Ok, so I have old credit card debt that has long since been put into collections. The debt is periodically sold off to another credit collection %26quot;agency%26quot; and I want to pay my ORIGINAL Creditor ONLY. can I do this? I do not want to deal with the collection %26quot;Agencies%26quot; at all. they use bullying and threats to collect the debt plus their bogus fees and such. I just want to write a check to the company with whom I originally signed the contract with. how do I do this once it%26#039;s already sold off?
About credit card debt...?
Yes, contact the original company, advise them you want to make good on your debt, and send them payments via check. Do not give them electronic access to your account. They will cash a check, I promise. You could call and try to settle the debt with the original creditor, if they say they can%26#039;t / won%26#039;t find the creditor who has it now, and offer to settle..
About credit card debt...?
Yes, especially if you can pay it in full with just one payment.
About credit card debt...?
I%26#039;m not sure you can. Best to start with contacting the original company. If that doesn%26#039;t work you could try one of the debt counseling services, maybe they can work around the collection thugs.
About credit card debt...?
You can pay the OC original creditor but that wont stop a collector who bought your debt in the secondary debt market. The original creditor wrote off your account and took a tax loss benefit..........so they sold your debt to a debt collector for probably 5 cents on the dollar......so a $1000 debt was probably bought by a collector for $50. Contact a consumer attorney.
About credit card debt...?
Charlie is correct. Once your debt is sold to another credit collection agency, it is not over. The original debtor may take your check, but the debt is still open on the one who bought it. You can deal with the current collection agency, but you will need nerves of steel. Tell them you%26#039;ll pay the original debt, or they can negotiate with your lawyer. They won%26#039;t want to deal with a lawyer, and any money you give them is going to be clear profit. Do not pay them one red cent until they agree to your amount, and clearing your debt on the credit bureau and send this to you in writing %26amp; signed by a legitimate source. Only then give them the money. You need to be a shrew negotiator with them. Even if you pay half of what you owed, it is still clear profit which they would rather have than chase after you for the next few months. Make sure you settle the terms as they can sell it to someone else.
About credit card debt...?
If the account was charged off, you%26#039;re pretty much wasting your time contacting the OC (original creditor) as they no longer own the account. A charge off means they claim the balance as a loss on their taxes and wash their hands of the matter. You have a legal right to try, but doubt they will work with you.
How old is this debt? If it%26#039;s 4 or 5 years old I would just let it go. It%26#039;s likely past your state%26#039;s statue of limitations, it%26#039;s not effecting your credit much anymore and will drop off 7 years from the date of delinquency.
If you are dead set on paying it, contact the collection agency and tell them you will pay if, and only if, they send you a signed agreement on their letterhead stating that the account will be paid in full and they will completely remove the listing from your report.
Do a search for %26quot;pay to delete agreements%26quot; and you can find all kinds of information, including sample letters.
About credit card debt...?
You should go for a proper program with an expert%26#039;s help for a better management. Check out here for some useful info and tips.http://debt-consolidation.featured-resou...
About credit card debt...?
You have credit card debt, and you wan to pay it off as quickly as you can. We will assume that you are going to stop creating more debt. You have changed your ways. You also understand that paying credit card%26lt;!--balances with a consolidation loan or rolling it into a mortgage isn%26#039;t paying it off. In fact, paying a lower interest rate, but paying on the debt for many more years, usually means paying much more, not less.Okay, so you really want to be rid of that credit card debt.
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First, you have to understand that not all debt is the same. Of course you know this. Some of your cards have a higher interest rate than others.Find and budget the money to start paying down those balances. If you order pizza every week, for example, you may be spending $60 or $80 per month right there--%26gt;If you are serious about getting those debts paid, you may have to eat $4 frozen pizzas for now. Do what you have to do, and determine how much you can apply towards the debt each month.
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