I have one negative thing left on my credit report. It is for about $1700 but they have tacked on $800 in interest. So I now owe about $2500. Is there any way I can get out of paying the interest and just pay the actual debt?
I live in California...don%26#039;t know if that would help with answering. Thank you in advance for your answers.
Paying off a debt in collections on credit report...please read...?
It depends, the highest interest rate that is allowed in California is 10 percent. But there are exceptions, such as credit cards that are issued by national banks they are exempt. So they can charge more.
Also you do have some say what can go and what can%26#039;t appear on your credit report.
Interest rate laws and Credit Reports are too complicated for most people, you should look at a consumer aid organizations website in your State to see if they can give your any help. You should be able to, but every State is different as to how it has to be done.
Paying off a debt in collections on credit report...please read...?
Call them. If you tell them that you can pay off the original loan amount in one lump sum, they may do away with the interest. But, if you are looking to make payments, don%26#039;t bet on it. But, you won%26#039;t know unless you call them.
Paying off a debt in collections on credit report...please read...?
Call them and ask them for a settlement. Don%26#039;t tell them how much you can pay just that you would like to know how much they would accept to get this paid in full. Once they tell you get it from them in writing either via fax or mail. Then pay it in full send it via certified mail so they have to sign for it. They should mark it as paid but it may take a little time. Keep all of the documentation in case a different collection company tries to collect on the same debt in the future.
Paying off a debt in collections on credit report...please read...?
Yes ... it%26#039;s possible and you are to bargain with them.
Rather, you must do it and the card co may be willing to keep you as their customer equally (this is a point of their weakness ...!!)
Be quick ... catch them. Best of luck.
Paying off a debt in collections on credit report...please read...?
You%26#039;d be better of trying to do a pay for delete. Paying it won%26#039;t help your credit that much, it is still a collection, paid or unpaid. click on the link for my source and get some great help on their forums
Paying off a debt in collections on credit report...please read...?
Kris is absolutely right, you need to do a pay for delete agreement or your credit score will not make any significant improvement.
I%26#039;d call them up and offer them 50% of the $1700 balance and negotiate from there. I%26#039;d just be firm with them and tell them you%26#039;re willing to pay the bill but NOT their outrageous interest. Depending on your state laws those interest rates might be illegal.
Chances are they%26#039;d be happy to accept even a good portion of the $1700, and I highly doubt they%26#039;ll put up much of a fight.
Paying off a debt in collections on credit report...please read...?
Your best bet is to not only ask for a settlement offer a lot of collection agencies will do this as any money is better than no money right? In addition to the settlement offer you should get a pay for delete agreement which is perfectly legal.
Paying off a debt in collections on credit report...please read...?
The answer would depend upon which state the creditor is located in. California laws are strange to say the least. The ability to collect interest lies in which state the creditor has legal precendence.
How old is the debt? It may be beyond Californias SOL
Written agreements: 4 years, calculated from the date of breach.
Oral agreements: 2 years.
The statute of limitation is stopped only if the debtor makes a payment on the account after the expiration of the applicable limitations period.
If the debt is beyond your states statue of limitations, then all they can do is ask for payment. They have no legal recourse to take you to court (the only debt that has no SOL is student loans).
Without futher information, it is hard to give you a proper answer.
I invite you to join the following Yahoo group %26quot;DontGetRippedOff%26quot; dedicated to helping those in financial trouble, Here you will find information to help you with debt collection agencies.
http://finance.groups.yahoo.com/group/do...
Paying off a debt in collections on credit report...please read...?
Call them and settle, it can go on your credit report, but you%26#039;ll be free of it which is important. I would call and talk to them, tell them you%26#039;d like to settle but wait to see what they come up with for a starting amount, when i have done this it has been less then my amount, so you never know. Then build up an emergency fund ($1000) then cancel the cards and be happy and debt free. When your debt free that leaves a lot of money free to build wealth!!!!!!!!!!!!
Check out http://www.daveramsey.com/ for more information
Paying off a debt in collections on credit report...please read...?
Hi,
I used %26quot; Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News special edition.Check it out here:
http://doiop.com/o1oa2r
Paying off a debt in collections on credit report...please read...?
based on your condition,I believe you should find something useful here.http://creditreport.online-helper.info/f...
No comments:
Post a Comment