Jump to content

My Master Repair Thread


HelpmyCredit90
 Share

The last post in this topic was posted 1974 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts


  • Replies 280
  • Created
  • Last Reply

Top Posters In This Topic

I realize people are trying to help me but i want this stuff off as fast as possible. Yes there is risk involved but i assuming all liability.

If you push to hard on these recent still inside SOL debts, you seriously run the risk of getting sued. This is a bad idea, especially since you already said you don't have the funds to pay them off if you are sued. You have a very high possibility of making your credit much worse by aggressively attacking these debts.

 

The original charge offs+judgments reporting to your report will be much worse than what you have now. Not to mention the increased costs to you and possible wage and bank garnishments.

Link to comment
Share on other sites

Mendelssohn has given you solid advice. Get on a budget and get financially stable with an emergency fund. Use you existing cards and get in the habit of PIF. This will help you build positive history.

 

Doing anything aggressive while inside the SOL is very risky. Adding more credit or even paying off some debt while inside the SOL can trigger the other creditors that are not getting paid to sue because they see you might have some money to collect. I guarantee they are SP your reports at least monthly looking for changes. They also subscribe to the CRA's and get notified of changes that can alert them to your potential to pay your debts.

 

Read this about your collection score.

https://creditboards.com/forums/index.php?showtopic=451439

 

If it was me, and I was in your situation not that long ago, wait until the SOL runs out and hope you are not sued. Then attack aggressively.

 

I was lucky and only got sued by 2 creditors, it could have been much worse. I am positive it would have been had I tried to get aggressive with the creditors.

Link to comment
Share on other sites

Called Synchrony, they said upon the account being returned to them they are going to re-assign it to another C/A.

 

However they said it could be as soon as tomorrow, or months from now.

 

So I sent a fax, hoping to reach a department that knows what they are talking about, vs some call center in pluto.

Edited by HelpmyCredit90
Link to comment
Share on other sites

Basically what Synchrony told me, well what there call center in Manila reading from a flow chart told me:

 

1. There is no set time from when the debt will be assigned or sold (key word SOLD) to a collection agency.

 

2. If I make a partial payment on the account, even if I mailed a check in tomorrow, that does not stop Synchrony Bank from assigning or SELLING the remaining balance to a collection agency at any given time.

 

3. This means if I were to send them say 3 payments of $200 each month, my first, second or last payment could get returned to me, and then I would have to settle with a C/A out of nowhere, and then do a PFD with them AND Synchrony.

 

HELP!! Every freaking number I try calling gets me a non-american call center, where they have no idea what to do, other than "look the problem up".

Edited by HelpmyCredit90
Link to comment
Share on other sites

Paying in full would not matter, they said they could sell it tomorrow or 3 months from now.

 

Found a number for "Escalations" I will give that a try. Please stand by.

What???

 

 

If I mail a check tomorrow, it could get returned. Once an OC sells the debt, the C/A has to be paid, not the OC.

Unlikely that they would sell it that fast. They don't sell individual debt's, they bundle them together and sell them as a package.

 

You have been given very good advice by knowledgeable people, either act upon it, or keep making excuses why you cannot.

Link to comment
Share on other sites

This is RIDICULOUS.

 

So I call back and while waiting on hold for a supervisor, I asked about a settlement agreement (I pay you $X every X).

 

"It is our policy that we cannot set up settlement agreements From the 16th to the end of the month, they can only be set up on the 1st 2 weeks and 2 days of the month".

 

WHAT THE....??!?!

Link to comment
Share on other sites

Called Supervisor, finally go through after an hour of holding on my cell phone.

 

Supervisor had been there a long time and was very knowledgeable.

 

I cannot pay in full, so I can either settle or make partial payments.

 

The Supervisor said that any kind of agreement (settle or payments) is not allowed per bank policy on the last 2 weeks of the month.

 

In the meantime, they said I would not be able to settle or do payments until 9/1

 

They also said it's "highly likely" that the debt will be "Assigned or sold" by that time frame.

 

So since I don't have the cash (and won't in 2 weeks time frame) to PIF the balance, I have to wait until 9/1.

 

They said this is the ONLY OPTION I HAVE.

Edited by HelpmyCredit90
Link to comment
Share on other sites

I have the money to settle the majority of these debts, but I do not wish to PIF, in order to save money.

 

I want to set up payments to pay Synch/Amazon, or offer a settlement, but they said they cannot code the account to take payments or accept a settlement until 9/1/2016

Edited by HelpmyCredit90
Link to comment
Share on other sites

I have a budget and savings plan, but even if I won a million dollars, most debt collectors WILL SETTLE FOR LESS.

 

Synchrony Bank said...

 

1. Since the account is awaiting to be assigned or sold to a debt collector, any payments or settlement agreements made WILL NOT BE ACCEPTED.

 

2. The account cannot be coded to accept payments or settlement agreements until 9/1/16.

Link to comment
Share on other sites

Most debts as recent as yours will not be settled for less. They can still sue you and recover not only the full amount of the debt, but their expenses.

 

I've given you the best advice that I can. You can ignore it, or continue on this path.

 

I started with FICOs as low as 419, so I know what it takes to rebuild credit and climb up from the basement to prime scores.

Edited by mendelssohn
Link to comment
Share on other sites

The last post in this topic was posted 1974 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share





  • Member Statistics

    • Total Members
      183,367
    • Most Online
      2,046

    Newest Member
    Shazzam1322
    Joined
×
×
  • Create New...

Important Information

Guidelines