Paymnt of a collections debt florida: IN WRITING means what?
Date: Thu, 12/14/2006 - 21:02
Everyone alwasy says: get it in writing.
What are the loopholes to watch out for?
The collection agency should state an interest rate?
The agency should state that the percentage is for the life of the 'loan'?
The agency should state that they will not be selling the loan, so that an affiliate company can then raise the rate?
The agency should state that by meeting the agreed-upon monthly payments, and the number of payments, I will satisfy the debt?
The agency should state that I am allowed to overpay on any months?
The agency should state that any overpayments will be applied to principal, and not the interest?
I should be allowed to pay it off early?
I have already set up an extra bank account at another credit union, in case they want to make automatic deductions. Can the collection agency get information from the new bank to work backward and find out where my real bank account is, or the name of the company I work for?
Should the 'in writing' state that fullfillment of the terms will cause my credit report to be repaired on that one item?
Thanks for any help.
This topic is similar to the previous you one posted. Look he
This topic is similar to the previous you one posted.
Look here for the replies.
http://www.debtconsolidationcare.com/mystory/about19405.html
Make sure your debt is not past the SOL. Even your admission, i
Make sure your debt is not past the SOL. Even your admission, in writing, that you owe money can restart the SOL clock.
A collection agency should not be charging any more interest than the original agreement called for. And if they are charging interest, then they should be licensed to charge interst.
I don't think you will get them to agree not to sell it; it is the original agreement itself that states is can be assigned.
I don't think you will ever hear them argue about paying more then the agreed payment, or paying it early... I think they'd rather you do that.
I think the main thing you want is:
1) an agreed upon payment (that way they can't call you and say you haven't been paying enough.)
2) if you are settling for less than the full balance, then you want in writing the fact that they are agreeing to settle (so they can't come after you for the "remaining" balance later).
3) If you can get them to agree to remove it from your credit report, then you want that in writing (so they can't leave it on there after it's paid.)
