Yet Another Collection Agency Question

collection-agencyHello,
Is there anyone out there dealing with Central Financial Control collection agency? They’re located in Anaheim, CA. I’m having the worse experience with this collection agency. I researched this collection agency on bbb.org (Better Business Bureau) and they have an “F” rating.

I had an outstanding medical bill that I thought was paid by my insurance. I later found out I was responsible for this payment. I received an invoice saying I owe $700. I sent my credit card information with the invoice back to the collection agency for payment in full. Months went by and I received a letter saying, I was reported to the credit bureau. I started to research and discovered the collection agency never charged my credit card. Maybe my payment got lost in the mail. Anyways, I contact the collection agency by letter.

I told them what happened. In my letter I stated I will pay the balance only if they remove the negative item from my credit report. It’s been over 30 days, so I contact them by phone. I spoke to a representative and she stated that she received my letter and because I called she will rush the process. It’s been about 3 weeks and I have not heard anything. Have anyone else experience? What should I do now? Any suggestion?

Thanks,
Angela

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Answer:

I have no love for collection agengys,you have to legal right o tell them not to contact you anymore. My question is how can you not notice a 700$ charge not showing up on your credit card a 7$ charge not eing noticed but not a 700$ one the fault is as much yours as there. Never just assume anything that letter probley got lost at some point in the chain, probley by our postal service. It’s possible. When you make a payment with a credit card it takes weeks before you receive your next statement. So weeks went by and by that time the collection agency had already sent a letter to my home. I never ever had problems with lost mail. To be honest I think someone in the collection agency misplaced my payment. As I stated in my original email, this particular collection agency has a poor business rating according to the Better Business Bureau. So I wouldn’t be surprise if some incompetent employee misplaced my payment.

Always send letters to collection angencies by registered mail. That way they have to sign for it. Also too, I understand that you can contact the credit bureau and ask them to validate the debt. If they do not respond in 30 days, the credit bureau must take it off your report.

Jim

Success Story Of The Month – Family First Mortgage

home-mortgageBetween all the ads and information, sometimes it’s nice to share some of what we do! If you have a sucess story, or a better one.. LET’s HEAR IT!!!

Company website: http://www.annuity-advice.net/ – guaranteed payday loans online.

SITUATION:

Mr. & Mrs. S. of Murfreesboro, TN came to us from a realtor seeking a guaranteed payday loan to buy a new home because they were planning on walking away from their current home due to the following. They were paying OVER $1600/month on 3 liens and the 2nd lien had a $600/mo payment with a rate of 16% and they were 30 days late on the 2nd at the time of application. Believing they had no other options they were willing to give the house away or let it go into foreclosure if we could help them buy another.

Added to this:

  1. They filed CH7 Bankruptcy 2 years prior
  2. Mrs. S. currently has a life threatening illness, which reduced her income to a small disability payment.
  3. At the time of application, Mr. S. was temporarily out of work on disability, due to an injury which reduced his qualifying income to ½ his normal monthly income.
  4. Credit score was 565 mid, at the start and dropped to 535.
  5. The 2nd mortgage rating went from 1×30 to 1×60

SOLUTION:

  1. Convinced our client that we could help them & not to walk away from their home.
  2. Qualified them for 100% financing in a cash-out refinance
  3. Negotiated a reduced payoff with the 2nd mortgage holder
  4. Secured a fixed rate that was lower than their advertised rate with out investor
  5. Secured 100% financing despite the 535 mid score and 1×60 late on the 2nd mortgage, either of which automatically disqualified them for 100% financing
  6. Saved them over $600/month in their mortgage payment & paid off every debt they had
  7. Provided them with $3000 in cash back at the loan closing
  8. Setup the 1st mortgage payment so that they got to keep over $3000 that would have gone to mortgage payments.
  9. Got a REAL BIG HUG from a good ole’ boy from Tennessee at the closing
  10. Charged them less than 2% in total broker fees for our services

When we say No Is Never an Option.. .WE MEAN IT and WE DELIVER!!

