I have a debt and have not heard from the debt company for a while.
I know that this has been passed over to a debt collection agency but when they first contacted me I was out of work and only able to pay a minimum.
I then got behind on these payments but heard no further from the agency.
I am now back in work and wanting to start payments again but cannot find any letters etc telling me who I owe?
Should I contact the bank that I originally had the debt with?
Not sure how to proceed but don't want to just leave it in case I get a scary letter one day taking me to court!
2007-11-28 00:27:37 · 10 answers · asked by Chutch 3 in Business & Finance ➔ Credit
Chances are the collection agency has written it off as a charge off for non payment and will appear on your credit report.
Go to this link and get your free credit reports (provided you haven't done so within the past year).
https://www.annualcreditreport.com/cra/index.jsp
On your report will be listed the information of the collection agency that you were paying.
Hope this helps.
2007-11-28 01:00:05 · answer #1 · answered by Sgt Big Red 7 · 0⤊ 0⤋
Negotiation is a process, much like a chess game. What you have to understand is that he fact that it is the hands of a collection agency tells you that it has been charged off by the original creditor and sold to the collector. They pay somewhere between 8 & 12 cents on the dollar. If you find out what the original balance was, plus the early termination charge, you can calculate what they paid for the debt. This will help you in determining a starting point for negotiation. Get everything in writing and make sure part of the settlement includes a paid as agreed statement on your credit report.
2016-05-26 05:06:56 · answer #2 · answered by bobby 3 · 0⤊ 0⤋
I agree with Kat. Pull your credit report and it will show you who has that account. If all else fail and you can't reach them then dispute the inquiry. They will then send a notification of dispute to the collection agency listed and they have up to 30 days to respond. If they don't respond then it must be removed and you might be lucky and not pay.
Keep in mind, if this debt is over 7 yrs old then it may not be reported anymore. Maybe that's why you haven't heard from them.
Good luck
2007-11-28 00:58:04 · answer #3 · answered by Sharon F 6 · 0⤊ 0⤋
You can do pull up a credit report with Equifax or Transunion... either will give you a list of every debt or account you have ever held. The outstanding debt will also show up.
Start at www.equifax.com
2007-11-28 00:31:09 · answer #4 · answered by Kat 5 · 1⤊ 0⤋
If it has gone to collections it might show up on your credit report and should have a contact place or phone number to reach them from there.Outstanding debts do not die. They can come back to bite you 20 years later.
2007-11-28 00:31:27 · answer #5 · answered by Aloha_Ann 7 · 0⤊ 1⤋
personally I would wait for them to get in touch with you, there is a chance they may have written off the debt, if not then they will find you and you can start paying them. Certainly wouldn't bother before christmas.
2007-11-28 00:36:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, contact the bank you had the debt with. They know who they passed it on to and will put you in touch.
2007-11-28 00:30:58 · answer #7 · answered by Phil McCracken 5 · 0⤊ 0⤋
If you've got no paperwork, then the bank is your best bet. At the very least, they will be able to tell you who the debt was sold on to, and if it has been sold on again, this company will be able to tell you where it is.
2007-11-28 00:30:51 · answer #8 · answered by Nick D 3 · 1⤊ 0⤋
As per other answers but you could contact Citizens Advice Bureau who will be able to help you sort it out
2007-11-28 00:38:09 · answer #9 · answered by Lorndass 1 · 0⤊ 0⤋
You won't get a scary letter, chances are they can't bothered any more or they have resold the debt elsewhere, if you hear nothing for 12 months, the debt is dead
2007-11-28 00:31:18 · answer #10 · answered by reggie 6 · 0⤊ 5⤋