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 Posted: Thu Nov 29, 2007 7:09 am |
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I have agreed to settle in full my last outstanding debit. I trust the CA as they have provided every thing that I needed from them and they have informed me of my rights both on the phone and in writing. I believe they recently had problems with FTC so they are being very careful to follow the rules. And it has made things go very smoothly
I am to call the CA today and they want to do a 3way call with my bank to insure that the account does indeed have the available funds. Is this normal practice? This it the one thing that makes me uncomfortable (this and the 1099 that comes later).
What do you guys think?
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mommontoya
Joined: 21 Jun 2006
Posts: 461
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| Posted: Thu Nov 29, 2007 7:17 am |
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I have never had them 3 way with the bank. I have had them transfer me to a third party for verification of agreement and such. They have probably been burned in the past. Let us know what happens.
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pybasj
Joined: 08 Aug 2007
Posts: 826
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| Posted: Thu Nov 29, 2007 7:37 am |
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They are going to clean out your account. Come on, are your really telling us you trust a collector with your checking account information? That's like saying "I will send my 10 year old daughter on a camping trip with a pedophile--but he is being careful because he has been to jail for pedophillia once before".
Just get your deal in writing and ensure is states WITHOUT RECOURSE, overnight them a money order (not a check drawn on your personal account), and then do not give them post dated checks.
If you give them access to your checking account, they will clean it out. If you send them a personal check, they will use the routing number to clean your account out. If you send them postdated checks, they will clean you out.
There is no need to verify funds if you are sending them a money order. I would--at best--have the branch manager where you bank send them an email stating that you have a money order made out in their name for X amount.
No, don't do any calls....they are going to clean out your account and your money will be gone with no way to get it back. It would be hard to tell the judge "they took all my money" when you actually owed it to them anyway.
No three way, no electronic access, no postdated checks. If they say no, then say "okay--I will send the month to the other people I owe who are willing to do things on the up and up--call me back in a couple of months and I might have money again". Then hang up and count to 20 before they are back accepting your terms.
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Guest
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| Posted: Thu Nov 29, 2007 7:42 am |
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One typo above in the last paragraph....send the money (not the month).
If the bank manager will not send the email, then do this. Tell them that when you have the agreement in full--in writing--where it says WITHOUT RECOURSE you will get a money order and fax them a copy of it while it is in transit. Otherwise, tell them you will go on vacation with the money instead and hang up. The will call back in minutes.
As for the 1099, they don't typically get produced until year end. Don't fret that part.
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Guest
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| Posted: Thu Nov 29, 2007 7:43 am |
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Wow I did not expect that type of response.
As I stated this CA has been in trouble with the FTC already and I believe they are not willing to make anymore mistakes.
Anyone else?
PS I already have everything in writting
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mommontoya
Joined: 21 Jun 2006
Posts: 461
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| Posted: Thu Nov 29, 2007 8:46 am |
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If a collector is talking, they are generally lying.
If you have it in writing and it says WITHOUT RECOURSE then just go get the money order, send them a fax of the money order with their name on it along with a copy of the fedex envelope addressed to them. Tell them the money order will be there in the AM and you will provide the tracking number once obtained. If they bawk and say the deal is off, then it SHOULD BE clear to you they are planning to take all your money.
You don't seem to like my earlier response but I am telling you that they are up to no good. Look at it this way...you could have that three way (call) and then you could promptly go to the bank and withdraw all your money. The call does nothing but gives them the access to your account which they will clean out...up to what is owed. Except to get access to your account and take the entire sum you owe (plus fees), there is no value to the call.
Sorry if you don't like my wording of my replies, but you keep telling me what swell guys these people are and using the fact that they have been fined by the FTC as evidence of what swell people they are. It doesn't follow.
LTD Financial Solutions hounded me for months over a debt that wasn't mine....wrong name, wrong social, wrong previous addy, etc. I turned them into the FTC which just fined $1.4 million for repeated violations. I read sites that have visual proof (caller ID and recorded calls) the days after the huge fine showing the collection agency was still violating the law.
