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How To Pay Your Debts

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*sigh*

 

I agree.

 

BBQ123 = multiplier2 :rofl:

 

I better not say anything

 

:P

Turns out EdRooney = multiplier :rofl:

 

Actually, I shouldn't be surprised. :rofl:

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How to COMPLETELY pay your debts. :)

 

For those who do not wish to follow the credit repair methods that are presented on CB,I am offering some alternate solutions.

 

1st:

Do NOT get your credit reports, you will only be confused by the duplicate entries by the various CA's and JDB's.

 

2nd:

Answer your phone and respond to anyone who says you owe them $$ by offering

to do an immediate check by phone, or if they only have a PO box in the Bahamas, send them a telegraphed money order.

 

3rd:

Respond quickly and fully to each and every claim from any CA with a personal check for whatever amount they are requesting.( Don't worry about all the added deductions from your checking account from unknown CA's, after all, you MAY have owed them something too!!)

 

4th:

Because the OC has sold the account for less than what you owe, ( usually 5-10 cents on the $$), they have taken a BIG tax write off. This is money that WOULD have been owed to IRS if you had paid your rate jacked bill with all it's added usurious penalties and fees , so in order to make up for this portion of your debt you need to send the IRS a voluntary contribution of the tax on the amount the OC wrote off.

 

If this post is put in the "stickies" on the forums, any and all threads that tell people to pay what they owe can be linked to it for an instruction guide to help follow their request.This MAY help eliminate the long annoying threads on the subject. ;)

:rofl::rofl::rofl: Yet another example of why I Love Why Chat! :rofl::rofl::rofl:

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:( My brother is sooooooo honest [sic] STUPID, a JDB contacted him for an 11 yr old debt and he gave them the info to garnish his wages and they told him it was his fault that the $250 bill will now cost him more than $1,000.

 

Tells you how much that boy listens to me! :D

I have to take this back. Sorry brother! I was given wrong info, now I'm proud of him :grin:

The JDB got a judgement without his knowledge and he didn't know about the garnishment until he got his paycheck. He told his boss about it being way out of SOL, quoted the statutes for him :good:

and the boss told the JDB where to get off at. Way to go bro!

Edited by cognoman

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first of all i didnt settle, if you would read my post fully you would see i was gonna settle but i didnt i am going to trial...and the attorney refused to set a trail date at court because he knows the dept was old and he wouldnt win....read what i posted again and you will see why i said it was wierd. Yes i was gonna maybe pay because i dont know what i am doing, but the outcome it the same...i am going to trial to try and fight this so stop trying to slam me and help a little for god's sake....

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Who's slamming you??? :cry2::cry2:

I think he believes I am "slamming" him by posting a link to his thread in the Help I've Been Served forum.

 

My intention was to add to THIS thread another example of "How To Pay Your Debts" without any regard to credit repair.

 

His posts are/were a good example of someone who asks the right questions on CB, gets the proper advice, and then does something else completely different. <_<

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I'm learning a lot from CB also. I have at least 8 paid CA on my CR's. Wish I'd never paid them, it's been like pullling teeth trying to get them removed. Now that I've found CB I won't ever make that mistake again.

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lol, my sister finally answered the phone and told *name of bank*, to the rep: Listen we are going bankrupt if you want to GET **SOME** money me afterwall if I file you will LOOSE IT anyways... Tell me how much we cant settle this for right now...

 

they agreed 22 cents on the dollar. She told the REP to send it by certified mail stating THIS. and give her 2 wks to get the payment. They agreed. I dont know what will be the total... But it looks tht it wotks.

 

Hell NO she's not filling for bankruptcy, is just a way to bluff...

 

But I think i will tell her to call them back and agree to report as "PAID AS AGREED"

Edited by dannielchackas

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lol, my sister finally answered the phone and told *name of bank*, to the rep: Listen we are going bankrupt if you want to GET **SOME** money me afterwall if I file you will LOOSE IT anyways... Tell me how much we cant settle this for right now...

 

they agreed 22 cents on the dollar. She told the REP to send it by certified mail stating THIS. and give her 2 wks to get the payment. They agreed. I dont know what will be the total... But it looks tht it wotks.

 

Hell NO she's not filling for bankruptcy, is just a way to bluff...