New Member – Any Credit Repair Assistance Is Appreciated

credit-repairHello,
I am relatively new to this blog so I am basically looking for any assistance I can get. I am 23 years old and I have horrendous credit (like a lot of people out there I guess). I however am very willing to improve my credit and my credit score starting now. The problem is I dont know where to go after pulling my credit scrore. I have already decided that I do not want to use a credit counseling service and to do it on my own, I’m just not sure what would be the most effective approach.

My credit report includes just about EVERYTHING; including collection accounts, charged-off accounts, repos, etc. The only thing that I dont have is a bankruptcy or a foreclosure. The one good thing that I do have is 2 open credit cards that are in good standin, so at least they are helping a little. For one of my accounts I did do a settlement; however I have now discovered that settlements do not help your credit either. I sat down and I know how much I can contribute to debt, I just dont know how to start distributing it. If anyone has any ideas, IT WOULD BE GREATLY APPRECIATED!!!! I hope to gain alot of knowledge from this blog.

I just came from this credit repair workshop and I was GREAT. This lady provided me with factual information about the credit bureaus, creadit repair manual, diskette with sample letters to send to the credit agenies and glossary terms, and a step-by-step process to clean my credit. It was only $100 for 2 hours.

I wish I would have went to this workshop a longtime ago so that I would not have previously paid $500 for someone else to clean it for me and in turn, that individual made it worse.

Credit counseling is different than credit repair. Are you against both?

Also, I recently received a credit denial letter stating I have “Insufficient Credit”. I have good credit. My score is 700+. I applied for a loan with my credit union. My credit union called me to verify my social security #. The person I spoke with said they could not obtain my credit report with EXPERIAN. I ordered my credit report/score through myfico and I was only able to order Transunion and Exquifax. I tried ordering my report with EXPERIAN and it said, “unavailable”. What does “Insufficient Credit” mean? I have never had this problem before. Is it possible I have a fraud alert?

Get Low or NO Closing Cost Loans

loansOthers offer it BUT NOT LIKE THIS!! Now you can BUY or REFI with little or NO CLOSING COSTS. While some offer a flat fee option, this option allows for NO FEEs.

Under this option there are NO:

  • Broker Fees
  • Origination Fees
  • Appraisal Fees
  • Notary Fees
  • Processing Fees
  • Underwriting Fees
  • Courier Fees

If there are fees, they will include:

  • ODD DAYS INTEREST:
    The interest charged from the day the loan funds through the last day of the month.
  • TAXes:
    Property taxes; Transfer taxes; City/County/State taxes (if required)
  • PMI:
    (Private Mortgage Insurance) if required
  • INSURANCE:
    Homeowner insurance & Flood insurance (if required)
  • ESCROW:
    If escrow is required the amount needed to fund the impound accounts.
  • INTANGIBLES:
    Includes but is not limited to; qualification discounts; optional
    rate reduction discounts; 2nd appraisals
  • TITLE COSTS.

This funding option is not based on credit qualifications and is available on all loan programs, where available and restrictions do apply. Please contact us for more details.

  1. I do not work for free.. correct, no one should and I do not want people to think that.
  2. My company is Family First Mortgage.
  3. This funding option is NO DIFFERENT than most (99.5%) of FHA loans that are funded where the buyer has little of no money of their own.
  4. The difference is… my company gets paid when we transfer the servicing (collecting payments) on the loan OR the investor that funds the loan is paying us, to send the loan to them. In some instances we do offer the borrower a higher rate of interest to offset the costs that will be incurred to fund the loan. Also every (99.5%) of most FHA loans are funded in this fashion.
  5. The challenge is, 99% of the companies that fund FHA loans don’t tell the borrower so they presume that the rates they see are the lowest available.. NOT!
  6. We offer & advertise this as an “option” which is what it is and can be seen (some of them) on the rates page of our website. Chances are you will not see ANY other lender providing a rate that pays you.. we do because our clients often need this to close a deal.

