Reply
Member
Posts: 6
Registered: ‎09-27-2007
0

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: 736
Registered: ‎08-25-2008
0

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
0

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.

 

 

-----------------------------------------------------------------------------------------------------
Free Annual Reports, Freq. Requested Threads, 5 Things We Don't Talk About, Common Abbreviations, Where do I start?, State Resources

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.