Ratings Agencies Must Fight Together For Independence Palisades Hudson Financial Group
The people who run Fitch and Moody’s, who still give the U.S. Treasury a triple-A rating and thus remain part of the Washington in-crowd, ought to recall Benjamin Franklin’s famous warning: “ We must all hang together, or assuredly we shall all hang separately .”
The Justice Department has already sent out a hanging party for Standard & Poor’s, which downgraded the Treasury’s debt earlier this month. The New York Times reported that the department is investigating whether S&P rated various mortgage securities improperly in the years before the financial crisis. The Securities and Exchange Commission was already looking into S&P and Moody’s ratings of mortgage securities , and since the downgrade, the SEC also has reportedly demanded information about whether S&P employees leaked or traded on inside information about the Treasury ratings cut – even though S&P repeatedly said that it would reduce Treasury’s rating ratings unless federal deficits were cut faster and deeper than congressional negotiators ultimately agreed to do.
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Does anyone have specific language from a contract with a collection agency. Debt settlement Contract?
I have agreed to pay $200.00 on a balance of $382.94 as a settlement amount wiping the debt to a zero balance. I want a contract to state this using specific language protecting me from bad reports on my credit. For example "settlement" or "Paid as agreed" etc. I do not want to give the collection agency any way to twist or re-assign my debt. Please advise. Your experience? Specific language requested.
You could type one and have them sign it:
Date
Their Company Details
We acknowledge receipt from Justagirl the amount of $200.00 in full and final settlement for Account Number xxx.
Signed
Name of Person in Authority
His Position with the Company
Hope it helps
Summoned to court over debt & collection agency settlement?
I recently received a summon to court over old debt with Providian (they demand $3000).
Couple of days later I got a settlement letter from collection agency that suing me. But they do not mention lawsuit there. It just says they will close out the account if I pay settlement amount. (which is $1000 lower then amount they are suing me for)
What are my options ?
What happens if I go for settlement before the court date ? Is my case going to get dismissed ? Any ideas what might happen ? Or any suggestions how to deal with it ?
My SOL expired Sept.2006, but it looks like they have filed lawsuit in Jul 2006, but my court date is in March. Is SOL rules apply to filing day or court date ?
The SOL applies to the filing date as it may take months to get an actual court date.
If the settlement is valid, and you pay it that should be enough to show in court to have the suit dismissed. Most settlements have a date you have to pay by, so if that date has passed then that settlement is no longer valid. But there is nothing that says you can't try to settle before your court date. Call the Collection agency or attorney and offer a settlement, a lot of times they would much rather just take a settlement than go to court. However, at this stage in the game expect them to want a full payment.
Anyone used a debt settlement agency?
Has anyone who has been in major debt ever used a debt settlement company before? Who did you use and how did it go? How long did it take to get out of debt and did it help your credit in the end?
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In addition, it discusses how forgiven debt is taxable as a source of income.
You may wish to consider speaking with a financial counselor. You likely have a few options to consider, some of which may be better than using a settlement company.
What are the steps needed to do a pay for deletion debt settlement with a collection agency?
The accounts are all medical and over 2 yrs. old. Also if I send a pay for deletion letter can the collection agency start the statue of limitations over because of the letter?
Send them a letter that states that you will pay them and in return they will close the account, remove it from your CR, and not pass it on or pursue you on it in the future.
Make sure theres a place for them and you to sign.
Send it out and wait for it to come back.
:edit: However if these items are outside of SOL then you wouldn't want to Pay for Delete.
And no it will not restart the statute of limitations (SOL).
:edit: The guy below me has no idea what he's talking about. Do not pay someone to fix this problem for your. It really isn't that hard to do yourself. And YES there is such a thing as SOL on consumer debt in EVERY STATE. He may mean that indeed the debt will never die, however the ability for the Collection agency (CA) to legally collect on said debt is impossible. Yes they can trick you into it but you have all the legal rights to tell them to 'get bent'. And they can not report it on your Credit Report and if they do you can use validation techniques to get it off there.
:edit2: Indeed the fact that it can't stay on your report any more than 7 years does not mean that you can't Pay for Delete (PFD), in fact I'm sure the credit industry would not like you to know that in fact you CAN get it removed from your credit report. Someone put it on your credit report and yes someone can take it back off. This tactic is much harder as they may not agree unless they know there is no other way they will get their dough.
However another little trick would be to get in writing that they will NOT validate if you ask for validation from the Credit Reporting Agency's (ie Transunion, Equifax...). If they do not validate then it can't be on your Credit report as it's not legit.
Then again it's always hard to get them to hold up to their word - but that's what lawsuites are for.
Go here: www.lexingtonlaw.com and understand your rights. Sign-up with them and they will fix all of your credit issues.
Don't listen to collection company rhetoric.
Write me a personal message if you ever have questions like this again. kenneth_knapp @ yahoo .com
KK
If you have an account in collections and you pay the balance or settle for less than the full balance, the credit bureaus are required to show that debt as "paid" or "settled" on your report. It is not up to the collection agency to report that. Most of the time they do, but if they don't, it's up to us as consumers to get a receipt from the collection agency and then follow up with the credit bureau. Do not pay a "removal" fee. Just pay the debt and use a .39 cent stamp to get things updated.
