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     | Monday, January 24, 2000 - 07:17 am  Hello, I have been on this discussion before talking about my settlement negotiations, and the information has been very helpful. Recently, I received a letter from Fleet Bank, by a manager who is offering me a 27% lump sum settlement. She said they would report to the three bureau's that the account would read "settled paid". The letter also said that all collection's would stop. I originally asked for them to clean up my credit report since they have errored and have two accounts showing open when only the one is. I wanted to have them delete both, but instead recieved this settled paid phrase. Should I continue to bang on them for the deletion? What affect does "settled paid" have on my credit report? I also read somewhere about a zero balance letter, does anyone know what this is? Before writing the check, I want to make sure of what I am getting myself into. Thanking you all in advance.. Nick
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| | Monday, January 24, 2000 - 08:27 am Settled/Paid? I'm not so sure that's a positive remark. You don't want to show something as settled at all. I always aim for deletion.
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| | Monday, January 24, 2000 - 09:43 am I was told 4+ years ago that a credit card account would be charged off and it would go on my credit rating. Ok--I didn't have the money to pay it. Saturday I got a call from a lawyer in Georgia saying they bought my charge-off from another company called Unifund who bought it from the credit card company, and whaddya know, it's been collecting interest for 5+ years and I must send them 4 postdated checks TODAY via Fed Ex to avoid legal action. I've never heard of or from Unifund or this lawyer until Saturday. I had no clue they could actually do this. I was told that a charge-off was just that. Account is charged off, I get a major mark on my credit report for 7 years, and the account was closed. Is it really legal to keep my account open and accruing charges and interest for 5 years without telling me? Furthermore, the rep from this lawyer's office was literally screaming in my ear and telling me to shut up so she could talk. At one point she told me if this was important to me I would go against my employer's rules of not using company equipment (fax, computer, etc.) and that she was going to fax my account information to a fax machine where I work. She eventually asked me if I was stupid enough to talk back to her, etc. etc. She also said she refused to send me the name and address of the original creditor, and she would not tell me the balance on the account, what the interest rate was, or anything else. She said that's just too bad for me and that I wouldn't get that information unless I sent the checks. Anyhow, I was just wondering if anyone has any advice on the best way to approach this matter. They offered me a settlement of $3700 on a $5500 balance, but I don't have that. If I don't call them with a FedEx tracking number today for the 4 postdated checks for $100 each I was threatened with lawsuits and garnishments, so I have to do it. Any advice???
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| | Monday, January 24, 2000 - 09:55 am They are a collector. Send them a cease-and-desist letter (see www.budhibbs.com , www.bendover.com, or various other sites) for examples. After that ignore them. 7 years from the date -of-last-activity the original entry will go away. If this collection agency posts and entry with a different date, dispute it with the bureau.
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| | Monday, January 24, 2000 - 01:48 pm Maggy: Do not, under any circumstances, send them checks today. You may or may not owe them money, but they haven't given you required information and you shouldn't pay them until you know exactly where you stand. Do not let them bully you into sending money that you may not owe them. First off, this is not an issue of credit reporting and ignoring them will probably not make them go away. However, you have every right to insist that they send you, in writing, proof that they own the debt, the amount they say you owe, and the interest rate. Don't believe anything they tell you on the phone; make them put it in writing. Don't let them harass you; there's no law that says you have to talk to collectors on the telephone. Never send anyone a post-dated check, especially a complete stranger, no matter what they threaten. Once (if) you receive written information from them, then you can compare it with your records and determine if their claim is legitimate and if the debt is still collectable. It's become popular lately for creditors to sell old charged-off debts for pennies on the dollar to collection agencies, who then try to collect them and make a big profit. It is legal, and not uncommon, for them to continue charging interest for years without any contact with you. But that doesn't mean you should automatically pay them. For one, on a debt this old, the statute of limitations may be up. That means that, while you still owe the debt, they can't sue you and get a judgment to collect it (no matter what they threaten). However, if you pay them anything or promise to pay them in writing, then you reset the clock and they can sue. Lots of collectors are using threats, intimidation, and outright lies to get consumers to pay debts that are no longer collectible. A debt this old doesn't have to be resolved in a day or two, and they're not going to sue if you don't Fedex them money today. Make them send you the information you asked for, and don't let them harass you.
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| | Monday, January 24, 2000 - 02:31 pm Maggy, You do not have to pay the debt to receive verification. If you send a dispute letter asking for verification and the name and address of the original creditor within 30 days, they have to stop dunning you until they send it. This lawyer is using typical debt collection scare tactics. Her goal is to intimidate and deceive you into sending money before you have had any time to investigate the situation and to learn about your rights under the Fair Debt Collection Practices Act (FDCPA). Once you read about the FDCPA, you will see that the lawyer has violated it on several counts. The Credit Info Center has a page where you can check the Statute of Limitations on debts, including open accounts (credit card debts) for any state. Personally, I don't think that they really intend to sue you. If they did, their lawyer would not be violating the FDCPA left and right, making them susceptible to a viable countersuit. If I were in this situation, I would send a registered letter asking for verification and the original creditor's name and address. I would simply hang up on the lawyer whenever she calls and log the date and time of each call. I would send a complaint letter to my state Attorney General and CC a copy to the FTC and the collection agency. It wouldn't hurt to send a copy to the Georgia Attorney General, as well. When the collection agency sees that you have filed a complaint against them, they might just back off.
