OC and the CA

[Anonymous]

Alright, after reading the forums, i realize that I messed up almost 2 years ago by working with a lawyer ( aka collector). I have recieved a statement each month (a thanks for your payment).  I am going to call them tomorrow actually and get a new statement sent to me, to let me know when it will be paid off, it should be done by May if I calculate correctly.  The thing is I never negotatiated what woudl happen to my credit report. This is an old CC, as well as a collector ( Cache, LLC- a previous collector?). How can I resolve this?  Should is contact the CC after the debt is paid? The amount is a settled amount.

A second question is that I would like to pay off all my debts, but i definitly don't ahve the money to pay all of them off at once--otherwise they would be paid--do I write letters when I can pay them?  The letters from what I am gathering from other forums, should first be a DV letter correct--if they are a collector? Though if I have a OC on my credit reports, I should go to them first?  I believe that I am a little confused on the OC and the CA process.

Thank you for any help.

[Anonymous]

I am getting a statement from the collector, probably in the next couple days.  And yes it will be in May when i will be done paying off the debt. Would that be a time to do a goodwill letter to the OC (Chase bank?) and to Cache LC ( the previous collector on the account?) Or should I begin now?

Thanks!

[Anonymous]

BUMP!

I would appreciate any help I can from this.  I have the statement and it will be paid off in May, but I want the account to be deleted or no longer noted as collections.

Should I write to the actual creditor themselves, versus the lawyer that is handling the collection?

Thanks!

[Anonymous]

At this point, IMO, since the credit ramifications are a bit of an afterthought, I would suggest sending a GW letter to whomever you are currently making payments to.

In other words, if the collections agency is reporting to the CRA and the lawyer is working on their behalf, then send a GW to his offices.  Even though they can say no, keep in mind that the only reason they resort to putting a mark on your CR is to muscle you into paying back your debt.  If you have fulfilled your obligation, they should be willing to remove the derogs from your report.

Good luck

[Anonymous]

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kmw18 wrote:

Alright, after reading the forums, i realize that I messed up almost 2 years ago by working with a lawyer ( aka collector). I have recieved a statement each month (a thanks for your payment).  I am going to call them tomorrow actually and get a new statement sent to me, to let me know when it will be paid off, it should be done by May if I calculate correctly.  The thing is I never negotatiated what woudl happen to my credit report. This is an old CC, as well as a collector ( Cache, LLC- a previous collector?). How can I resolve this?  Should is contact the CC after the debt is paid? The amount is a settled amount.

I answered this question above.

A second question is that I would like to pay off all my debts, but i definitly don't ahve the money to pay all of them off at once--otherwise they would be paid--do I write letters when I can pay them?  The letters from what I am gathering from other forums, should first be a DV letter correct--if they are a collector?

Start by determining the SOL for your state.  You want to be careful when DVing as if within the SOL, it is possible that they can still drag you into court.  With that said, if outside of the SOL, DV first.  If they validate, then PFD.  With a CA, never agree to the full amount, they purchased the debt for cents on the dollar.  The older the debt, the less you should offer to settle it.

Though if I have a OC on my credit reports, I should go to them first?  I believe that I am a little confused on the OC and the CA process.

If the account is still with the OC, offer to settle in exchange for the derog being removed from your report.  At this point, you've already taken the hit for it, so you may as well negotiate a win/win solution. 

Thank you for any help.

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