Re: What will happen?

Posted by SteveX (199.245.32.11) on January 26, 2004 at 16:33:42:

In Reply to: Re: What will happen? posted by ex collector on January 26, 2004 at 16:03:23:

"Eventually the agency will take 25 cents to 50 cents on the dollar to settle the account which will help you credit score"

Not true! First off a CA MAY take less down the road but remember if a CA owns the debt they are paying pennies on the dollar for it & your paying 25 to 50 cents on the dollar to them doesn't help you, only them!!!

even if they do take half what you owe as a settlement they will sell the remainder of the debt to another CA & the new CA will come after you for it (happened to me)....

also, a paid collection is as bad a unpaid collection on your credit report....if a CA now owns your debt paying them doesn't help the original tradeline of your original creditor...it's still a charge off.

To really get a CA off your back make them validate the debt...the older the debt, the less likely this is! If they can't/don't validate & continue to try & collect they are breaking the law & you can go after them.

Don't listen to a "reformed" collector...listen to Whychat, LadynRed, scott & the others who help people on this site....they will help you.

& read Why Chat's web site. Read all the laws & find out how they help you!

Beware of collector trolls!!!!

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