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| | Monday, January 24, 2000 - 02:58 pm They insist they sent me a letter in November, which I never did receive (no proof from them that they sent it, but they insist they did). I was told today that they would send me the debt information, but if I didn't send the checks the case would go to court immediately and they would sue me and start seizing my assets and garnishing my wages right away--in other words, that I had to send the checks before getting any proof or verification of this debt. This is a law firm that's purchased my debt from Unifund who apparently purchased it from the credit card company. If I send them a cease and desist letter, they'll go straight to court and they'll start seizing and garnishing. I can't afford to let them do that, as I'm paying off several other debts at this time. I have never felt so helpless with my debts as I do with this law firm/collection agency. And I haven't been able to contact this Unifund place or the original creditor to get more information. I also wasn't aware that someone somewhere could keep charging me interest on an account I thought didn't exist anymore.
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| | Monday, January 24, 2000 - 03:32 pm Even if this so-called law firm really intends to file suit (which I also doubt), things don't progress all that fast. Lawsuits take a lot of time and cost a lot of money. First of all, they would have to file suit against you in your state, then serve you with the complaint, then go to court and WIN their case. Then and only then can they seize assets or garnish your wages. I don't know where you live, but the court systems are not all that fast in my state. If they really wanted to pursue a suit, it would be months before they could collect anything. Do (or did) you live in Georgia? If not and if this "attorney" is not licensed in your state, then they'd have to hire one, costing them even more money. And they have to prove their case, including that they notified you of the debt. I agree with Barbara that if they really intended to sue you, they wouldn't be acting like they are. But even if they do, you still have plenty of time to get all the information and negotiate a settlement. Don't let them pressure you--you are not helpless.
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| | Monday, January 24, 2000 - 03:43 pm Another thought. Seeing as they're so insistent upon filing a lawsuit, you could just tell them that, under the circumstances, you're going to consult with an attorney as to your rights and options before you agree to anything. If nothing else, that ought to slow them down a little.
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| | Monday, January 24, 2000 - 04:18 pm You know maggy, if you wanted to ask a question of such magnitude, you could have made a separate section. I was going thru all the messages and realized that one was directed to me, while the rest were to you.
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| | Monday, January 24, 2000 - 04:48 pm I apologize, for my past remarks, just very very frustrated and vented. Again, good luck maggy I understand what you are going thru. I have been fighting this since april of last year, with 5 credit company's and collection agencies.
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| | Tuesday, January 25, 2000 - 10:00 am Sorry NickZ. I couldn't figure out how to post a new thread. As to the other comments/suggestions...No, I've never lived in Georgia--I live in Oregon. I called them yesterday and again requested the debt information (I've also sent a request in writing). They said they could only file the form to get the information AFTER they get my checks. I'm contacting my state's Attorney General today and a few other resources. I'm grateful to all of you for your suggestions and advice and encouragement. I'll let you know when I hear more.
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| | Tuesday, January 25, 2000 - 01:53 pm NickZ: if they offered you 27%, why not conter offer 15%, along with a written contract not to report or discuss? Maggie: You sound like a scared sixteen year old, I mean no offense, but do these collection people actually scare people? Hang up on the wench! If they sue you, you have to be served a copy of the summons and Complaint, and you have 20 days to answer the Complaint. If they do, email me immediately and I'll help.
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| | Tuesday, January 25, 2000 - 07:00 pm Maggy, don't appologize, the purpose is to group like threads together so its cool. I just lost my head for a bit.. A few suggestions, I was getting the same attitude with the collections, threats of judgements, and taking it to litigation. Try hanging up on them like gary is saying if they don't treat you with respect. Another approach to control the conversation, is to act rational, and question the reason behind their harassment. Also, you can clamp down on their freedom to speak at will, by letting them know you have the conversation on speaker phone, for others to listen or that your taping it. The tune certainly changed when I tried it.
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| | Wednesday, January 26, 2000 - 05:56 am I concur. My answering machine has a one-push-button feature that immediately starts to "record" the telephone conversation (In my state, it is legal as long as 1 person on the conversation knows and consents - in this case I would be the person consenting). This is what I do - as soon as you recognize that they are calling about a debt, ask them to hold for a second, put a new tape in your machine, hit the record button, and say something to the effect "For both your protection and mine, this, and all future conversations with you are going to be recorded. How may I help you?".
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| | Wednesday, January 26, 2000 - 01:56 pm That's the best way to deal with ANY business you do over the phone.
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