Trying to reach a settlement on 2 debts

          I have been working on what we talked about.

I have a lawyer now and I am dealing with 2 collections agencies through him. We’re trying to reach a settlement on 2 debts and I’d like to have the collection agency reports removed from my credit report. The lawyer is saying they will not do that and all they can do is lower the settlement a bit. Is there anything else I can do or say before I pay them to have these removed? I’d think that in the current economic climate that they’d be much more willing to work with people. What are your thoughts on this?

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I try
your question has no one perfect answer.
it is quite intimidating sometimes
 
On Thu, Aug 14, 2008 at 8:25 PM,   wrote:

This has been quite helpful, thank you! Please share this on your amazing blog!

On Thu, Aug 14, 2008 at 9:19 PM, <majors@oskie.com> wrote:

1 if the debts are yours they can sue. If they do not verify the debt you may have a way out legally.
negotiate would be the next step
2 it is always best to negotiate with the original creditor. You might find the debt was charged off on the companies books and then possibly sold for .40 cents on the dollar. They would not tell you that. But if they say it is out of thier hands and has been sold to collections then, you can guess that the collection agency only has about .40 cents on a dollar or les in the note. So you might negotiate with them for a lesser amount.
3 if is not yours and you filed a complaint and that does not stop collections then, I would seek out a credit lawyer. I do not know where to send you to look for one.
On Thu, Aug 14, 2008 at 7:26 PM> wrote:

First, thank you for this wonderful information! This really is a help!

Background: I had flawless credit (700+) up until 4 years ago when I lost my job and did not have income. I’ve gotten a foothold on my finances again and I’m trying to rebuild credit. I’d like to get an apt and move out of my house, but my credit score is below 590 right now.

1) I have 3 legitimate debts that I owe for credit card balances. On is with Amex and I will negotiate with them directly. The other 2 are with collection agencies… I tried to verify one of them and they sent me a letter saying they would look into it, reported the debt as disputed, but continue to send me requests to settle the debt… it’s been 6 months and they still haven’t verified… the remaining collection agency has sent 2 vague letters saying legal action will commence if I don’t pay them. Isn’t this illegal to threaten legal action w/o following through? If you think I should deal with these 2 agencies, what’s the next step?

2) With these 2 debts in the hands of collections agencies, it it better to call the original debtors (Chase and Bank of America) and negotiate to have the entries removed if paid in full? I had long standing excellent payment histories with all my credit cards before I had financial issues a few years ago. My plan is to get a consolidation loan so I can get just one payment and at the same time improve the credit report. Will a $12,000 loan under my name hurt my credit (I’d be getting a cosigner)?

3) There is one pesky entry on my credit report that I cannot find any record of.  Asset Acceptance LLC had sent me a few letters for a debt but it never belonged to me… I sent 2 certified DV letters and never got a response although I got return receipts for both DV letters. This debt is for $18,000 (reported to all 3 bureaus, last update was 08/2007) and this is really hurting me now. I filed a complaint with the FTC on their website already. What next? Should I sue them?
I know this situation is a little convoluted, but I can see the clearing ahead and I’m motivated to fix this. Thank you again…

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sometime they will
sometimes they won’t
 
but collections usually can get authorization from the original creditors to remove the entries
ask them that. if they need authorization from the original creditor.
 
and
i assume they have validated the collections, chain of legal custody.
they must provide legal documents from the original creditor. Must have original contract signed by you
http://www.oskie.com/free-credit-help-sample-form-letter-letters.htm

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Great thanks again… I’ll go back to the lawyer and see what we can do.