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  1. #1
    Join Date
    Aug 2012
    Posts
    8

    Default Phone Calls from Too Many Debt Collectors

    My question involves collection proceedings in the State of: Maryland

    Hi: I am in a lot of debt and I am broke. I pulled my credit report and I see the names of the companies what now own the debt I guess. Can more than one debt collector call me about the same debt. Is it a matter of each one trying to get the money first. What is meant by charged-off. If my debt is charged off then who do I owe money to. How do I stop all the phone calls. They even call me on my cell phone which is crazy because I don't want my cell phone bill to go out of control. I don't answer the calls because I am afraid. I don't have money to pay. Also, two of them took me to court and I made an agree to pay a nominal amount each month. Is it too late to make them an offer and settle with them. I am trying to clean up my life!

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Phone Calls from Too Many Debt Collectors

    there can be only one...


    debt owner (a little Highlander humor)




    if anybody attempts to collect on the debt, before making any payment you need to chase the chain of ownership yourself to determine who is the rightful owner.

    What is meant by charged-off. If my debt is charged off then who do I owe money to.

    charged off is simple an accounting term a company uses. It is stating they are taking it off their books as an asset and claiming it as a loss against their income. It really doesn't affect you other than you could get a 1099 for the debt which would mean it is now considered to be income for you.

    You owe the money to whomever owns the debt. It could still be the original creditor or any subsequent party that purchased the debt.

    How do I stop all the phone calls.
    You send all of them a cease and desist letter telling them to cease all contact with you. Be warned, that may tend to stir them into just suing you.

    as to the folks that have a judgment against you; they can accept less than the total amount of the judgement but they surely don't ahve to. They already have had a court confirm the fact you owe the debt. If they do negotiate a less than payment in full payment to settle the debt, be sure it includes them filing a satisfaction of judgment with the courts that issued the judgment.

  3. #3
    Join Date
    Aug 2012
    Posts
    8

    Default Re: Phone Calls from Too Many Debt Collectors

    Thank you...

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