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Posts: 6
Registered: ‎09-27-2007
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2 collections accounts recently

I am writing today to see if anyone can tell me how to go about taking care of a couple of accounts that have been charged off and are sold to a collections agencey.

a year ago i signed up with a credit place that i signed power of attorney over to and they were suppose to pay my accounts off in a settlement, well needless to say i discovered right off that they werent doing what they said so i with drew and i safed all my accounts except for these 2, I tired calling them in beginning but they said i had waited to long and they were sold for while this debt company was my power of attorney i didnt recieve calls or letters they did and all it did was get me behid on all accounts but like i said most worked with me but as i am working my way out of debt i still need to figure out away to get these 2 accounts in agreement and off my report as soon as possible and no it dont have cash up front for 1 is like 1500 and other is 1800 please help with any ideas you have and thank you

Established Contributor
Posts: 737
Registered: ‎08-25-2008
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Re: 2 collections accounts recently

Snowy -


Unfortunately, that is the way that those types of companies work.  They collect you money and place it into a trust account until you have enough to cover their fees and start negotiating settlement amounts with your creditors.  Creditors only negotiate after accounts have been charged off so in essence they ruin your credit.


The only thing you can do now with those 2 accounts is to strike a deal with the owners of the accounts (DV them 1st) and if you have enough money PFD.


Best of luck.

Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
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Re: 2 collections accounts recently

Being that you can't PIF and these appear to be in SOL, I would advise you to lay low and start saving the money to PIF, hoping they don't file suit in the meantime.


Once you can PIF, I would DV the CA and then offer a PFD if they validate.



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