Chged Off CC

[kris77]

undefinedWhat is the name of your state? Ga Me and my husband have an old credit card that has been charged off with a balance of 3300.00. The collection agencies that have had it refuse to take pmts. This is the last debt that we owe on and want to pay it off but do not have any resources to help us. The new agency that has it is Phillips and Cohen Associates, they act like they are a law firm and are threatning if we do not pay it off in 24 hours they are taking legal action. I researched this company online and they say the are not a law firm nor are they attorneys. I don't know what to do I do not understand how judgements work. Will they even bother over three thousand dollars or do you think they are blowing hot air. We have no money in the bank we have been paying everything in cash.

[Debt Guy]

How old is this debt? When was the last regular payment you made on the account before it went delinquent?

[kris77]

It was chged off I think back in 99-00 The last pmt was made to an agency either the end of 03 beginning of 04. We have worked hard and payed off all our other cards. This is the last one, we've never had a judgement and don't want one if possible.

[Debt Guy]

The statute of limitations in George is 6 years for a written agreement and 4 years for an open account.


when was the first default on this debt? In other words, when was the last payment after with the debt was never current?

[kris77]

Last pmt was made to collection agency in 2003

[kris77]

The last pmt was made in 2003 to collection agency but on credit report the account was chged off in 05/00. Where does that leave us? Can we prevent them from trying to summons us by informing the collection agency of the SOL? We want to pay the debt we just can't do it it at one time.

[Ladynred]

Can we prevent them from trying to summons us by informing the collection agency of the SOL?

No, you can't. You made a payment in 2003, that payment re-set the SOL and it won't run out now until 2007 !

Phillips & Cohen are scumbags and their 24 hour deadline is bullcrap. They do sue people though, so you need to be careful. Do you own a home ? Do you have other assets ?? If not, then they may not sue.. you've got nothing they can take from you.

[kris77]

We have nothing that is paid for right now everything is financed. Can they touch it? Also I found out yesterday that they claim we owe 3389.00 but according to our credit report, which was updated this month it claims we only owe 2800.00. Dont they have to go by the credit report. I also sent them a letter telling them that all phone contact was to cease because they were harassing us, they called even after receiving the letter. They also implied they were a law firm on the phone. The main reason I sent the letter was because of them harassing me and because they claimed they did not have to send us anything on paper. I told them I would not send any money until I had something in writing and they claimed they didnt do that and that they didnt have to. I thought they were required by law to send out a letter within 5 days or initial contact. I will gladly pay the debt but we dont have 2800.00 they can check our bank. With us just getting our credit straight we cant afford a loan right now. Even though they claim they cant take pmts if I send it do they have to apply it?

[Ladynred]

We have nothing that is paid for right now everything is financed. Can they touch it?

Maybe, maybe not. Depends on your equity in the property and your available exemptions. If you've got little or no equity, they won't get anything, but it won't stop them from suing you if that's their intent.

Dont they have to go by the credit report.

No, they don't. They tack on all kinds of interest and such dating back to when you stopped paying.

The main reason I sent the letter was because of them harassing me and because they claimed they did not have to send us anything on paper. I told them I would not send any money until I had something in writing and they claimed they didnt do that and that they didnt have to. I thought they were required by law to send out a letter within 5 days or initial contact.

They ARE required by law to send you notice within 5 days of initial contact. If you ask for validation, they ARE required to cease ALL collection activity until they provide that validation. If you send a C&D, then they are supposed to honor it per the FDCPA. Doesn't suprise me a bit they claimed they didn't have to do anything and ignored your C&D.

Send them a formal validation demand letter, certified, RRR, and keep track of the green card. If they keep harrasing you after that, document their violations.