Merchants Credit
223 West Jackson BLVD Ste 900
Chicago Illinois 60606
U.S.A.
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Merchants Credit??? I'm freaking out here! Jackson BLVD Ste 900 Chicago, Illinois,
1Author
1Consumer
0Employee/Owner
Is this a legitimate company?? I read some scary things on this site...
I received a letter earlier this month stating that I owe almost $5,000 in debt from a card opened up in 1994. (Foolish college student!) I spoke with them today and they said they can settle it and provide me with documentation that it has been settled if I send in a payment of $1500 by July 31st.
I told them that I was 99% sure that I had resolved all my debts and nothing shows up on my credit (having bought 2 homes in the past 6 years... they explained that not all lendors dig back that far and not all creditors report it...)
They had all my old addresses and provided me with the last 4-digits of my SSN. I did not give them any of that.
They said a payment of $200 was made in 2000 and that was it... if I remember correctly, I thought that payment was to clear everything! But I have no documentation of any of this....
They also explained that this is a secondary line of credit (apparently I paid off a visa... but was then given a MC and this is what they are collecting on.) The company passed my account to another collection agency which then sold my account to these people...
Any advice is greatly appreciated.
Freaking Out
Colville, Washington
U.S.A.
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REBUTTALS & REPLIES:
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Updates & Rebuttals
#1 Consumer Suggestion
AUTHOR: Steve - Bradenton (U.S.A.)
SUBMITTED: Friday, July 18, 2008
POSTED: Friday, July 18, 2008
NEVER speak to any third party collector on the phone.!! Never do this!!!
It will NEVER produce positive results for you and can only hurt you.
Even if you have an unlisted and/or private phone#, they can capture it. So at very least, calling them gives away your phone# to them which they obviously did not have because they were only sending you mail.
It appears that the debt you mention may be past statute of limitations and is not legally collectable anyway, so any communication is frivolous.
This outfit are genuine lowlife and are the perfect example of the term "bottomfeeders".
They buy this type of old "debt" for less than a penny on the dollar, and really have no documentation in most cases, but just a computer printout.
Most third party collectors aka: bottomfeeders will not sue. So you really should not contact them any further except to send a CEASE COMMUNICATIONS request as per your rights under the FDCPA.
Send this request by certified mail, return reciept requested. Be sure you put the certified# on the letter itself, and keep a copy of the letter for your records. This procedure is VERY important!
And, most important, do not sign this letter or anything you send to a third party collector / bottomfeeder. Your signature could end up on a "contract".
