If you receive a letter from a collection agency regarding a really old debt, you can ignore it (if it has already dropped off your credit report) but doing so will mean they will continue to send letters every year no matter where you move to. It also means that they have access to your credit report (as a soft inquiry). If you want to be rid of it once and for all, you must be very careful as to how you proceed: Here is a suggestion: Get a free copy of your credit file and be sure the debt in question is no longer being reported. Send–via certified mail–a copy of the letter you received along with something to this effect: Dear Sir or Madam: I am willing to settle the balance of my Time-Barred Debt referenced above for $xx.xx as full and final settlement of the disputed debt originally owed to (name of Bank). (The amount you offer them can either be their offer or a lesser amount–whatever you can afford) By accepting this letter of settlement, you agree on behalf of (Name of Original Bank) and (Name of Collection agency) to the following: 1) You agree to accept $xx.xx as an agreed full and final settlement of all outstanding charges/fees on the disputed account referenced above. 2) You agree to cease any and all attempts to collect this debt in the future, either directly or through a third-party. 3) You agree not to sell any part of this debt to a third party since you now recognize this account to be “settled as agreed.” 4) As a time-barred debt, this account no …
My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors – particularly credit card debt collectors. Most people do not know that they have rights guaranteed to them by the Fair Debt Collection Practices Act (FDCPA) and debt collectors knowingly and habitually break these laws in order to frighten them into paying. IT IS NOT AGAINST THE LAW TO OWE MONEY! Do not allow yourself to be lied to (example: “You’re going to go to jail if you don’t pay this” is one of their favorites!) or treated without the dignity you deserve. KNOW YOUR RIGHTS UNDER THE FDCPA: Collectors can NOT call you before 8 am or after 9 pm Collectors can NOT threaten to have you arrested or charged with a crime if you dont pay Collectors can NOT continue to call after you have indicated you want them to stop (record your conversation with them, tell them you ARE recording it, write the date and time down in a journal, and follow up with a certified letter stating they may no longer call.) Collectors can NOT call friends, family members or colleagues repeatedly in order to get you to pay (they may call your acquaintances ONCE in order to track you down and may NOT mention that you owe money or give ANY information that would lead someone to believe that they are attempting to collect a debt.) For more information on your rights under the FDCPA, please visit my website at www.myarrp.com (click on the “Help With Credit” link at the top.) To the scum …
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