How should I proceed

Anonymous · ‎07-20-2008

I have been working with a company called Nationwide Credit Solutions (NCS) for the last 4 years and they have helped me to erase my credit card problems as I started out with 6 deliquent accounts and now I have only 1.

The problem is that NCS must have gone out of business because no one calls back and I am unable to contact any of the numbers that I have for people that I have dealt with there.

So I am trying to do this last one on my own.

I had a credit card in college with Fleet Bank and I fell behind on it and was using a debt consolidation company before I started to use NCS in 2004 and the account has changed hands a couple of times.

I just got a letter from a law firm who was "retained" to obtain the debt on behalf of Credigy Receivables. The amount that I owed was 5,667 to Fleet and Credigy has last reported the amount as 7,534 in August, 2007.

The date it was assigned was Dec 27, 2002 but when I got the letter from the law firm it said that the amount owed was 13,782.

So I sent a letter to the law firm to validate the debt but what will my next step be.

What do I do if they cannot validate the debt?

What do I do if the can validate the debt?

I know that I owe the money and have offered several settlements but they keep demanding payment in full.

I have about 3800 bucks that I can settle with but this 13K number that they are coming with is not manageable. If anyone can give me some suggestions on how to proceed I would really appreciate it.

Edited to break post up so that it would be easier to read and respond. - sidewinder

Message Edited by sidewinder on 07-20-2008 01:21 PM

Anonymous · ‎07-20-2008

patsfan75 wrote:

What do I do if they cannot validate the debt?

If they can not validate the debt, they can not pursue collection activities.

What do I do if the can validate the debt?

What is your SOL? What is DOLA? What is DOFD? Find SOL here -

http://www.bankrate.com/brm/news/cc/20040116b2.asp

I know that I owe the money and have offered several settlements but they keep demanding payment in full.

Have you acknowledged the debt to them or when did you last pay on the debt?

Anonymous · ‎07-20-2008

But if they cannot validate the debt does it just go away? Do I have to write to the credit bureaus or do I file a lawsuit?

I do not really know how the SOL works. Is it DOLA or DOFD?

Both Experian and Equifax report for DOLA "not reported" but Transunion has it listed as December 2002.

DOFD was Dec 2001

Although TU show it as Dec 2002

I have not acknowledged the debt to the current company it is with but they are a law firm that said that they are working on behalf of Credigy. I had made payments through a CCCS with the last payment being May 2004. I have never acknowledged it with anyone but I do realize my obligation since the card was mine.

Anonymous · ‎07-20-2008

SOL might go by DOLA................the last payment that you made. Some states restart SOL with every payment..........check your state.

CRTP.....DOFD..........this will drop from your CR around Dec 2008

Anonymous · ‎07-20-2008

patsfan75 wrote:

But if they cannot validate the debt does it just go away? Do I have to write to the credit bureaus or do I file a lawsuit?

I do not really know how the SOL works. Is it DOLA or DOFD?

It is DOLA. Look up your SOL in the link provided for the account type this is. If SOL is expired and they sue, you can use that as your defense and win in court. If SOL has expired, I wouldn't pay anything except a PIF/PFD. If you do not PIF, you could reset SOL and this would allow them to sue you and win.

Both Experian and Equifax report for DOLA "not reported" but Transunion has it listed as December 2002.

DOFD was Dec 2001

Although TU show it as Dec 2002

I have not acknowledged the debt to the current company it is with but they are a law firm that said that they are working on behalf of Credigy. I had made payments through a CCCS with the last payment being May 2004. I have never acknowledged it with anyone but I do realize my obligation since the card was mine.