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I was on a joint account with my younger brother with wachovia in 2005. I barely used the account, the account is now overdrawn by 1612. The collection agency MRS associates now have the account. I called them a few months and tried to get a settlement offer of 700, but they refused so the guy was like they would probably settle for 1000. I know for a fact they only paid pennies on the dollar for the account and i do not want to pay them the whole amount. It is reporting on my credit report, but with wachovia. I called wachovia and they said i had to deal with the collection agency. I want to get this account paid becasue i am planning on buying a house in the next year or so, any ideas on maybe how i can get them to settle for less than 1000?

Posted: Sat Jun 23, 2007 12:14 pm Subject:

Is your brother also paying on the debt? If he agrees to pay a portion, you will have less stress on this payment.

Have you got the debt validated by MRS associates? Make sure that you are proposing your payment plans to the right company that has your debt information. Keep pushing with your payment plan. If they really want to get paid, they will be ready to work on your terms sometime later. Keep in contact with Wachovia Bank also if they are ready to work on your terms.

Guest · Posted: Sat Jun 23, 2007 12:40 pm Subject:

Tell MRS you can pay $200. Tell them how you are down on your luck and are having trouble making ends meet. When you convince them they may get $0, they will usually come down on what they will accept. Get it in writing before sending payment.
Anon.

Posted: Sat Jun 23, 2007 1:48 pm Subject:

Since this is a collection call, you can have it recorded also. Check the laws in your state whether you need permission from both the parties. This recording will be an important proof of your settlement process apart from the written agreement.

Posted: Sat Jun 23, 2007 3:12 pm Subject:

well my brother is in jail, and hes 22 and of course he doesnt even care about his debt, i want to go ahead and pay the account off now that i am in a position to do so, i just dont want to pay the whole amount, i want to settle for at least half

Posted: Sat Jun 23, 2007 3:40 pm Subject:

Put a written payment plan to MRS associates and keep negotiating with the bank also. Since you have every intention to pay, I hope they will accept a lower plan from you.

Posted: Sat Jun 23, 2007 8:10 pm Subject:

collection agencies are not required to settle any account you have in their office. You could try sending a restricted endorsemnt letter with a check and see if they accept it or return it to you.

Posted: Sun Jun 24, 2007 4:35 am Subject:

Since you are a joint holder,they can hold you responsible for the entire amount. Have them validate the account with a dv letter sent certified return receipt. Once validated start sending settlement offers and wait until they agree with what you wish to pay.If you pay the account,ensure you pay with a money order and that they give you a paid in full receipt.Since this is a checking account you may want to check your chex system report since the bank has probably already reported you for a overdrawn account.This will make it difficult to open checking accounts.