Reasonable Settlement????

Have they replied back anything to your proposal? Usually, I send the proposal letter along with the money I can afford. If they cash the check, I know they are ready to work on my terms. If they don't accept, at least I have a proof of my intentions, in case they threaten to take to the court. Have you tried this out?

I would think that they can ask for additional collection fees, etc, but not the inflated $1200 amount. I would ask how they arrived at this amount first.

They are very hard to deal with. Real arrogant on the phone. I did not really think they would accept $500, but thought I would start low and see where they would take it from there.

That's how I'd proceed. Once you've made a certain offer, you can be pretty sure they will not go any lower than something you've already offered up during the negotiations.

Are they licensed to charge interest? I remember reading a post from debt cruncher, who stated that a collection agency may only charge interest per the terms of the original agreement if they are licensed to do so.

Fed,before agreeing to pay any fees at face value,be sure fees are authorized by the original instrument that created the debt. Contract & loan papers are examples of legal instrument.

Fedup- that's about 60%, and alot of companies will offer that. I had WW&R offer me 1,000 on a 3300 debt.Good Luck!..Karen

Wow, Karen how did you get them to cooperate? I wish they would offer me something like that, whats your secret?