So, best of luck to you. You seem pretty damned intent on not listening to sound, sage advice so look for less money to spend this Christmas.
Truth
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Guest
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| Posted: Thu Nov 29, 2007 8:50 am |
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ouch 
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mommontoya
Joined: 21 Jun 2006
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| Posted: Thu Nov 29, 2007 8:55 am |
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Ouch what?
You come here asking a question and seeking our advice--a question to which, apparently, you will only accept input that agrees with your pre-determined course of action.
Why waste your time and ours if you won't listen to advice?
So let me end the argument with this...."sure, go ahead with the call. Everything will be fine. No problem". Does that help you breathe better?
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Guest
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| Posted: Thu Nov 29, 2007 9:05 am |
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Ouch…. I’m sorry you had such a bad experience
I did not know that we were having an argument.
Very Sorry for the misunderstanding and thank you for your advice
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mommontoya
Joined: 21 Jun 2006
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| Posted: Thu Nov 29, 2007 9:05 am |
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Guest- you don't need to berate someone to give advice or suggestions. You made your point.
I,too, would not trust a CA with my bank account info. If you have a letter from them saying this is PIF or Settled in full, why not just send them what you are going to send by money order,cashiers check, etc.? Make copies of what type of payment you send and send it certified, return receipt, but make sure you have your letter stating they won't try to sell the remaining balance to someone else.
Good luck- let us know what happens..karen 
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Bossy4455
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| Posted: Thu Nov 29, 2007 10:16 am |
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Thank you Karen
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mommontoya
Joined: 21 Jun 2006
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| Posted: Thu Nov 29, 2007 11:11 am |
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Guest I am sorry if you have had a bad experience. You are right that there are some CAs that are very dishonest and they will take a person to the cleaners.
But... There are honest CAs out there also. I have worked with a couple that were very nice and honest and kept to their end of the bargain and did not wipe me out. It all depends on what CA it is on whether they will wipe you out or not.
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pybasj
Joined: 08 Aug 2007
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| Posted: Thu Nov 29, 2007 11:58 am |
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Okay, sorry if I was a bit grumpy....
Sure there are good collectors and bad. But I am telling the OP she can't take that chance.
But I will stand by my point that the call is a bad idea and unnecessary unless they are trying to clean you out.
I will assume that you are settling for 50cents on the dollar of the original debt...if they see you have enough to pay the debt plus fees they will take it.
Maybe I am just in a bad mood today but I typed my first reponse trying to help the OP and it seemed like she just blew it off.
Oh well, C'est la vie.
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Guest
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| Posted: Fri Nov 30, 2007 6:40 am |
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I just do not understand this...
Look, you may not like his tone, but guest was on the money. And while I do agree with you guys that there are "some" good CA's out there, can we really be in disagreement over this particular one when the only description we have of this CA is that they were just slapped with the FTC's attention because they are NOT one of the good ones?? You dont get slapped by the FTC for following the law, folks. And besides, CA's have been getting slapped with more frequency, both by the FTC and by debtors. Can anyone here HONESTLY tell me that these actions have slowed the corrupt practices? One only needs to go to PACER and look up the dozens of lawsuits that these companies are hit with to see my point.
The way I see it, advice was offered, and the OP didnt want to take it seriously.
This is important though--NEVER give out your banking information to any CA. For any reason. Period. Thats just asking for a nightmare!
But the most important thing here is this--you need to maintain control over the transaction. When you pay one of these companies money, you really need to do things on your terms wherever possible. If not, you are just looking to get taken for a ride. Handle your debt, yes, but dont let them dictate to you how to do so, because BELIEVE ME, they only have their best interests(read $$$$) in mind. Most of them couldnt care less about anything you say or do as long as they get their cash. If you remember this whenever dealing with a CA, you will have a far lower chance of getting cleaned out by dishonest practices.
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skydivr7673
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| Posted: Fri Nov 30, 2007 8:23 am |
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I would be interested to know if everything goes as planned or not.
I did some research on the LTD thing. While the report was just released to the public all of those things happen a few years ago. Maybe they have changed their tune when the FTC investigated.
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