Would you accept a rate at 6.25% with no closing cost vs. a rate of 5.5% where you have closing costs? On the surface it would make plenty of sense to reject the 6.25% rate however a closer examination shows that the difference in payment on a $100,000 loan is less than $50.00. More importantly if you needed $1500 of your own money in closing costs & did not have it…… that lower rate may not be an option.

Based on today’s rates, FHA funded loans can be had at 5.25% YET….. I have seen lenders advertising (today) a rate of 6% w/a discount fee & you have closing costs to pay.

Be your own judge, but be well informed as you do.

Pre-pay periods can range from 2-5 years with 2 years being the average, it all depends on what is offered and if the state allows.  In some instances, you can buy out the penalty period.

The site is secure when you begin either type of application. I am attaching a Msword document with a screen capture on the application page that confirms the page as being secure. In the lower right corner, you will see the yellow pad lock and in the address line begins with http”s” and the “s” states that the site is secure. In the Msword document there is also a link to the section of our site that discuss the security system used.

Please contact me if you need any additional information.

I have been suffering from bad debts for the last 12 years

debtsHi,

My name is G. Naarainn. I am from India – Bangalore. I have been suffering from bad debts for the last 12 years and yet unable to come out of it. I request for possible help from you. I got into all these bad debts due to my mother’s Cervix (uterus) cancer problem way back in 1991 – 95. All my savings vanished then in order to meet her huge medical expenses but I got into endless financial burden from then. My mother also died without responding to all medication I tried.

All these years, interest charges have been piled up so heavily over the principal amount I borrowed to such an extent that I could never able to opt out of these loans however hard I try. I sadly need someone to lift me out of this grave situation. 3 years ago, I quit my job in order to get some monetary benefit from my employer and to clear about 50% of debts I had in total. Initially while leaving my job I thought somehow I will manage to get alternate employment. But it was a wrong step I took in my life which has put me into unemployment for last 3 years. Currently, I have debts close to US$ 6000 (Indian Rupees 3 Lakhs – Rs.3,00,000).

Month after month, managing my life has become thickly difficult. Right now, for my basic life needs (food etc) I am somehow managing my life using credit cards using revolving credit facility. That is to say, I am making only minimum payment for the month and again I will withdraw it . This way I am eating my food out of loan. I am trying hard to get some job and clear out my loans but in vain. I am still searching for job but opportunities are open only for freshers and youngsters here. My wife is an anaemic and sickly person who always got one or other physical sufferings possibly due to stress out of insecurity feeling. She often complains of migraine and stomach ache along with Gynaec problems.

She is unable to handle work related stress whenever she attempted for job. She is trying to support me through conducting tuition for students at home. All her jewellery had been mortgaged right now and all my Insurance policies have been expired. I feel so sad to realize the fact that in case something wrong happens to me in the near future, my beloved wife and 6 year old daughter also would prefer dying not able cope up with this truck load of debts. This gives me so unsecured and feel of guilt to such an extent that often I keep thinking about selling off one of my kidneys to the needy and through the revenues I can get by doing so, I think of clearing all my loans once forever.

But there are legal formalities in India that is preventing me from doing me so. This is all about miseries I am facing for the past many years. Hence, I humbly request for your help and pull me out of this grave situation.

Thank you.

With warm regards….G. Naarainn.

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The answer:

I know that in the world it’s not easy finding a job but one thing I can share with you is don’t give up! You are 6000.00 in debt and that is not that much. Are you willing to do any type of work. A little bit of money is better than none. Stop using your credit cards to eat with that’s would be a victory and a first step. Once you start walking with that type of mindset then doors will start to open!!!

Good luck!

Question About Collection Agency

questionI have some questions about collection agency. I need to know what they can and cannot do.

