Need help and advice please

Welcome to the forums! The worst thing he can do in this situation is to not contact the bank. The sooner he contacts them, the better the chance he'll have of the bank allowing some sort of payment arrangement. I had to do this with my bank after PDls debited my account twice in one day- not only did the account go negative for all the PDL charges, it went negative for NSF fees, my rent check, bills, and a car payment. They all would have been fine if the PDLs hadn't done that. However, I sat around for a few days scared out of my mind, not taking phone calls from my bank. But when I called and explained my situation, I let them know that I had every intention of repaying the amount in full, I just needed them to work with me to reach an acceptable payment schedule.

Should he contact the bank or the agency that called him with the file number here is the agency number 972-798-1067 anybody know who this is?

That is the number to:
National Recovery Systems
PO Box 702257
Dallas, TX 75370
Telephone: (972) 798-1067

If possible, he should work with the bank. If the debt has already been sold to the collection agency, he will have to work with them. However, he should ask if the collection agency that called his is affiliated with the bank- most banks have an in house collections department.

Thank you, one last question, he is really concerened that because this is a bank that he could be arrested. I don't know what to tell him. he can't pay the 800 all at once he would have to make payments will they do this? or will the demand all at once?

From my experience, most banks will definitely allow a payment plan so he will not have to pay all at once. If they do demand it all at once, I think all they can do is have it set up to come from his paychecks, which still is usually in a per-check payment plan. I highly doubt that he is going to get arrested just for owing a bank some money, he shouldn't be scared. :)

It is highly unlikely that he'll be arrested. If he let's it go too long without responding, he could be taken to civil court, and a judgement could be issued for the amount of the debt. That's why it's important to find out where the debt is being held, and contact them ASAP. All collection agencies will pretty much tell you at first that they want the debt up front, but if he shows them they he intends to stick with a payment schedule to pay off the debt, they'll probably be willing to work with him. Just remind him to keep his cool when he talks to them- if they really want the money, they'll work with him in some capacity.

No he will not be arrested. The bank will place the account with their collection department of with a collection agency. The collection agency will collect on behalf of the Bank. He can make payment arrangements with the collection agency or the bank. I would recommend your friend call his bank to make arrangements before calling that agency. Better yet he should go in his local branch and speak with an FSR (they sit at the desks) or Branch Manager. As long as he is making some sort of payment on the account they cannot do anything to him except make threats. (collection agency usually are the ones to make threats not the bank). I work for a bank and this is generally what happens when an account is closed and goes into charge off status. Good luck. Tell your friend we dont bite. we are here to help. :)

Thank you, he will call and let me know. I will keep you posted.

You all are the best keep up the great work!