Florida, 2 of 5 cards went to coll: advice on terms?
Date: Thu, 12/14/2006 - 20:31
I have been paying on 3 cards and they are doing OK.
One of my accounts in collection is for 23,000.
I guess that I will be needing to get this "debt validation Letter" that I have heard of.
My problem has been that any agent that I have dealt with insists on either one lump sum reduced settlement or a reduced settlement spread out over only a few monthly payments. I have tried to tell them that I just don't have the money. (One agent did mention an affiliate called Tallypay/Tally Pay about a year ago, for a longterm payment plan). I told them I was willing to pay a higher grand total than the reduced amount, if I could just get on a payment plant. No one was interested.
Finally I was forwarded a letter from LVNV, who owns my $23,000 account. They offered $240 per month, but when I called them up they admitted the interest would be 30 percent. I suggested 20 percent for the life of the plan. I said that I could start at $450 per month, as the interest was accruing at 391 per month. Then in a few months I might be able to increase the payment.
I'm worried that the agent agreed too easily.
Then I asked him to mail something to me in writing.
If I have a $23,000 debt in collections, what kind of terms should I be asking for in terms of
(1) interest
(2) allowance for higher payments, if I decided I can handle it
and
(3) a reduced total, given the asked for percentage?
Thanks
Since you registered as a member, a debt counselor will be calli
Since you registered as a member, a debt counselor will be calling you. You can then discuss your financial situation and get some good advice and what options you might have. In the meantime, browse the boards and ask questions, we are here to help.
Most collection agencies say they don't accept any payment plans
Most collection agencies say they don't accept any payment plans. They might sound very hard in the beginning, but will accept if your negotiations sound good.
Make sure that you get the account from LVNV Funding in writing. You should pay only if they are authorized for collections. The debt validation will prove their legal collection attempt. You can also try to work out something with the original creditor if they have hired this CA. If they can accept payments, you won????????t need to deal with LVNV Funding.
One more thing you will want to do is to check the SOL of your s
One more thing you will want to do is to check the SOL of your state and confirm the date of last payment on the debt. There won't be any legal actions if the statutes have expired.
