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SRA Associates Inc – My account has been sold to them. What to do now?  

1
Hey I've been reading this forum and so far it's been helpful.

I had a bank account with bank of america and had payday loans deposited into the account and had a hard time paying it back so my account kept getting debited to about 1425 dollars.

My bank account was closed and sent to SRA Associates in Hi Nella,New Jersey.

I want to repay this but I am unable to . I talk to a lady there today and she told me my only option is to pay the full amount or a settlement of 1100 dollars. I am unable to do either options and don't want to have to get wage garnishment and have no one who can help me.

Is there any way around this situation to get a payment plan set up because I am only 22 and am not a money bag type of person.

So any help will be appreciated.
 

asked Dec 19, 2005 04:10 PM

mch0ney
Best Answer
0
best answer

Hi mch0ney

You will have to take care of this account now otherwise the debt will keep rising higher.

How much was the amount of loan taken from the payday loan company? I read that your account has already been debited by $1425. Have you verified with your lenders if this amount has gone towards your account?

If there is still some balance owed towards this account, you can negotiate with them for a lower amount as you have already paid a large portion. If it can do some help, send some advance along with it. Usually, the lender accepts the plan if some money is sent along with the proposal. They might also be willing to wipe off some financial charges that can reduce the total amount.

Send all your letters to the lenders in writing. This way, you will have a proof of the actions that were taken from your side. If you are unable to get the results of your negotiations, you might need some professional help.

After you have paid the account in full, the creditor will update your account with the bureaus. Make sure that you see the positive results in your CR. This will give a good view in front of your future lenders and your efforts won’t go wasted.

answered Dec 19, 2005 04:27 PM

ben

31 Answers

1

Devine, have you seen your latest credit copy about how this account has been updated? Since you have paid the full balance, it must be reported accordingly. If this has not happened yet, talk to BOA and get this sorted out.

answered Jul 19, 2006 02:50 PM

0

Oh Man! I can't believe this! I would not send them any money until I have something in writing! If you are receiving SS You Can Not Be Garnished! I'm not sure but I think I read that they buy bad debt at .03 cents on the dollar! I will be negotiating a 4000.00 debt that they have taken over.  If they do not want to negoiate...I will move them to the bottom of the list!

answered Dec 31, 2011 04:29 PM

Anonymous
0

I have a 1300.00 unpaid debt with DELL, I am 64 years old, I live on social security, when I got unemployed and basically retired, the debt went unpaid. I was called and sent letters by several people, the last one until now refused to accept my small payment ,, so I just quit dealing with them, now this sra associates company calls and just lets the phone ring for gosh awful long times.

I have no way to pay this bill, recently i received in the mail a copy of my credit report, it shows the DELL bill, and shows it as written off.

Does anyone have any suggestions for my pardicament

answered Sep 29, 2011 06:22 PM

Anonymous
0

I sent a letter saying I acknowledge the debt because I know it's true. So the lady called me today saying she received my letter but there is nothing she can really do. I mean I just recently paid back some loans but my bank account has been over drawn since the summer.

I asked her what I can do and the only option she gave me was to pay in full or 1100 which I don't have and can't borrow.

I mean is there anything I can really do to make them give me a payment plan.

answered Dec 19, 2005 04:41 PM

0

As I said earlier, keep negotiating with them till you get the desired results. If it is helpful, send some money in advance as well. Assure them that you will stick to the plan and will continue making payments regularly.

Do not express to sra associates inc that you are facing difficulties in paying the debt amount. If you say so, they will think that you won't pay them and thus, this will give them the chance to take specific actions. Also, your total amount will keep increasing from this point. Send some money if that can help you in anyway. Talk to the consultant here and hopefully he will get results for you.

answered Dec 19, 2005 04:53 PM

ben
0

How much would you recommend sending?

answered Dec 19, 2005 04:54 PM

0

Based on the limited information I have about your situation, I will recommend sending an amount to SRA associates inc that you can afford in the coming months also. Do not propose something which you fail to give in the next month. Otherwise, you will lose the benefits extended to you.

answered Dec 19, 2005 05:10 PM

ben
0

I just got a phone call today saying that the person who called me went to the meeting with Bank of America and they agreed to two payments of 581.16 one due on 12/29 before noon. I am still not able to pay that much. What do you recommend me doing now?

answered Dec 22, 2005 07:20 PM

0

mch0ney

Tell you consultant the amount that you can afford to pay. If possible, get it stretched to some more payments instead of two. But, doing this, you will be spending some additional money in the interests. Looking into your situation, you will have to do this so that the monthly payment gets reduced.

In the meantime, try hard and arrange for some money. You will have to take care of this account now otherwise there will be a negative impact in your credit file. Get a second job and if possible, borrow some money from your near and dear ones. The professional engaged in your program will also try to help you out in this matter.

answered Dec 23, 2005 11:53 AM

ben
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