HSBC statement & CA (Collection Receivable) statement - who do I pay

[Anonymous]

I received a statement from HSBC - Best Buy.  Account is 3 months in arrears - I messed up & want to fix.  I then received statement from Collection Receivables.  I did a DV.  I received copy of credit card request from Collection Receivables and a letter saying to contact them to make suitable arrangments.  2 days later I then received statement from HSBC.  I want to fix this - I got a copy of my credit report  and the account is "account closed by credit grantor" 120 days past due.

Can I do a PFD with the original creditor or do I have to deal with the CA.

If I can do a PFD with the CA (not currently showing on account) - I'm assuming the HSBC will still show up.

I know I messed up - i moved and didn't take care of my business. 

What is the best path?

[llecs]

HSBC is tough to deal with. Try the PFDs but after a couple months of multiple letters, you may be better off interest-wise to PIF and then start GWing them. It's possible to get a PFD with HSBC-backed cards, but it won't be immediate.

ETA...ignore the CA because they don't own the debt, but the DV was a good move. Send the PFDs to the OC.

[RobertEG]

The apparent facts are that you had an account with the OC that went 120-days late, and was closed by the OC.

The OC referred it for collection, and you received a collection notice from the CA, but the CA has yet to post to your CR.

You want to do two things.  You want to pay the debt, and also want, in exchange or that payment,  to get deletion of the prior derogs in your CR.

As for paying the debt, unfortunately, the information you have provided is not sufficient for advise on this matter.

It depends on whether the OC still owns the debt.  Let me elaborate.  When an OC has bad debt, they can place it out for collection in one of two ways.  They can retain ownership of the debt, and simply license a debt collector to conduct collection activities on their behalf.  OR, they can just outright sell all legal ownership of the debt to the debt collector, after which the OC can never receive any payments.  They no longer own it.

You must first know who currently owns the debt.  Pick up the phone, and ask the OC. 

So who you can offer a PIF or PFD to depends on legal ownership.

IF THE OC STILL OWNS THE DEBT:

Yes, you can PIF or make a PFD offer to the OC.

If they (the OC) accepts, any PFD agreement you reach with them only extends to their own OC account reporting.  If the CA has also contacted your or reported, you can pay them.  But the OC cannot agree to any deletions by the CA, and the CA cant agree to any deletions of reportings made by the OC..  So any CA reporting, even with a PFD with the OC, would not be affected

IF THE CA NOW OWNS THE DEBT

You cannot then reach any PIF or PFD agreement with the OC,   They no longer have legal standing.

If you then get a PFD from the CA, they have no authority to agree to the deletion of any prior reporting made by the OC. 

You say the CA has not yet reported.  So any PFD to them now is asking for deletion of something that does not exist.   KInda useless.

Pay before the CA posts.