late quotes on superb suited late quotes. there's a undeniable quantity they might upload directly to the unique stability. they are going to attempt to settle announcing they are going to decrease it down as an occasion with the aid of 30% making it look as though they're saving you alot of money. You dont ought to purchase into this. They offered your account for pennies on the greenback and are in simple terms attempting to make as much as they might off you. I say settle it yet tell them which you will in basic terms pay a undeniable quantity. the main severe section IS to not PAY OR provide THEM YOUR ACCOUNT NUMBERS till THE contract IS WRITING FIRST!

Answer 6

If you do want to pay off your old debt,make sure you work with a collection agency that is willing to help you clear all your old bad record from the credit bureau.
BTW,make sure they put it in writing and nothing verbal.

Answer 7

Depending on the state you live in there are time limits to how long after you stop paying that they can collect. If it is 5 years then you don't have to pay any of it!!!! If you pay them before the time is up then it starts the clock all over again>>

Answer 8

If your financial condition is improved and you are sincere in clearing your debts I would suggest doing a chapter 13 bankruptcy. It will stop the interest from accruing and will reduce your debt to pennies on the dollar plus you would have affordable monthly payments.

Answer 9

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good luck!