Charged off credit debt

What is the name of your state? The account was open in California but I currently reside in Georgia.

I have a credit card debt that had a limit of $500. I did not pay and over the past six months the account has been sold to several collection agencies who inform me that I now owe $2000. They would call me at my job and tell me that they were a law office and that they were representing the credit card company. When I would get phone numbers for them and look them up I would find out that it was a collection agency. Recently a law office contacted me and I informed them that I was willing to pay $1000 to settle the debt. My questions are: 1. Should I ask for something in writing that says $1000 is "amount paid and full" ? 2. How do I find out that they are legit and legally have the account? 3. Do I have to pay the $1000 immediately or do I legally have at least 30 days to do so? 4. After it is paid do they have to change the information on my credit report immediately and if so what would it say about this account?

[cmorris]

Originally Posted by hollywoodivey

They would call me at my job and tell me that they were a law office and that they were representing the credit card company. When I would get phone numbers for them and look them up I would find out that it was a collection agency.

**This is a violation of the FDCPA. Collection agencies cannot misrepresent themselves as an attorney. However, I doubt you have any proof.
Recently a law office contacted me and I informed them that I was willing to pay $1000 to settle the debt. My questions are: 1. Should I ask for something in writing that says $1000 is "amount paid and full" ? 2. How do I find out that they are legit and legally have the account? 3. Do I have to pay the $1000 immediately or do I legally have at least 30 days to do so? 4. After it is paid do they have to change the information on my credit report immediately and if so what would it say about this account?

First of all, stay off of the phone! Do things ONLY in writing. Second, send a letter, CMRRR, stating to only contact you by mail and ask for validation. Proper validation is not a computer printout. If they do provide you with proper validation and they agree to settle with you (regardless of amount), get it in writing first. Do not pay one cent until you have something in writing specifically stating the debt is paid in full. If there is an agreement, typically you have to have the money upfront. Settlements hardly ever get payment plans (that I know of, anyway). As far as your CR, it will be a PAID collection, which is negative. A paid collection is not any better than an unpaid collection. If you want, see if they will do a pay for delete. If they agree to this (it might take a few letters--always CMRRR), get this in writing. You usually have to pay most, if not all, of the amount.