Report: #598924

Complaint Review: Pentagroup Financial LLC

Submitted: Saturday, May 01, 2010
Last Posting: Sunday, May 02, 2010
Reported By: Dawn — Bartow Florida United States of America

Pentagroup Financial LLC

PO Box 742209 Houston Texas 77274 United States of America

Phone: 8662133753
Web: compliance@pentagroup.us.com
Category: Miscellaneous Companies

Pentagroup Financial LLC Company failed to report a account settled.. And turned around and sold the account to another collection agency after payment was receved and settled.. Houston, Texas

*General Comment: This is a common SCAM

1Author 2Consumer 0Employee/Owner

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Pentagroup Financial., LLC had a credit card account that they bought from Aspire Visa. I Had called them and settled on amount less then owed.. This was paid to them in June of 2008.

They Failed to contact the 3 credit burrows to show this account was paid and settled.

Then after the fact almost One Year later they turn around and hand over the same account to another credit collection company,Midland Credit.. So now I am having to put up with all kinds of hurrassing calls at all times of the day.. For an Account that was paid a Year Ago.. And I have to contact all 3 burrows and prove that the account was indeed paid. How can then turn around and give some other company and account after it has been paid? Does not seem legal to me.

This report was posted on Ripoff Report on 5/1/2010 9:02:38 AM and is a permanent record located here: http://www.ripoffreport.com/miscellaneous-companies/pentagroup-financial/pentagroup-financial-llc-comp-2758c.htm. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:

1Author 2Consumer 0Employee/Owner

Updates & Rebuttals

#1 Consumer Comment

Re:

AUTHOR: John - Louisville (U.S.A.)

SUBMITTED: Saturday, May 01, 2010

Some hard lessons learned here:

Never pay a debt collector without first getting a signed settlement agreement on their letterhead stating that the account will be paid in full upon receipt of the agreed-to amount. If you don’t, the debt collectors will come back demanding more money...or they'll resell your account to another collection agency. Without a settlement letter, you have no proof that the account was paid in full

When a credit card completely defaults, this is noted on your credit report as a “charge-off.” This will stay on your credit report for 7 years. A charge-off is one of the worst things than can happen to your credit rating. With a charge-off, the damage is done and it can’t be undone by later cutting a check for the entire or settled amount. It is very important to understand that paying back a charge-off will not fix your credit. Your credit report will be updated to a "Paid Charge-Off," which, while slightly better, is still a seriously derogatory item. A charge-off, whether paid, settled for less or not paid at all, will remain on a consumer's credit reports for up to 7 years.. You would have been better off not contact the collection agency to begin with.

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#2 Consumer Comment

This is a common SCAM

AUTHOR: Jim - Millbrook (U.S.A.)

SUBMITTED: Sunday, May 02, 2010

What you don't know is that by paying even a penny, the account is "Refreshed" and then they CAN sue, also they are very bad about "Settling" for (Say) Half, then passing along the NEW DEBT to another "Collector" so you pay again.

NEVER GIVE COLLECTORS A SINGLE CENT.

Also the above agreement to release you is NOT binding. It's just another LIE.

Plus NO ONE can remove anything from your credit report, the Credit Report Bureaus do not allow it, it's just a lie to get your money.

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