 

But I think i will tell her to call them back and agree to report as "PAID AS AGREED"

 

Too funny! Telling an account to report as Paid as agreed is a nail in ones credit coffin....Should settle for complete removal if it was a negotiated deal ....

Not a fan of the lieing technique...on either side of the deal...

What is "afterwall" and "tell me how much we CANT settle for this right now?- Not familiar with such jargon...

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lol, my sister finally answered the phone and told *name of bank*, to the rep: Listen we are going bankrupt if you want to GET **SOME** money me afterwall if I file you will LOOSE IT anyways... Tell me how much we cant settle this for right now...

 

they agreed 22 cents on the dollar. She told the REP to send it by certified mail stating THIS. and give her 2 wks to get the payment. They agreed. I dont know what will be the total... But it looks tht it wotks.

 

Hell NO she's not filling for bankruptcy, is just a way to bluff...

 

But I think i will tell her to call them back and agree to report as "PAID AS AGREED"

 

Too funny! Telling an account to report as Paid as agreed is a nail in ones credit coffin....Should settle for complete removal if it was a negotiated deal ....

Not a fan of the lieing technique...on either side of the deal...

What is "afterwall" and "tell me how much we CANT settle for this right now?- Not familiar with such jargon...

 

 

typo typo *CAN* afterall** typo

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lol, my sister finally answered the phone and told *name of bank*, to the rep: Listen we are going bankrupt if you want to GET **SOME** money me afterwall if I file you will LOOSE IT anyways... Tell me how much we cant settle this for right now...

 

they agreed 22 cents on the dollar. She told the REP to send it by certified mail stating THIS. and give her 2 wks to get the payment. They agreed. I dont know what will be the total... But it looks tht it wotks.

 

Hell NO she's not filling for bankruptcy, is just a way to bluff...

 

But I think i will tell her to call them back and agree to report as "PAID AS AGREED"

I would "guess" that this is a CA or JDB that she spoke to on the phone, and NOT the OC. She was likely recorded, and has, in effect, admitted to the debt, therefore losing her opportunity to dispute it. If they DO send her some kind of "agreement" ( which I doubt) it will require her making a payment and then the account balance will be sold to another CA/JDB. If she actually SIGNS a new agreement/contract the balance sold to another CA/JDB will be legally re-aged by virtue of her having a NEW contract.

 

Congratulations you , ( your sister) have obviously qualified completely for this thread by self-verifying a debt, paying on it, reaging it and gaining an additional reaged ding on her credit report.

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I used the information in this thread and my credit score is not doing any better. What am I doing wrong? :blush2:

 

 

 

 

 

 

 

 

 

 

...kidding. :blush2:

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I read this thread because I thought it actually pertained to me and was not going to be sarcastic. If someone can actually give me help on this matter, I'd appreciate it.

 

Let's get some preliminaries out of the way first. I understand the net-zero (and possibly negative) effect paying a CA will have on my credit score. Nevertheless, I have some very specific reasons for wanting to pay them.

 

I am applying to become a member of the bar. The Character & Fitness Application asks if you have any unpaid debts of larger than $300, overdue by more than 6 months. For the first time in a few years, because of this inquiry, I looked at my credit score, and saw 3 collection accounts. They are for old phone bills I had in college--not past the SOL, but still old. No one has tried to collect on these since I moved away from my undergrad, which is why I forgot about them and didn't pay them. Now, they likely don't reflect too poorly on my fitness to practice law, but I'd rather not explain them and just pay them off in full. It's only a couple hundred bucks, and I'll make that back on my first paycheck, to which I would not be entitled if I can't sit for the bar exam. For those of you who don't know about character & fitness applications, they are rather exhaustive inquiries into your past dealings (criminal, driving, landlord-tenant, employment, debtor-creditor, etc.) and bad debts can stop you from practicing because lawyers have to handle client money all the time and they want you to be responsible with that money. Again, these aren't the type of debts that would probably prevent me from becoming licensed, but I'd rather not take the chance with the strict legal ethics rules. (Insert snyde comment about "legal ethics" here.)

 

However, I am concerned about some of the underhanded tactics collection agencies might take if I am to send them personal information. People here seem to be convinced they'll forge my signature, empty my bank account, and create new debts in my name. Further, the whole reason I'm donig this is so the bar can see I paid my debts, and I'm concerned about them immediately reporting it (especially since it appears that one of the debts was resold). So, I'd like to be able to pay in full 1) without any of the dirty stuff happening, and 2) an immediate mark of "Paid" on my credit report.

