I gave CA my bank account numbers, and...
Date: Mon, 08/27/2007 - 11:39
I felt badgered into setting up a payment arrangement as they called me at work and said they would sue me if I didn't set something up that day to get me 'caught up'.
The CA is Associated Creditors Exchange out of Phoenix and I had actually made two similar payments to them in the spring, but have since fallen behind again, thus prompting their recent calls.
To date I have made each payment I have set up with them, but this time I've over committed. They told me I had to pay $538 in order to get caught up and we ended up breaking it into four payment on four different paydays. They initially wanted the amount by the end of this month but agreed to a lesser amount this month and some in September.
I called them last week to request the payments be pushed back two weeks each, but they refused, and quite unprofessionally too, I felt.
I intend to contact them in the next day or two and tell them that I understand the debt I owe, that I plan to pay it back, but that I will have to pay what I can when I can. Also that I do not intend to honor this Friday's scheduled payment.
But I have already given them my bank account and routing numbers - stupid, I know. It wasn't so obvious to me at the time.
What can I do to keep the payment from going through? (I assume they will still attempt to withdraw the funds.) Do I do a stop payment? Do I close my account?
As always, I appreciate any and all thoughts,
rick
You should talk to your bank and explain your situation. They wi
You should talk to your bank and explain your situation. They will suggest on your next moves. Since you are not in a situation to send the payment this Friday, you may either have to block their debit or put a stop payment.
On a second thought, I will put the money in the account so that they are able to carry on their debit. Once they get their money, I will try hard to modify the repayment plan. If they do not co-operate I will make them aware of the consequence because of no other options left. Hopefully, they will be willing to work on the terms that you specify. Make sure that you don????????t mess up anything again.
a, Thanks for your reply. I'm leaning toward your first suggest
a,
Thanks for your reply. I'm leaning toward your first suggestion as I need the money from this Friday's paycheck for other urgent things.
I actually suggested a different payment arrangement with them where they would still get the full amount by the same date, but they rejected it. Something about not being able to push August's payment into September, even though I already have two others scheduled for Semptember.
But I will contact my bank.
Thanks, rick
Welcome to the Community Rick :D I would talk to my bank about
Welcome to the Community Rick :D I would talk to my bank about what they can offer. The problem with stop payments is, that they can make the payments a different amount, another dba they use, etc.,
The CAs will tell you anything to scare you into overcommiting and paying them. I have had some tell me that about a payment getting pushed, etc., what I did was send them a money order for what I could pay, and they didn't send it back.
Don't let anyone bully you into paying more than you can and getting yourself into a mess. I have been told that they won't accept money orders, I send them anyway. Be sure and document everything, make copies, and send correspondence certified, return receipt.
At this point, talk with an officer at your bank, in person if you can, and see what they can do- each bank does things a little different.
Feel free to ask questions, we are here to help- you aren't alone in this!!..KAren
Thanks, Karen. I will go to my bank and talk with somebody th
Thanks, Karen.
I will go to my bank and talk with somebody there.
This is actually the second topic I've posted on the site. A couple of months ago I had a situation - I had received a court summons for an old debt - and the help I received from the community here was invaluable.
This is a fantastic and much-needed forum!
rick
Thanks Rick, We are glad we could help! I found that if you go
Thanks Rick, We are glad we could help! I found that if you go to the bank and ask to speak with a bank officer, sometimes you can get further. I worked at a bank years ago, and my mother-in-law was an officer, so I learned some ins and outs from her!!..KAren :D
You need to contact them again and request to speak to a manager
You need to contact them again and request to speak to a manager and tell them this. I want to cancle all of my payments I have on file. If you fail to cancle them I will sue you.
Ever hear the expression your eyes are too big for your stomach? You need to sit down and make a budget for yourself. Never commit to anything you can't afford and by making a budget you know what money you have left to pay the extra bills with after takeing care of the necessary things.
collection agencies do not have to work out arrangements with you. They don't have to accept small payments. With that said some will be happy to work with you. If they aren't then just send them a money order each month/week/pay period and they will apply it to your account.
This will also allow you to keep your personal affairs private and not having to go to the bank and making someone aware there that you aren't financialy sound.
FYI, On what grounds could I threaten to sue them? rick
FYI,
On what grounds could I threaten to sue them?
rick
FYI, On what grounds could I threaten to sue them? rick
FYI,
On what grounds could I threaten to sue them?
rick
UPDATE Well, I called the collector and told them I wanted to
UPDATE
Well, I called the collector and told them I wanted to cancel all payments I had on file. They, not surprisingly, refused to do it.
I didn't go so far as to threaten to sue them since I didn't know on what grounds to sue them. (Sorry, FYI, I needed to act today on this.)
They told me to do a stop payment through my bank, which I then did. Hopefully it holds up. I plan to just send money orders from now on, which they're welcome to send back, but I doubt they would.
rick