Saturday, January 23, 2010
Do NOT try to pay the Mann Bracken collected debts!
According to the Maryland regulators (article posted below), consumers WANT to pay their debts. What a FOOLISH move!!!!
The Maryland statute of limitations for credit cards is only 3 years. HOWEVER, the 3 year statute of limitations begins again if creditors can document that a debtor has reaffirmed a debt on a good faith basis by a written agreement, orally, or by payment.
PAYING your debts will often NOT help your credit rating at all and paying a collection reported by a collector will NOT increase your FICO scores.
I really don’t like to give advice to anyone before I’ve reviewed their credit reports and know the person’s financial situation and ambitions. But since the Maryland regulators are doing such a HORRIBLE job, here are my two cents to anyone with a debt collected by Mann Bracken:
1) KEEP everything you receive from Mann Bracken.
2) Play dead— try to wait out the statute of limitation.
3) If anyone contacts you regarding the debt, RECORD all calls and SAVE all collection letters.
4a) If you have the money to settle the debt and your credit is important, try to get the most favorable settlement and credit reporting.
SETTLE accounts BEFORE a new collector or debt buyer reports. Documented violations result in more favorable settlements. Once you receive their initial collection letter, you should have at least 30 days to dispute or settle BEFORE they report on the credit.
4b) If you do NOT have the money to settle or you have better things to do with your money, ask collectors not to call you again, dispute the debt, and document violations.
You may be able to settle accounts for just a few thousand dollars if you can document FDCPA and/or state law violations.
It is WORK to document violations and whether it’s worth the hassle all depends on what value you allocate to your TIME wasted. But if your credit rating is important, it might be well worth the effort.
If the debt was SOLD to a debt buyer, chances of prevailing in court if they should sue you are excellent—if you’re willing to learn how to defend yourself and how to document counterclaims for violations of the law.
EDUCATE yourself.
Do NOT follow the FREE advice on the web by clueless consumers or worse, people like Mark Cella whose only goal is to make as much money as possible. Stay away from debt settlement companies!
There are MANY scammers like Mark Cella and his Federal Debt Relief Systems. Since there are STILL people wondering whether they really are scammers, read what their clients have to say in their DAMAGE REPORTS:
If you’re serious about your credit and/or fighting collectors:
Donate $50 to Liars and Cheats EXPOSED and get your FREE 6-months subscription to CreditFactors.
There’s NO magic at CreditFactors, but you’ll have the information you need to prevail against collectors and you can even post questions in the member forum.
I spent HUNDREDS of hours UNPAID on the FDRS investigation. If people SUPPORT Liars and Cheats EXPOSED, we can put MANY of these frauds out of business and we can MAKE the regulators take action. Vote with your money!
Below is the Baltimore Sun article on Mann Bracken:
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