 

So, to recap. Paid accounts will negatively impact my credit score. Collection agencies are not the most ethical places on earth. I understand both of these truths, and nevertheless have a very good reason for wanting to pay a rather small debt in full immediately. If anyone can give me some advice about this matter, I'd appreciate it. If not, I'm sorry for posting in the wrong place.

Edited by gosteelers1717

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I read this thread because I thought it actually pertained to me and was not going to be sarcastic. If someone can actually give me help on this matter, I'd appreciate it.

 

If anyone can give me some advice about this matter, I'd appreciate it. If not, I'm sorry for posting in the wrong place.

Opt out, get old addresses deleted.

Send THIS:

http://whychat.5u.com/nottoca.html#DISPUTE

dispute letter to the CRA's on anything OTHER than a medical account.

 

Send the medical dispute letter on any medical accounts.

 

You ARE posting in the wrong thread, and if you need further GOOD advice, go to the regular part of the credit forum.

 

THIS thread was intended to "jokingly" warn people about all the WRONG ways to repair their credit.

Edited by Why Chat

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Sounds crazy that someone would actually want to pay back what they owed! I'm in a situation that I haven't come across on the Boards. I HAVE to pay my old debts and chargeoffs! Yes, HAVE to. :lol: I'm applying to take the Bar Exam and I have to be certified by the state of the exam which I plan to sit for. I can't have a Certificate of Fitness unless I have "madea good faith effort to pay" off creditors. Among other things, this has prompted me to strive for a cleaner report. I am not able to get certified for the February exam, because of three baddies (that I'm taking care of) but will most likely be able to sit for the July '08 exam.

 

I'm not reccommending that anyone fork over all their hard-earned money, but a lot of times creditors will work with you and you'll end up paying them a lot less than what you originally owed. (If in fact you really did owe it.)

 

Can anyone relate?

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Sounds crazy that someone would actually want to pay back what they owed!

 

Nobody is against that, lol. It's a good thing. We just don't want people to further damage themselves in the process.

 

If you just blindly pay an old debt, you could end up with worse credit than had you just left it alone!

Dates change making the collection look more recent, sometimes the entire thing is reaged (not legally) and you get extra years of reporting.

Sometimes you just plain get swindled, after you've paid the debt gets sold to another collector- and another- and another....

 

People need to make their own decisions on what they owe and who they owe it to. That's not our business.

Helping them improve their credit instead of worsening it in the process- that's what it's about.

 

 

 

Congrats on the upcoming bar exam, and best of luck!

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Congrats on the upcoming bar exam, and best of luck!

 

 

Thank you! Seriously, I need all the support I can get! :grin:

 

I'll let the Board know how it turns out.

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I'm currently studying law. I don't know if I'll ever practice law in the US, but there is a chance that I might at some point in the future. So I'm concerned about the Character and Fitness application. So, I've started cleaning up. Plus I just want a good credit in general.

 

But I've taken a different approach than gosteelers1717. I'm negotiating PFDs to settle with OCs where I can. I have every intention of paying CAs if they can validate my debt and if they can't, I get them off my credit report.

 

But this brings up on question. I have a CO that's been bought by LVNV. LVNV is deleted from 2 CRs and is being re-investigated on a third. OC lists balance as 0. Do I legally owe them anything?

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I think the biggest misconception with Collection agencies is that a lot of people (including me before CB) believe that they buy YOUR debt from YOUR original creditor for the full price or close to it so you think you still owe that amount.

 

Another misconception might be that some people believe that Collection agencies are HIRED by your Creditor to get their money for them. Just remember, they have no authority and YOU never opened an account with them, so YOU owe them NOTHING!

 

I am extremely thankful I found Creditboards, when I was new I didn't read enough first and posted about how to PFD on a collection. I got slammed here because I didn't know, I took it with a grain of salt and read some more and got advise and finally got a collection wiped off my reports after I sent a validation letter.

 

Also, I can see where people are coming from when they say that they want to pay the debt, because I did too, until I learned that the original creditors sell debts for pennies on the dollar and WRITE OFF the rest...so, YOUR ORIGINAL HAS ALREADY BEEN PAYED for your debt that is now in collections.

 

And remember if you are new here (I know I'm no expert here) just READ, READ, READ and use the Search button up in the red bar

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