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How to deal with collecters that just resell your debt

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  • How to deal with collecters that just resell your debt

    I have an account that is several years overdue at $8k . I have other past due accounts that I have been able to settle for about 10-20% and paid off, it was cheaper then hiring a lawyer to take me to bankruptcy court. This one account I have numerous times challenged the different collectors to verify the debt, which they did with a copy of the signed contract. I am on Social security disability due to a heart problem. Every time I have been contacted by these credit agencies I have told them my only income is SSDI and I would gladly settle with them for 10-20% of the debt due when I talk to them by phone and sent through the US mail. Each time the collection agency has sold my account to another collector and I repeat the same thing with no settlement reached. The SOL does not expire for another 4 years on this debt.

    Any one know how to get these collectors to settle the debt? I can't afford any more then 10-20% and they can never collect against me if they sue since they can't touch my SSDI and all my assets are gone due to trying to financially survive after the heart problems.

  • #2
    It's simply that you can't force a creditor (or a junk debt buyer -- "JDB") to settle an account. They will keep selling the account until either you file bankruptcy, the SOL expires (which doesn't really guarantee that collections would stop!), or one of them finally decides to settle the account.

    At least you are collection proof.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      If you are collections-proof, then you are really in the driver's seat, so you have nothing to lose by simply waiting until eventually some junk debt buyer is willing to settle for what you can afford, or alternatively until the SOL expires. Other than the hassle of opening collections letters, and possibly receiving collections calls, I fail to see what you "lose" by doing nothing and waiting.


      • #4
        The problem I'm trying to solve is not being able to move to a new apartment or get utilities turned on or other items that require credit. If I can get this last debt to be settled and removed from my credit report then I won't have those problems.


        • #5
          Oregon SOL is 6 years. Are you sure you have 4 more years? You said it's been "several" years so I'd think you mean more than 2.
          Chapter 7, above median, no asset. Discharged with no UST involvement.


          • #6
            The problem with settling debt is that the balance of the debt normally gets sold (so it goes....)

            The only way to settle a debt is to have in writing that the balance of the debt that is not paid is to be written off and never resold, that the balance is null and void. Otherwise, it's just a game that many of the JDB players play. Your mileage may vary.
            All information contained in this post is for informational and amusement purposes only.
            Bankruptcy is a process, not an event.......


            • #7
              Do you have assets that they may be able to come after?
              I would consider filing a pro-se chapter 7 to put the issue to rest as long as you aren't exposing any assets or income to being taken from you.
              I mean, informal bankruptcy is fun and all, but you might eventually want something that depends on your credit,
              it's best to clear this up and get on with your life.
              I have a friend who, for whatever reason, can't get his act together to file,he just wants to wait out the SOL.
              Well guess what? They will still be dogging you after the SOL expires, it's just an affirmative.
              Do you really want your next of kin to be dodging collection calls for you?
              p.s. while bankruptcy is a black mark it is common enough nowadays
              you'd have to settle with them for less and get TL deletion.
              Have others settled for 10% with deletion?
              I assume they usually push back and say they cannot due to their contract.
              filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!


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