FYI FYI FYI FYI FYI FYI FYI FYI FYI
Date: Wed, 12/13/2006 - 09:43
Really? According to FYI, who is a collector, that is not the c
Really? According to FYI, who is a collector, that is not the case. My personal experience is yes they will accept payment plans, but not necessarily what you can afford to pay. If that is what you mean then so what? You might as well not be on a payment plan if the one the CA insists on is more that what you can handle.
THAT IS NOT WHAT I MEAN
If you get an address and mail a check or money order they will cash it and apply it to your balance. All I am saying is that I have never worked with a CA that did not have one or two people in there calling people to make 10 AND 20 PAYMENTS. I am not making this up, and even the most notorious have people who totally disreguard the verbal agreement because they cant pay it and they send what they have.
Beauty, just so you know I NEVER said you made anything up. Pl
Beauty, just so you know I NEVER said you made anything up. Please don't turn this into another post where you think everyone is saying bad stuff about you when we are not.
i am not arguing
I am just telling about my experience. I have been in collections for a few years, so I have worked a quite a few agencies.
Guys, calm down. Please don't make this a personal confrontatio
Guys, calm down. Please don't make this a personal confrontation. This forum is here to help everyone involved - being confrontational or challenging to another member (or guest) in a post is completely unproductive, and does nothing to help anyone.
Let's go back to the subject matter at hand. collection agencies accepting smaller amounts than agreed upon. Beauty has a good point - I have yet to see a collection agency, or any creditor (short of a mortgage company) who will send money back to a customer who sends it in good faith.
I think this particular thread is completely out of control. A
I think this particular thread is completely out of control. As I read I don't even know what the heck the point is. Other than a "member" and a "non-member" seem to be at odds.
Precisely my point. Hopefully this will end here and we can go
Precisely my point. Hopefully this will end here and we can go back to discussing debt & credit, which is what this forums is dedicated to.
It is true that debt collectors will accept partial payments and
It is true that debt collectors will accept partial payments and apply them to the balance. I called up one of the collection agencies I had a balance with and tried to negotiate a settlement or payment plan. They said no and that it would not be in there best interest to negotiate. They wanted full payment. Well, I sent them a letter a week later offering a payment plan with a partial payment of 10% included in the letter as a show of good faith. I also included in my letter that by cashing the money order they were accepting my offer and if they did return the payment to me, then I would have no problem showing a judge that I tried to pay the debt in good faith. So either way, I have them. They take the payment or if they don't, I consider the matter closed. Well I have not heard back from them but they were awful quick to cash my money order. So I take that as them accepting my offer as I stated in my letter.
What would a sample letter like you sent look like? I'm sure tha
What would a sample letter like you sent look like? I'm sure that if I could send the companies after me a 10 or 20 a month payment that it would help, I just can't pay the really large amounts they want me to. Between my husband and I we make maybe 800 a pay period (every two weeks) so it's about 1600 a month and they want me to pay just about that much when I have m utilities and mortgage to pay as well.
Star
Here is a copy of a sample letter I used. My circumstances are d
Here is a copy of a sample letter I used. My circumstances are different from yours so you will need to put that in there. I just sent this letter to them with a partial payment and I strongly suggest you use a money order. Money orders are easy to track and see if they are cashed. I sent this letter to the collecion agency unsolicited. They probably contacted me by letter a long time ago but I haven't had any contact with them in a while. I am just at a point where I am ready to settl. I understand about being underemployed and making only so much a month. Just make sure you stick with what you can pay.
----------------Letter-----------------------
Quote:
Creditor/CA name Address RE: Account # To Whom It May Concern: According to my records the balance of this debt is $_____. I am not disputing this debt however; my current financial situation prohibits me from paying the amount you're demanding. I am able to make payments on this account once a month on or around the 15th to your company in the amount of $_____, which should approximate 6 payments. As a show of good faith I've enclosed my first payment in the amount of $_____ (15%). The offer of payment I have made to you is the most fair and sustainable payment I can offer. It is my intention to discharge this debt at the earliest possible opportunity, and therefore, I can assure you of my integrity and commitment in dealing with you and the debt. If my financial situation improves enough for me to increase my payment amount I will contact you immediately. After the terrorist attacks on September 11th of 2001, I was called to military active duty and served our country for 2 years. Upon my honorable discharge in 2003, I was immediately laid off from my employer. Since my work experience was in a declining industry during the country????????s economic downturn, I was unemployed for a year and therefore unable to meet all my financial obligations. I have been gainfully employed, at a considerable reduced wage, for the last 2 years and am slowly paying off creditors and rebuilding my credit standing. Given my circumstances, I am eligible to file for bankruptcy as I have consulted with a law firm that handles bankruptcies. However, I prefer to struggle through this difficult time and pay all my bills in full. I would appreciate a letter from you confirming your acceptance of my payment terms. However, if I do not hear from you, I will consider your cashing or depositing my check as confirmation that you accept my payment terms. If you do not accept my terms then I expect the enclosed payment to be returned to me immediately in the enclosed self-addressed stamped envelop. Should you decide to decline my offer and take legal action to enforce this debt, be advised that I welcome the opportunity to show any judge my efforts to resolve this issue. I have kept extremely accurate records of all correspondence and payments concerning this account and have complete confidence that any judge would agree that my efforts have been in good faith. Sincerely, |
You're very smart & resourceful, outlaw! Thanks for sharing info
You're very smart & resourceful, outlaw! Thanks for sharing information & your experience with us. I guess we learned something after dealing with those bottom feeders. And I totally agree with you, we all made mistake and we try to resolve it in good faith but those people treat us like criminals and push us to the corner (and dead end to somebody)
You're welcome. And thanks for the compliment. I just believe in
You're welcome. And thanks for the compliment. I just believe in looking out for one another especially the little people that have a hard time or can't defend themselves.