Paying it off

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Posted by Sean on June 07, 1999 at 10:46:55:

In Reply to: Charge Off Collections Help?!?! Sean? Christine? posted by Chris Ryan on June 06, 1999 at 10:22:37:

DO NOT PAY THIS THING OFF. THE FACT THAT YOU OWE THEM MONEY IS YOUR ONLY LEVERAGE.

Phase 1:

Contact the original creditor by mail requesting the following:

A written statement of their charge-off policy.
A complete account payment history.

You should receive one of three responses:

1. "Here is the payment history and charge-off policy showing everything was done properly." If this happens you are sunk. Wait 7 years for the bad thing to vanish.
2. "We do not have the payment history and/or we incorrectly charged-off your account." Forward that baby to the credit reporting agencies and the charge-off vanishes.
3. "We do not have the payment history because we forwarded it to the other agency when we sold your debt."

Phase 2: Send a letter to the collection agency saying something along these lines: "IN ACCORDANCE WITH THE FAIR DEBT COLLECTION PRACTICES ACT I ORDER YOU TO CEASE AND DESIST ANY AND ALL ATTEMPTS TO CONTACT ME IN REGARDS TO THIS MATTER."

Phase 3: Someone you know (your friend, Christine, myself, whoever) contacts the collection agency with an offer to purchase the right to collect your debt. As part of the agreement to purchase the collection agency is barred from discussing the matter with anyone and they must forward all paperwork (original and copies) to the purchaser.

Phase 4: You pay the purchaser of your debt the amount owed. They destroy the key documents that prove you didn't pay the original debt as agreed and issue you a letter saying, "We purchased the right to collect on this debt from XYZ collection agency who purchased the right from ABC Original Creditor. We have reviewed the file for the original payment history and cannot find it. We have no evidence to indicate Chris Ryan failed to pay the original debt as agreed, nor can we determine if the charge off was handled correctly. We can, however, indicate his payment history with us. In the past XXX months, Mr. Ryan was never late and has paid better than agreed. If we can be of further assistance in this matter please contact us at (xxx) xxx-xxxx. A copy of the assignment from XYZ Collection Agency is included herein."

Bingo, not only are the bad items removed but for a small fee you can have the credit agencies add your payment history with the third party and you have a positive installment loan added.

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: DO NOT PAY THIS THING OFF. THE FACT THAT YOU OWE THEM MONEY IS YOUR ONLY LEVERAGE.

: Phase 1:

: Contact the original creditor by mail requesting the following:

: A written statement of their charge-off policy.
: A complete account payment history.

: You should receive one of three responses:

: 1. "Here is the payment history and charge-off policy showing everything was done properly." If this happens you are sunk. Wait 7 years for the bad thing to vanish.
: 2. "We do not have the payment history and/or we incorrectly charged-off your account." Forward that baby to the credit reporting agencies and the charge-off vanishes.
: 3. "We do not have the payment history because we forwarded it to the other agency when we sold your debt."

: Phase 2: Send a letter to the collection agency saying something along these lines: "IN ACCORDANCE WITH THE FAIR DEBT COLLECTION PRACTICES ACT I ORDER YOU TO CEASE AND DESIST ANY AND ALL ATTEMPTS TO CONTACT ME IN REGARDS TO THIS MATTER."

: Phase 3: Someone you know (your friend, Christine, myself, whoever) contacts the collection agency with an offer to purchase the right to collect your debt. As part of the agreement to purchase the collection agency is barred from discussing the matter with anyone and they must forward all paperwork (original and copies) to the purchaser.

: Phase 4: You pay the purchaser of your debt the amount owed. They destroy the key documents that prove you didn't pay the original debt as agreed and issue you a letter saying, "We purchased the right to collect on this debt from XYZ collection agency who purchased the right from ABC Original Creditor. We have reviewed the file for the original payment history and cannot find it. We have no evidence to indicate Chris Ryan failed to pay the original debt as agreed, nor can we determine if the charge off was handled correctly. We can, however, indicate his payment history with us. In the past XXX months, Mr. Ryan was never late and has paid better than agreed. If we can be of further assistance in this matter please contact us at (xxx) xxx-xxxx. A copy of the assignment from XYZ Collection Agency is included herein."

: Bingo, not only are the bad items removed but for a small fee you can have the credit agencies add your payment history with the third party and you have a positive installment loan added.

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