How do I go about asking for Validation? of a chargeoff
Any advise would be greatly appreciated.
Here is my dilema;
First off I'm doing a refi on my house and getting some equity back which is great it will allow me to be debt free, 7yrs back I ran into some financial trouble and got into some bad debt with CC I have 2 charge offs one for 4k and 9k since i will be getting enough money back to cover these debts i figured i would get them paid and done with, these debts have been charged off for over 4+yrs and i had received several communications from CA's offering me up to 50% to settle so I call them the 4k debt got sent back to the original creditor and there collection's debt said they woud settle fo 50% now the 9k debt got resold to another CA ( NCO ) when i called them they were rude and crass they told me they wouldn't settle for less than 90% needless to say i said no and ended that, since then i have received severel hostile and threatning phone calls from them, i dont want them to put a lien on my home but i rather not give those jerks a dime and i have read that by settling the charge off it may hurt my credit rather than help it if they re-age the debt
WHAT SHOULD I DO?????
all i want is to fix my credit im at a score of 543 now
here's a little background on the debt it was a First Usa CC for 5k it ballooned to 9k over time with late fees and overcharge fees etc....
since then First Usa has been sold to Bank One
Should I push to get validation? How do I do it? What other things should I know?
any help would be great
Thanks
From my understanding you can send them a check or payment that has a "clause" or statement of protection on it, like "If NCO cashes this check they agree that the check amount is payment in full on account XYZ", or something to that affect. I knew someone who had to go to court for something like this, and all the judge wanted to see was the check and if they wrote "payment is for full settlement" or something to excuse the debt. But, they didn't write anything there and ended up being responsible for the debt.
You can also request that they send you a settlement letter in writing before you pay, or send a self-addressed stamped envelope with your payment. If they cash it and then try to pursue you later, that is grounds to take them to court , provided you put the "magic words" on your payment.
You may want to read up about this by going to plain old google.com or ppl.com
First off dont send them anything!!! First you want debt validation send me an e-mail and ill give you a sample letter.
2. If or when they validate, send a letter of settlement I can provide you with a sample of that as well. The letter basically states that you will settle for 50% of the debt or whatever you want to settle for. Remember they are on the ropes they want the money!! You must also state in you letter that you want all negative credit inquires regarding the account removed from your credit file from all 3 credit reporting agencies. If they say they cannot do this they are lieing!! Stick to your guns!! If they threaten to sue tell them you will go bankrupt. Its better for them to resolve it in some manner rather than lose all together. Any other questions please e-mail me.
Michael
thanks for the advise tuxman how do i get your email ??
sorry for the dumb question but that would be great if you emailed those letters to me im at **Please See My Profile**
Thanks Again