Palisades Financial LLC AND!! Merchants Credit Guide trying to collect

[upontheventura]

What is the name of your state?NewHampshire
Hey guys!
Palisades Financial is trying to collect on a nearly 3 year old Providian account. I am already paying one lawyer monthly payments for the other Providian account that was charged off(they were about to sue and had attempted service at my mailbox ect!)The SOL runs out in July(if based on the last payment made, or December if it goes by the chargeoff date. Anyway 2 things- Palisades has had this Providian account since 10/03. Now they have hired another collection agency- Merchants Credit Guide Co. to collect as well. Merchants is offering a 60% settlement- $2800.00. They supposedly represent Palisades. Why would two collection agencies be going after me? Why would Palisades not just hire a lawyer and sue. And Palisades does sue. Its just under $5000.00. I am finding myself in the same predicament that i was in 3 years ago when my career was at a standstill, and I will not be able to pay two laywers, or worse, have my bank accounts seized and my wages garnished. Lastly- and I think this may be a BIGGIE. Palisades has put this collection account on my credit report as an OPEN ACCOUNT. The Providian account still shows as a charge off, with all the correct dates. Palisades shows the collection account as open and reports it had more than 6 PAYMENTS PAST DUE. I have never even spoken to this company, or received a letter from Palisades- only Merchant's.. How can they report this as "More than 6 payments past due" when I have never established any sort of payment plan/agreement/settlement with them? Are there any actions I should take? Merchant's has never run an inquiry on any of my credit reports, or reported anything. Is Palisades doing something to change my SOL?Is this what they call reageing? Thanks for listening.