First of all, the bill that I owe to the credit card was more than 5 years ago. Somehow or another, they got a hold of my daughter’s cell number which is unlimited, yesterday. They scared my daughter and she handed the phone to my husband. They wanted my husband to give them our bank account number and/or debit card number. They wanted us to pay $400 a week til the bill paid in full. They also told him that if we don’t start paying on the credit card that they are going to start charging 27% interest. This is an old bill and they won’t take any offer, not even $25 a month. I don’t have the credit card anymore because it was expired. At the time, I was paying them $100 a month before I couldn’t pay it anymore and I don’t believe that I owe $6000.

I’ve tried reason with them and all I was paying was interests. I had to stop paying on it because I lost my job and we were living on my husband’s income til he lost his job. Our jobs aren’t great and I don’t make more than $400 a week neither does my husband. They don’t care if we live in our car or street. They want their money. My husband almost gave them our bank account number and I told him, no way. I’ll explain to him that if they did, they will take any amount that they want because we gave it to them permission by giving them our bank account and there is nothing that we can do. All we can do is contact our bank that they did not have permission.

I want them to stop calling me and my family. How did they get my daughter’s cell number??

They even lied to my husband that they mailed the bills to our old address. What old address?? We lived here more than 12 years.

Any advice and opinion will be appreciated.

Thanks.

P. S. Sorry, I forgot to mention that I lived in the state of Texas. They called my daughter several times today. She was away from her phone at the time that they called. They are bothering her at work as well. My daughter is only 19.
Thanks
Lauria

Update:

Okay, I’ve send the bill collection a drop dead letter. They mailed me back a letter like this.. what does this exactly mean? They didn’t certified the letter..

The purpose of this letter is to advise you of the results of our investigation of your dispute pursuant to the Texas Finance Code and/or the Fair Credit Reporting Act.

Please be advised that we have determined that our credit file and credit reporting of the above-referenced account is accurate, and therefore we deny the inaccuracy of the disputed item. We will be closing our investigation of your dispute and resuming regular collection activities as allowed by the Texas Finance Code and/or the Fair Credit Reporting Act.

In response to your dispute, we have requested that the three major credit bureaus change the status of this account to “Disputed.” Your credit report will not be updated if the federal reporting period has expired.
If you have additional documentation or information related to your dispute, please send it to:
Attention: Consumer Support Services

Should I worry?

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Go to Clark Howard’s website and download the ‘Drop Dead’ Letter.  Then send it, certified, return receipt.  That tells them to stop contacting you period!  If they do, you have the right to sue them for violating federal law.  What you will need is an actual street address and not a PO Box.  How I have obtained that information was to tell them, the next time they called, that I was over-nighting them a payment via FedEx or UPS which do not deliver to PO Boxes, therefore I needed their street address.

Then, you can contact them on your time schedule and tell them to send you proof of debt, in accordance with the law.  If they told your daughter they were trying to collect on a debt, they violated the law.

Lastly, find out exactly how much you owe in principal and offer them 25% of it (you have to scrape up the money) if they send you a letter stating that they will accept it as payment in full.  If they say no, tell them you will call them back next month and offer 22%, they will refuse.  Then the next month, offer the 22%, if the refuse them the following month it will be 19%, etc.  Chances are, the second month, they will agree to the 25%.  BUT SEND NO MONEY WITHOUT their letter stating they will accept it as payment in full.

But always remember, if it is a Collection Agency, they now own the debt and are not acting on behalf of the client.  They bought the debt for pennies on the dollar and all you have to do is whittle them down to an agreeable amount.  But you must have the money available in a certified check only.  NEVER give them electronic access to your account, but I think you already said you knew that.

I would NOT contact any debt over 6-7 years old. IIRC once a debt has come to 7 years without mutual contact to or from the borrower, the debt is void. If you send letters, or pay a dime to it, that in a sense ‘re-energizes’ the debt for another seven years.

Of course States and such may vary, but that is my understanding of this.

Best of luck!