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Is anyone familiar with National Credit Adjusters?    They have put on my Experian and Equifax a derogatory for an amount of $4,427.00.  I had no idea what it was for and after digging I see they represent

Lead Bank.   Lead Bank is with Helix Financial.   Helix Financial is a predatory lender that I'm embarrassed to say I took out a "loan" with almost 2 years ago. The amount was $1500 and I made 4 payments of

$423.51 each which totals $1693.64.    I thought it was closed and that was it. Now this collection company is saying I owe $4,427.00!!???       What is the best way to go about getting this removed? Do I call

this National Credit Adjusters and see if I can work out a settlement plan?   Or I see a lot of negative reports on them. Should I call an attorney?      Looking for advice.  Thanks

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10 hours ago, faroff said:

National Credit Adjusters and see if I can work out a settlement plan?   Or I see a lot of negative reports on them.

While this comment has nothing to do with the legitimacy of your frustration, few consumers are going to give positive reviews of any company in the collection business.

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You send them a letter CMRRR and demand that they give you a breakdown of what this balance is. They don't have to, but it won't hurt to ask. I would say go see a consumer attorney, sounds like a good FDCPA violation. Their unwillingness to explain how you owe ANYTHING won't please a judge.

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14 hours ago, hegemony said:

@Jen23514has an epic thread on this outfit:

 

calling a CA is rarely in a consumer's best interest. have they sent you any collection attempts?

 

No!  They haven't sent me anything.  I've received no phone calls nor correspondence in the mail.   If there were emails of any sort I didn't see them as they

could have easily gone into my spam folder.      I don't deny I had an account with the original creditor but I honestly thought I was paid off. Now after a year

plus I find a Collections on my credit report??!     Stating a $4K balance on a $1500 loan??     My goodness is that not usury?

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2 hours ago, faroff said:

 My goodness is that not usury?

Depends on your state.  Payday loans notoriously have an annual interest rate of 300-400%.  They get around the state maximum (usually 25-30%) by making it a "short term" loan.  That is exactly why some states made them illegal.

 

Over what time frame did you make the 3 payments?  6 weeks?  3 months?  Better:  what exact date did you take the money and what date did you make the first payment.  That should help calculate the interest rate.

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2 hours ago, CreditSucksNot said:

Depends on your state.  Payday loans notoriously have an annual interest rate of 300-400%.  They get around the state maximum (usually 25-30%) by making it a "short term" loan.  That is exactly why some states made them illegal.

 

Over what time frame did you make the 3 payments?  6 weeks?  3 months?  Better:  what exact date did you take the money and what date did you make the first payment.  That should help calculate the interest rate.

Hi.   I'm in NC.   I made a payment in Dec., Jan., and 2 in Feb.  I took the money in Nov. 2019 and paid first payment in Dec.2019

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5 hours ago, faroff said:

No!  They haven't sent me anything.  I've received no phone calls nor correspondence in the mail.   If there were emails of any sort I didn't see them as they

could have easily gone into my spam folder.      I don't deny I had an account with the original creditor but I honestly thought I was paid off. Now after a year

plus I find a Collections on my credit report??!     Stating a $4K balance on a $1500 loan??     My goodness is that not usury?

take a deep breath, count to 100 in base 4.

 

then order PAPER copies of your four consumer credit reports and read about how to deal with this type of account. there may be state laws that can help you. but you need to know the DOFD and SOL for this type of debt. Also, is this CA licensed in your state?

 

Order paper reports from the big four

https://creditboards.com/forums/index.php?/topic/590506-ordering-paper-credit-reports-information-inside/&tab=comments#comment-5623246

 

IDS: https://www.innovis.com/personal/creditReport

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6 hours ago, hegemony said:

take a deep breath, count to 100 in base 4.

 

then order PAPER copies of your four consumer credit reports and read about how to deal with this type of account. there may be state laws that can help you. but you need to know the DOFD and SOL for this type of debt. Also, is this CA licensed in your state?

 

Order paper reports from the big four

 

https://creditboards.com/forums/index.php?/topic/590506-ordering-paper-credit-reports-information-inside/&tab=comments#comment-5623246

 

 

 

IDS: https://www.innovis.com/personal/creditReport

 

Thank you.  Definitely taking those deep breaths!! :)     I'm ok understanding if I owe something more, BUT $4200 on an initial $1500 loan!!??  Plus now

on my credit report.    I'm willing to settle something.  

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10 hours ago, faroff said:

No!  They haven't sent me anything.  I've received no phone calls nor correspondence in the mail.   If there were emails of any sort I didn't see them as they

could have easily gone into my spam folder.      I don't deny I had an account with the original creditor but I honestly thought I was paid off. Now after a year

plus I find a Collections on my credit report??!     Stating a $4K balance on a $1500 loan??     My goodness is that not usury?

 

Just curious ... did the original loan report on your credit report?  How long has the collection account been reporting?

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2 hours ago, hdporter said:

 

Just curious ... did the original loan report on your credit report?  How long has the collection account been reporting?

No, it never reported on my credit report ever!      Now all of the sudden on 1/2/2021 it suddenly appears as a collection.

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2 hours ago, hegemony said:

The problem is you don't know if you owe anything. You need the collection agency to "prove" it owns the debt.

 

 

So I need to contact the collection agency?

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I would also try contacting Lead Bank/Helix Financial to inquire about their records on the status of your old loan/account.  Confirm whether their records show your account paid in full and closed, or not.  This could be a case of computer glitch or transposition of account numbers or something that got your identity mixed up with someone else's delinquent account.

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Beyond the above, I would ALSO recommend pulling the Leed/Helix file folder from your desk and reviewing the original Loan Agreement and contrast that with the data in the file folder containing your bank statements.  You need those at some point in this process, so may as well get them in order NOW. 

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