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I have this 1 chargeoff that I tried to PFD but they won't budge and I read that settling for less can hurt score right now because it updates the chargeoff date. Is there anyone who closed with FHA loan with unpaid chargeoff, I don't have any other collections and my other debt is $300 student loan but this chargeoff balance is still being calculated as part of my debt? Chargeoff is with Merrick bank from Utah, but their contact is PO box in NY? They are not responsive at all and I don't know what do do?
Date opened: Oct, 2004
Date of last activity: Mar, 2009
Date closed : Sep, 2009
Credit limit: $2,800
Largest past balance: $3,374
Descriptions: Unpaid balance charged off
Current Status: Charged off as bad debt
Past Due Amount : $3,374
Make sure you find a bank that will ignore it.
I just received letter 5mins ago from Phillips & Cohen Associates telling me to pay full amount and my credit history will be updated to reflect that this matter is resolved. I guess this would just turn to paid chargeoff that would still cause my score to drop.
I am thinking of sending PFD letter again offering 50% of the amount for complete deletion or nothing else. Otherwise, I will need to consult with consumer lawyer and go to court. Anyone know on what grounds I could file a lawsuit?
I closed on my home in May with a charge off of $3488 that was still reporting and I wasn't or still not trying to pay them. My LO just asked for a letter of explanation about it and that was it. I was afraid that underwriting would have asked me to pay it off but they didn't.
Like someone else said, find a bank that probably won't consider it. I am not sure if mine was considered in my DTI though.
we'll try with Wells Fargo, what was your bank name?
@sandrachicago wrote:we'll try with Wells Fargo, what was your bank name?
I went with the builder's lender...UAMC
I thought Phillips & Cohen Associates was a law firm because they used the attorney "lingo" in their letter, but I researched further and found that they collect dead peoples debts and at the bottom of the letter in micro writing says this communication is from a debt collector. How do I respond now? Do I send DV letter or cease & desist -are all types of communication included or just stopping phone calls? Does this mean Merrick sold my debt, can they still report full balance on sold debt? I'm sorry but I was never this confused before
Write this and send it to the last junk debt collector that tried to collect:
7/16/13
Your Name and address here
Their Name and Address here:
Re: Acct #
To Whom It May Concern:
I am sending this letter to you in response to information posted on my credit report. Be advised, this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.
This is NOT a request for “verification” or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your office provide me with competent evidence that I have any legal obligation to pay you.
Please provide me with the following:
If your offices have reported invalidated information to any of the three major Credit Bureau’s, (Equifax, Experian or TransUnion), said action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing legal action against you for the following:
If your offices are able to provide the proper documentation as requested, I will require at least 30 days to investigate this information and during such time all collection activity must cease and desist.
Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel. This includes any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.
If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.
I would also like to request, in writing, that no telephone contact be made by your offices to my home or to my place of employment. If your offices attempt telephone communication with me, including but not limited to computer generated calls or correspondence sent to any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter.
This is an attempt to correct your records; any information obtained shall be used for that purpose.
Best Regards,
*Letter sent by certified return receipt