need HELP! 3 open Factoring Accounts

[novabama]

Hello credit-savvy friends! 

I am needing some straight forward info/advice on 3 CA's that are trying to collect for credit cards I opened at 18. (you know the story, I'll save it ) 

SO, these are due to "fall off" within the next year to year 1/2 but I want them gone! I can of course attempt to PFD (well I'd do partial bc these are so old, 06-07).

I can't seem to find a clear answer to this. These were all CCs that were closed, charged off and purchased by another lender. Is there anything I can do (BBB, etc.) to get these deleted other than PFD? No I have not done anything with DV because that just confuses me lol. PFD makes sense though.

I read this on one thread:

"Because by definition a factoring company does not buy debts that are in default.  They buy current debt in good standing to give the OC some fast upfront cash.   A CA is not a factoring company no matter how you or they look at it.  A factoring company is NOT a debt collector.  When they buy the account they become the OC.  When a CA buys the debt, they are still a CA." <----IS THIS legit?

Here are the OC/CA details:

OC --- Chase CC - CHARGED OFF - Bal $0 - High Bal $844 - "closed" 3/11/08 to be removed 07/14

CA --- Asset Acceptance - Open Factoring Company Account - Bal $1,515 - placed for collection: 11/3/09 (no "date opened") -  to be removed 07/14

           [side note, rec'd a "settlement letter" for $79 a few months ago guess they're desperate]

OC --- Walmart CC/GECRB - CHARGED OFF - Bal $0 - High Bal $129 - "closed" 12/11/06 to be removed 11/13

CA --- LVNV Funding - Open Factoring Company Account - Bal $641- "date opened": 11/28/07 - to be removed 05/13

OC --- Target CC/TNB - CHARGED OFF - Bal $0 - High Bal $687 - "closed" 10/14/07 to be removed 3/14

CA --- RJM Acquisitions - Open Factoring Company Account - Bal $687 - placed for collection: 5/11/09 - (no "date opened") to be removed 01/14

LASTLY, if you have good contact info [OR WHAT YOU SENT THEM, that's the hardest!] (for example I have read the SC BBB is best for LVNV) for any of these, PLEASE PM me!!! 

I am desperate here folks

[Shogun]

This "Factoring" is just a way the CAs try to get around certain regulations.  They are a CA, they were always a CA.  A Factoring Company buys portfolios of accounts in good standing and are basically the new OC.   The CAs do this so they can post KDs on the accounts.

[novabama]

Thanks for the quick reply Shogun. What is all this "success" with getting these same types of situations deleted through complaining about this to BBB I guess is what I'm asking and can I do it as well?!

Or do you think the best thing for me to do with the three I listed above is just send a pay a settlement for deletion letter?? Since there is less than a year and a half before they all fall off.

ALSO, I think the SOL is up for all of them from what I have read most places. They were opened in VA but I now live in AL.

thanks for any help!

[novabama]

and I guess what you said confused me a little more actually. you said they buy accounts in good standing??? all three of these cards had hardly any payments made on them from the get go and then were charged off by the OC. then a year or so later purchased by the CA. does it make sense what I'm asking? the accounts weren't in good standing.

[Shogun]

---

@novabama wrote:

and I guess what you said confused me a little more actually. you said they buy accounts in good standing??? all three of these cards had hardly any payments made on them from the get go and then were charged off by the OC. then a year or so later purchased by the CA. does it make sense what I'm asking? the accounts weren't in good standing.

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No.. they weren't in good standing, hence the part about them being a "Factoring Agent" is false.   Yes, I'd offer them a PFD, make sure you know they are outside of the SOL, if they are, I'd state that with my PFD that they are outside of the SOL and are due to fall off soon.   This may help influence them to accept.   Oh and always haggle with them, offer a low amount, don't go full price if you don't have to.

[novabama]

From everything I have found, 3 years is the SOL for open accounts in Virginia and Alabama, which would mean they are well past SOL! I will use that as a tool as well. Thanks!

[Shogun]

Word of advice to you.   Looks like you're going to want a Mortgage pretty soon.  Make sure you opt out and get this taken care of while you have the upper hand.  If they know you're going to apply for a mortgage, it puts the ball back in their court.

[novabama]

Thank you. I have seen some posts of nasty creditors trying to slip in after people try to get a mortgage. I probably won't even look into it for another year and a half just because that's when about anything negative I have will be removed (even if I can't get it removed somehow before then)! Also, by then I'll have my good standing auto loan paid off. Wish me luck on this adventure 

[Shogun]

Best of luck to you!