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What are your options to eradicate debt and live lavishly?

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Hello, I am needing to figure out how to take care of all of my debt. It's been about 3 yrs since I have had any contact from any collection agencies. I've ran a credit report and it has given me the following collection agencies and information:
NCO FIN/99 ($1813.00)
NCO FIN/22 ($2129.00)
Midland Credit ($1213.00)
CER STS REC (1634.00, 99.00)
Discover ($1118.00) P&L write off(What Does This mean?)
and LVNV Funding/ Sears Citi ($361.00)
Where should I start? debt negotiation?
I am at the point to clear all of this debt.
Thanks for all the input and time.
Thanks,
T. Nguyen




I would start with sending out validation letters to all of these companies,from your list,I can see that most of them are collection agencies,You want to make sure that there are no duplicate debts on your credit report,for example,maybe the write off from discover may now have been sent to NCO.Once you receive validation,consolidation will most likely be your best move.They will set you up with one monthly payment,and when you have more money you can increase your payments thru the consolidation company.You can get a free consultation from this site.If you can pay all of this off now,you will want to make sure that they change your credit report to paid as agreed once the payments are received.But validating these debts should be your first move.There is a sample of a validation letter on this also.Hope this helps some.

Sub: #1 posted on Fri, 03/03/2006 - 09:42

twokidtwocat twokidtwocat

(Posts: 602 | Credits: 484.56)

You could contact each and negotiate a settlement, if you have the cash OR you could contact a settlement company and have them negotiate for you.... they might have contacts at said companies and be able to negotiate better deals for you - so even if you have to pay them, you would might be ahead. Either way, be sure the negotiations include "Paid" or "Paid as Agreed" as the only acceptable account designations.

If you don't have the cash available to pay them all, I would start with the lowest balance and pay it, then next and so on and so forth.

Good Luck!

Sub: #2 posted on Fri, 03/03/2006 - 09:44

Taquita Taquita

(Posts: 287 | Credits: 69.26)

T. Nguyen,

You can definitely negotiate with all these agencies listed in your report by your own, but dealing with collection agencies might be a hectic job. That is the reason I will go for consolidation. The counselor will negotiate with all your creditors and collection agencies on your behalf and set up the payment plan for you. So you need not worry any more.

I would also suggest you to check the SOL of these accounts. If they are past SOL, no one can legally force you to pay them. So it's completely your choice whether you will pay it or not. Any negative entry like charged-off, collection, etc stays on your report for 7 years from the date it was reported and goes off automatically after that. So please check if these accounts are near to 7 year reporting time or not.

Sub: #3 posted on Fri, 03/03/2006 - 22:48

stanley stanley

(Posts: 1640 | Credits: 23.97)

How in the world do you even get in touch with the companies? I can't find a contact number for NCO/FIN/99 anywhere.

Sub: #4 posted on Fri, 07/21/2006 - 04:27

Unregistered


NCO FINANCIAL SYSTEMS
PO BOX 41457
PHILADELPHIA, PA 19101-1457
800-873-5697

Sub: #5 posted on Fri, 07/21/2006 - 04:35

IncredibleHelp IncredibleHelp

(Posts: 494 | Credits: 77)

want to find out who to talk to

Sub: #6 posted on Tue, 07/25/2006 - 07:21

Unregistered


The contact number of NCO Financial is given above. This website has no connection with them. It's just a public forum where we discuss our debt problems.

Sub: #7 posted on Wed, 07/26/2006 - 03:38

ArDeN ArDeN

(Posts: 495 | Credits: 68.43)

I just found out that my ex-husband has defaulted on a debt that he was suppose to pay off (according to the divorce decree). He has also added to the acct. The credit card company does not honor the decree and since the acct is under my name, they want me to pay. I had not received any info on it because it was going to his address. Now it is with a debt collection agency and they are willing to reduce the debt and have me pay it off, but I don't want to do this. Plus they are pressuring me to pay the settlement amount over a two month period. What are my options?

Sub: #8 posted on Wed, 11/15/2006 - 21:27

Unregistered


If the debt is in your name, the legally I am pretty sure that you are responsible. I once had a cell phone in my name for someone else, and I was responsible for it.

Sub: #9 posted on Thu, 11/16/2006 - 02:03

natdust20 natdust20

(Posts: 1345 | Credits: 164.28)

Quote:
I would also suggest you to check the SOL of these accounts. If they are past SOL, no one can legally force you to pay them. So it's completely your choice whether you will pay it or not. Any negative entry like charged-off, collection, etc stays on your report for 7 years from the date it was reported and goes off automatically after that. So please check if these accounts are near to 7 year reporting time or not.


That is not completely accurate. The SOL just gives someone ammunition in court, if they are to be sued. If you can show that the SOL passed before the CA filed suit, the judge will likely throw it out. The SOL passing does not mean you aren't responsible for the debt, just that you can fight it if they sue you. Even the 7-7.5 years passing doesn't mean you aren't responsible for the debt. It just means it will have to be removed from your credit report.

If you delibrately do not plan to pay these debts because they will "fall off" your CR in a month, that is essentially stealing. In other words, you used those credit cards to buy things, and never paid for them.

Start by sending the DV letters and go from there. Find out the "Date of last Activity" on these accounts and such, and take care of this in a responsible way. You'll be much better off for it.

Sub: #10 posted on Fri, 05/16/2008 - 16:57

Seeing_the_Light Seeing_the_Light

(Posts: 530 | Credits: 153.09)

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