I hope that helps.
Can a debt collection agency change the terms of a settlement offer after it is accepted?
First things first - we took out a payday loan, couldn't afford it, and it went to collections. They served us papers for a suit and we called to see if we could settle out of court.
They agreed to settle for $559.00. The agency is now trying to say we owe them more money. During the first call we made to them, there was no breakdown of this amount. I made them fax us a copy of the settlement agreement saying that the debt would be absolved when we paid the agreed amount. They did fax this and we made the first payment.
We have so far made 3 weekly payments of $150 each on time as agreed. When we talked to them today and made the 3rd payment, they said that we still owe them $252. When we asked why, they said it is the remainder of the original amount, plus extra filing fees/legal costs. This was never disclosed at the time we agreed to pay, and is not on the faxed agreement we have.
Is there anything we can do about this?
P.S. - We live in Idaho, if that is pertinent.
Im trying to get into a debt settlement,, a coll. agency has 1 card,, can a program help me?
a company has told me they cant help me because the collection agency is in the same state as me,,, and another has told me they can help
A program might be able to help you work out something, but if they can do it, you could do it yourself. All they can do is to try to change the payment terms or settle for less than the amount owed or cut the interest rate.
Can I negotiate a debt settlement for a University's collection agency?
I currently owe $2600 to my University through their debt collection agency. I asked the agency if we could negotiate a settlement, and I was told that the University for which I attended doesn't allow debt settlements, and I would need to pay the full amount (I'm currently paying $50 per month with no interest, which includes a $500 fee for the agency). At the very least, shouldn't they be willing to accept less now because there is no interest? If I continue to pay $50 each month over a period longer than four years, they lose money by not taking at least several hundred less now... and I earn money by paying the minimum since there is no interest. So I need some advice for how to approach this matter.
Joe C (below) apparently has some issues about his own personal worth, so he needs to make himself feel better by calling other people's integrity into question.
You are asking how to get out of money you rightfully owe.
Take responsibility for your debt.
Get a job and pay back the money.
It should take you no more than 3 months.
Remember a college degree is worthless without integrity.
how is the debt settlement work from credit solutions agency i will hire ?
NOT TRUE!!!
I just got done with a Credit management company. Smart Credit Management Group. They don't give you a loan to pay off your credit cards, instead you give all of the CC information and they call your creditors on your behalf. Negotiate lower APR's and monthly payments. Once your cc company has accepted this offer you send one monthly payment to your credit management company and they send payments to all of your creditors.
Studly is correct.
You will have to pay a small monthly fee for their services. We paid $48.00 per month. Which I think is a small price to pay to get your sanity back. Going from over $1000.00 per month in debt to just a hair over $700.00 was a welcomed relief.
Also, if your currently behind in your payments on a regular basis, this wont be any different then that. The only thing that it did to my credit report is on each of my creditors it showed that I was working with a debt management company. In which you have to look at your situation and kind of pick your poison as they say.
debt settlement agencies........?
Is there a debt settlement agency that pay your creditors in full, then you pay the agency instead of the creditors?
Thanks.
That's not how debt settlement companies work. They collect money from you and let all your debts go 90 days past due. Then offer lowball settlements. Not only does this trash your credit, but most credit card companies refuse to play and will immediately sue.
You might consider credit counseling. Check here for a NFCC member near you: http://www.nfcc.org/. These are legit non-profit companies that offer debt management programs. They negotiate lower interest and payments so you can pay off your debt.
The third option is a debt consolidation loan. You take out a big loan to pay off all your debts. Only do this if you are disciplined enough not to run up those credit cards and other debt. Folks often do this and end up with the big loan payment and all the credit card payments.
What to do with a credit collection agency summon?
I decided to go on ahead and fight back on my summon. Now the collection agency is calling me everyday day and night non-stop. I have a debt settlement agency and said they will be the one in contact with my creditors. I decided to go on debt settlement. So please I need your professional advises on this. Thanks a lot. I just want to get rid of all my credit cards.
Answer the phone and give them the debt settlement agency's number. DO NOT give them any other information as they will try.
Advise them not to call your house again. As for calling all day they program those computers to do that. You have to either just not answer the phone or check caller id first. Or take the phone off the hook. This is a ploy that works for them. If they call you day and night many people will eventually send them their last penny so they will go away. don't fall for it.
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Think Debt Relief Expands Its Consumer Services With Attorney ... - Earthtimes (press release) Think Debt Relief Expands Its Consumer Services With Attorney Think Debt Relief offers multiple mortgage loan modification programs, credit counseling services, and a debt settlement program that serves as an |
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Greece sells 2 bln eur T-bills - Life Style Extra Greece sells 2 bln eur T-bills ATHENS, Jan 13 (Reuters) - Greece's Public Debt Management Agency (PDMA) said on Tuesday it sold a total of 2.0 billion euros ($2.68 billion) of 13-, Successful auction of state notes |
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10KSB: ISA INTERNATIONALE INC Legal and settlement costs decreased to $44156 compared to $179914 in fiscal 2006. The Company reached an agreement with its legal counsel for services |
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