debt collection agency negotiations

The first thing I would suggest is sending them a debt validation letter so you can get them to break down how they calculated what they say you owe. The reason I suggest this is because it seems to me that they may have added additional fees that are illegal. Federal law mandates that financial accounts that pass 180 days of delinquency must be charged off. This way financial institutions cannot continually assess late fees, and other misc. fees besides interest. It sounds like the collection agency may have tacked on fees that are not within state/federal law guidelines.

You can find a good template for a validation letter via my signature, send it certified mail, return receipt requested.

Thank you for the fast reply JCEMT. What do you mean by finding a template via your signature? And should I ask them to do everything in writing not phone calls?
Thanks
Dani D

Yes, certainly. It gives you a paper trail of all communication with them. Here are direct links to the validation letter and the enclosure to send with it:

Validation letter template

Enclosure

If a credit card isn't charged off it can still be applied interest and late fee's. If they are being applied you should call the creditor and ask. To me it sounds like you are in early out collections so you should be able to verify what collection agency has the account through the creditor, who would still own the account if indeed they are not completely charged off yet.

If the creditor still owns the account then most likely they will do the reporting to the credit reporting agencies. They should have a credit reporting # that you can call to find out how they would report the account if you settled. It will probally look something like: > Than Balance or Settled in Full.


Always get any settlement in writing if you choose to go that rout.

I Called the agency and the rep I talk with intimidates me a lot and he told me that unless I don't answer his question and be quiet he will hang up and he did. I was not upset this time I just asked him what are my options, is is a real problem for me I need a lawyer, someone knows anyone in MA

He hung up on you for asking what your options are? Sounds like he's just calling to harass you then. Try www.naca.net you can find a consumer attorney in your area.

hi everybody, i hope somebody can help me with my problem.i got a ca calling me about a debt of a car that i did a voluntary repo,I think these is the 3rd ca that takes over the acct.italk to them and try to work something out but they want the full amount. what shoul i do about it.

Welcome to the forum Juan, I would suggest sending them a validation letter first, here are the two items you need to send them:

[url=http://www.debtconsolidationcare.com/collection-agencies/better-structure.html#318981[/url]
[url=http://www.ftc.gov/os/statutes/fdcpa/letters/wollman.htm[/url]

Send it certified mail, return receipt requested. If they can validate then just pay on it whatever you can afford, if you can't pay it in full then you can't pay it in full, they still have to accept anything you send them.

Keep us updated on what happens and if you have anymore questions feel free to ask, we are here to help.

Thank You JCEMT
I called few lawyers but no one is returning my call. I called two from the web you suggested, and a bankruptcy lawyer who told me that I will not be able to afford his fees, I told him I work part time and go to grad school full time and that I have some money saved, they gace me another number with a guy that never called back.

Do you think I should keep on sending the 50 dollar payment regardless of the fact that I don't have any more arrangements until I find a lawyer, or should I settle for the 750.00 that they originally offered, but it makes me mad because I have payed this account three times over, it was only 1500 dollars originaly and I payed once 350, once 150 and 6 months of 50 dollars everything back on time and now they add late fees and interest which the collector said few times are not added to the account while i am paying. I am very very upset...

Has this account already been charged off?

How will I know? It is closed, but charged off the collector was saying ha ha ha you thought that we bought the account? Any way this is the smallest amount I owe and the worse collector.

He laughed at you? If it says closed on your credit report (on the original creditor's entry) then chances are it's been charged off. If I may ask, who is the collection agency you are dealing with?

Thank you for the support. They are called Corporate Receivables and I have the name of the guy too, I received notices of the amounts I have been paying, every moth directly from my account. I don't know why they added the fees when he said they are not doing that. He is been bed with me and I lost my temper few times but I do want to settle, but I don't trust them

Get it all in writing if you want to settle. You should have any payment arrangements in writing. I really don't trust any collection agency. I strongly advise that you get this in writing before you agree to it.