Somebody please help! I'm so confused now!

[Mstevens]

What is the name of your state?What is the name of your state? Oklahoma

Here's my situation: Have a car loan, lost job and haven't been able to pay for a very long time. Now it's with a collection agent and they're trying to make me pay 50 cents on the dollar of what I owe. My husband talked to them at first and then let me deal with them. I thought they were the collection dept for the loan company themselves at first. The lady didn't tell me who her company was, only why she was calling and that she had talked to my husband already. I say all that because I agreed to give them $50 just to show that I was willing to work this out, only at the time, I didn't know they were a collection agent.

I have gotten all kinds of advice and I just want to know what's true and what's not. I've heard that some collection agencies buy your debt for as little as 10 cents on the dollar and then try to intimidate you into paying way more so they can make a profit. I've also heard that a collection agent buying your contract is illegal without your consent so you don't have to pay them anything. And what's the deal with asking for "debt validation" from a collection agency? I've been advised to do that too but I don't understand why. Is it because I don't actually owe them, I owe the loan company so therefore the collection agent can't actually get anything from me because they can't prove it? I'm thinking that I have a contract with the loan company, not the collection agent. Have I already screwed up the validation thing by giving them the $50?? I did talk to the lady again and I let her know that I didn't realize that she was from a collection agency, that I thought she was from the loan company.

I also checked with my original creditor's automated system and it said my account number wasn't valid...this also being the same account number the collection agent is giving me. The vehicle isn't even running and I can't afford to fix it or pay the loan. Do I have to give this collection agent any money?? I know my credit is destroyed by this now, so I don't know what to do. Any help would be so appreciated. These people are calling me twice a day, not to mention, twice daily on my cell phone as well.
Thanks........

 

[Ladynred]

How long has it been ?? More than 5 years ??? SOL on a written contract in OK is 5 years.

I've heard that some collection agencies buy your debt for as little as 10 cents on the dollar and then try to intimidate you into paying way more so they can make a profit.

That is the game ! 10 cents on the dollar is a LOT for an old debt, sometimes its a penny or less ! Intimidating you to make you pay as much as possible is the way collection agencies work - and make their profits.

I've also heard that a collection agent buying your contract is illegal without your consent so you don't have to pay them anything

WRONG ! A creditor can sell off your bad debt any time they want and they do NOT need your consent to do so - its business. Once they buy the debt, you owe THEM the money.

And what's the deal with asking for "debt validation" from a collection agency? I've been advised to do that too but I don't understand why

I suggest you learn what debt validation IS - www.creditinfocenter.com
Its to make them PROVE its YOUR debt. If they can't prove it and validate, the law says the must cease all collection activity until they DO prove it.

If its been a long time since you paid the original creditor, then your original account number doesn't exist in their system any more, it now belongs to the debt collector.

Calling you on your cell phone is ILLEGAL. If you don't want them calling you at all, send them a cease and desist letter telling them that all contact must be by MAIL ONLY. Send it certified, RRR and keep copies of everything.