Help with Collection Company

[Boswd]

This is a total assumption since we don't know the exact date of when you defaulted on the Bank of America account.   I'm willing to bet that it is beyond the 7.5 years that it is allowed to be reported. Especailly if both BofA and the CA are both off.   If they do report it again then they are illegally reaging it and that is against the law.

You have an agreement with them,   I would just kindly say I'm sorry but I can't afford the settlement or take out a loan.

It sounds like they are tying to streamline their profit margins and looked at your account and thought this is going to take forever.   Just stick to your guns,  don't be confrontational, and just explain to them that you have an agreement and this is all you can afford to do.   They aren't going to sue you if you have been making timely payments and have held up your end of the bargain.

Also how much is left on the debt?

[debz]

The debt balance is $13,400.  The wanted to settle for $10,000 which is think is too high, even if I had the money.  I will take your advice and hope and pray they do not add it to my credit report.  I'm not sure if you know this, but how long does it take for a CA to add an account to someone's credit report?  Can they just add it or is there a process that they must go through?

[Boswd]

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fused111 wrote:

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debz wrote:

Reside in Maryland.  Neither the Bank of Amercia or collection company is listed on my credit report.  I'm concerned that since they pulled my credit today they will not see it and they will add it.

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The SOL in Maryland is six years.  I would happy that it is not reporting.  If they decide to report it then PFD.  This is a lot of money and they very well might agree to it.

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Again the SOL for Maryland doesn't matter since it is six years from her last payment.   I think she will be ok just sticking to her guns and have the CA abide by the original agreement.  

Do you have anything in writing on the terms of the payback of the account with the CA?

[Anonymous]

that is a lot of money to come up with,,,,if the DOFD is around 5 years as you say and its not on your credit report consider yourself lucky.  What I would do is probably not the right thing is contact them back and tell them if they add it to my credit report they wont get another dime from me,,,but i will continue to pay them the 200 more per month till its paid off and get them to agree in writing.  They have to know that in 2 to 2.5 years will be past the 7 years statute with the CRA's  if it gets added DO NOT PAY NOTHING UNLESS u get a PFD of wait it out for the remainder

[debz]

The only thing that I have in writing is a letter that I receive from them every month reminding me of my payment of $200

[Boswd]

this is where you need to brush up on the Fair Debt Reporting Act

www.ftc.gov/os/statutes/031224fcra.pdf

If both are off your credit report and they were there in the past,  I am willing to bet it is beyond the the 7.5 reporting years.  If they re report it, they will be in violation the this act. Stick to your guns.

[Anonymous]

continue with what your doing its probably past the allowed reporting dates with the CRA's that is why it isnt on your CR right now I would assume

[Boswd]

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motoracer wrote:

that is a lot of money to come up with,,,,if the DOFD is around 5 years as you say and its not on your credit report consider yourself lucky.  What I would do is probably not the right thing is contact them back and tell them if they add it to my credit report they wont get another dime from me,,,but i will continue to pay them the 200 more per month till its paid off and get them to agree in writing.  They have to know that in 2 to 2.5 years will be past the 7 years statute with the CRA's  if it gets added DO NOT PAY NOTHING UNLESS u get a PFD of wait it out for the remainder

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No offense Motoraces but   Ummm I would not do that.   They would sue for $13,000 is a heart beat if you tell them you aren't going to pay them another dime.   No no no do not be aggresive with them.  Know your rights, you have an agreement there are just trying to get you to pay more for whatever reason. 

[Boswd]

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debz wrote:

The only thing that I have in writing is a letter that I receive from them every month reminding me of my payment of $200

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that is proof of the agreement.  I hope you kept all of them if not start saving them from here on out.

[debz]

I will certainly do that.  Thank you guys!