     Glitch (Glitch) | Saturday, April 21, 2001 - 05:47 am 
First of all, I'm not sure that they *are* lying, but I *think* they are. NCO Financial has since 1997 been collecting on charged off credit card debts from MBNA and Household Bank. I was told by one of their people that called that when it's paid off, the original creditor (MBNA and Household Bank) would be updated to show paid with a $0 balance. Is this true? If it is, then the only derogatories on my credit would be OLD late pays on it and no past due amounts and no charge offs/collections. Here's exactly how I phrased it and her response:
Me: What will the original creditor's line on my credit report as when I've completed paying it?
NCO: When will it?
Me: Well, what will it appear as? Because currently it shows it's a charge off to collection.
NCO: It will show paid with a zero balance when it's paid off.
What do I do now? I've made no agreement with them as far as my credit report goes contigent upon my payment. I was just asking the NCO CSR that question. |
| Shylock (Shylock) | Saturday, April 21, 2001 - 06:11 am
Yes, collection agencies lie. In this case they are telling the truth. If you paid your account would be updated to show PAID (usually PAID COLLECTION status). This may sound wonderful, but it isn't as wonderful as you might think. |
| Glitch (Glitch) | Saturday, April 21, 2001 - 06:09 pm
Better than not paid, eh? |
| Dangelo Sinclair (Amistad) | Monday, April 23, 2001 - 04:24 am
Depending on the SOL you may not have owed the debt. If the debt was a sizeable amount it may have benefited you to keep your money and ride it out. Example... I'd pay $100 to get something noted (paid as agreed) if I had to wait say 4 years for it to fall off. 500+ maybe not. Depends on your individual situation.
Why dont you try to deispute it now. They might not verify. |
| Shylock (Shylock) | Monday, April 23, 2001 - 04:54 am
Does your score go up when a collection is modified from not paid to paid? I don't know. Perhaps a little.
A much better solution is to make your payment contingent upon complete REMOVAL of the item from your credit profile. I've successfully negotiated in the past for removal and gotten it. I know there must be thousands of other people who have done the same. |
| Glitch (Glitch) | Monday, April 23, 2001 - 12:08 pm
Talked to a lawyer on the SOL issue...In Missouri, SOL for an open account is 5 years. SOL for a written contract is 10 years. A credit card debt (as mine are) is a written contract because of the card holder agreement. So SOL is out of the question... |
| Senator (Senator) | Monday, April 23, 2001 - 01:36 pm
sol in Missouri for a credit card is 5 yrs. not 10. get another legal opinion |
| Glitch (Glitch) | Monday, April 23, 2001 - 05:11 pm
Does making a partial payment after it's charged off mean the SOL is "revived" in Missouri? And do you know of a good attorney for this in MO?
Thanks! |
| Ann (Momof3) | Monday, April 23, 2001 - 06:13 pm
As Far as I know, if you make any "payment" they can restart the SOL. |
| Glitch (Glitch) | Monday, April 23, 2001 - 07:01 pm
Heard that varies state to state... |
| Senator (Senator) | Tuesday, April 24, 2001 - 01:30 am
a good lawyer and a good jury can make hay out of what is seemingly black and white. Unfortunately, most attorneys don't work in this area because it usually doesn't pay as well as others. bk lawyers usually run a bk mill and can't give individual attn. if you have cash and pay, you can usually get a written opinion from a good atty. ask around. interview. try and deal with the large egos (very tough to do). most attys are jerks. finding a good one is like a pig finding a truffle. |
