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I'm dealing with the second collection agency that my account with Washington Mutual (formerly Providian) has been referred to. The first CA offered a settlement (mid-April) (payable in three sizeable mo/amts). When I told them I could not afford that amount, they said they could not accept a monthly payment plan, thou I could continue to send payments to decrease the debt. After continued calls, I wrote a cease telephone letter and requested debt validation. They never responsed. Now I have been contacted by another CA. This CA wants 10% monthly payments. I cannot afford that amount. They state that if I were to make my suggested payment, I would be carrying on the debt for five years and I could lose my job in that timeframe. 'Course they fail to realize that everyone I owe would be hosed should I lose my job. And, just maybe I could be in a better financial position in say one year.

Anyway, as it was left, I was told that they (Washington Mutual) would go about getting the money some other way. The question is, should I make monthly payments in the amount I stated, but make them to Washington Mutual, and hope that they will be content with reoccuring payments (despite no one having agreed to a payment plan), or should I just wait til the next CA or this one calls with some other approach.

The $3200 debt is within SOL, I have received debt validation and the account was charged off about two and half years ago--I am still accruing interest. I have made monthly payments up until April of this year (when the first CA became involved).

Posted: Thu Aug 31, 2006 1:12 pm Subject:

Can you tell us what CA it is? I had a Providian that was bought by Arrow Financial Services?

Posted: Thu Aug 31, 2006 1:37 pm Subject:

Did you confirm with the second CA about your debt information with them? You can't end up paying to someone who has no information about your file. First, let them validate the debt with proper information before you decide sending money to the CA.

If you are willing to make payments directly to Washington Mutual, confirm that it gets posted too. Washington Mutual will refuse to accept money from you if they have sold off the account to outside CA. The company will be held accountable in case they take your money and there is a possible dispute later.

Posted: Thu Aug 31, 2006 2:40 pm Subject:

First CA - ICS, second Pinnacle Financial

To aciotsf: I did receive debt validation from second. In the initial contact letter from 2nd CA, Pinnacle, they directed me to send my payment to Washington Mutual. I have not cross-referenced the addresses to assure that it is Washington Mutual's address of record, however.

How do I track payment posted to WM?

Can I still be assessed interest if the account was charged off. The 2nd CA seemed puzzled that this was charged off and was still accruing interest.

Thanks for your response.

Posted: Thu Aug 31, 2006 3:46 pm Subject:

Posted: Thu Aug 31, 2006 5:22 pm Subject:

Collection agencies do not have to accept any payment plan from you at all. They are hire to get the balance in full as quickly as possible or at least a settlement. However they are required to post any payments made to your account but until they have something set in stone they will continue to contact you.

As for the intrest it all depends on what your crdit card contract said and/or your state laws.

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CA won't proposed payment plan - wants higher mo/amt

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