Merchants Credit Guide Co. Trying to collect 50% from a 20 year old debt long settled Chicago Illinois
Wow, was I relieved to read the rip-off report on these Merchants Credit Guide Co. *&*&*s. I have been so stressed out this afternoon about the letter I received in the mail today that I'm still coming down from ultimate stress. Thanks to all who make the effort to bring these types of false collection companies to the ground and under it. I can think of no greater crime than the one they commit. Thanks again.
Joel
Cleveland, Tennessee
U.S.A.
1 Updates & Rebuttals
Steve
Bradenton,Florida,
U.S.A.
Joel, Merchant's Credit Guide Co are the WORST Junk Debt buyers out there!
#2Consumer Suggestion
Wed, November 15, 2006
Joel,
This is common practice among these bottomfeeders. They are true parasites.
They buy debts of this age and type for less than a penny on the dollar, usually about 1/10th of a penny on the dollar. Then they use intimidation, threats and lies to get an uneducated or easily intimidated consumer into making any size payment which then makes the debt legally collectable where it was not prior to the payment.
Making any payment resets the statute of limitations on a debt. This is called re-affirming the debt. Then they can legally sue you for it and win. This is the game they play.
The SOL in TN is 6 years from date of last payment, or date of charge off. Whichever is most recent.
That "debt" is uncollectable and they know it!
Go to FTC.gov and file a complaint against them.