Here is a great opportunity for you to ask any debt relief or credit related question and receive input from an experienced expert! Ask a question about settling credit card and other types of debt with your bank, a debt collector, or a debt collection attorney. Are you dealing with a debt buyer? Not sure what you are dealing with? Submit your question and CRN will help you with detailed and useful feedback.
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After receiving a civil summons from a lawyer claiming to represent the creditor, 6 or more months after an accounts been unpaid, how does one find out if the debt has been bought by a debt buyer or not? On credit report it’s only stated that debt has been charged off.
When an original creditor sell the debt they will typically show the charge off, but a zero balance due and owing at the moment, because they sold it.
You can always call the creditor and ask if they have sold your debt, and to whom.
Most creditors do not sell debt.
wells fargo charged off my sons credit card debt app. $1500 5 years ago. how can he find out who bought the debt? he is trying to join the coast guard and they require that this is settled.
Wells Fargo has not been selling debt for longer than that. You can likely call Wells Fargo and they have it internal and you can resolve the debt with them. Let me know if that is not the case and we can go from there.
I owe 17000 to bmo credit card company. It is getting very hard for me to pay the min payments. I have missed some payments on a line of credit but try to make sure I never miss my credit card. I would like to try and do the lump sum payment, what should I do
How long will it take you to have about 40% of the balance on your BMO credit card? What is the interest rate on the card?
I am wondering, if I take a temporary lower rate, because it will help to stop accruing interest faster than I’m making minimum payments, will my credit score be effected?
Typically not, but that assumes you have not missed payments to date. It sounds like you are enrolling in a temporary hardship plan with just one creditor?
Hi Michael, I just wanted to know
1) if you recommend sending in debt validation / disputes letters?
2) I get the feeling that most American don’t do it so I’m not sure if there are any down sides?
Best,
Andrew
I am not a fan of sending dispute letters and validation requests. Not even to play hot potato with debt collectors because you cannot afford to, or have no desire to, resolve a debt. There are some limited times I would suggest using one for strategic reasons when trying to resolve a debt.
I cover the downsides in that link.
Got it thank you!
Just one follow-up question, what are the limited times that you would suggest using dispute letters?
The obvious instances are when there is something to dispute (legitimacy of the debt, balance, credit reporting inaccuracies, etc).
As a strategy, and certainly not limited to this, I may use it when I know the outcome may be the account will go back to the lender for placement with a different debt collector (can depend on where you are at in the collection life cycle), or as a measure to stall for a limited time, like 30 to 60 days, in order to gather up the money I need to settle.