account sold to new company, have to honor old settlement ?
Date: Mon, 10/31/2005 - 16:38
I acquired debt from a credit card. Around $7000 is what I owed after they closed out my account. I wound up going through 3 different collection agencies ( they kept getting sold back and forth). I finally got one that offered me something I could handle and settled it at $5000 with 25 months to pay at $200 a month. I have kept up payments and am now down to $1900 left to pay. Now, it has been three months and I found out the payments werent getting taken out of my account. Turns out, my account got sold to a new collection agency. Not only was I not informed of the change over,the new company told me that the old settlement was no longer valid and they would have to charge me for an extra 5 months ($1000).
It seems to me that the original settlement (which I have in writing from the company, on letterhead)is a legally binding contract and that the new company is trying to blow me some serious b.s. just to get more money from me. I really feel as if I'm being taken for an idiot. Everyone I've talked to says that they shouldn't be able to do that. Am i right or are they right? I really need some help here. Thanks!!
Hi Jody The letterhead confirming your payments to be sent to
Hi Jody
The letterhead confirming your payments to be sent to the mentioned collection agency is the valid proof that no other agency can force you to make payments to them.
Also, keep your receipts of the payments made to this agency so that you have a proof of them receiving money from you.
Take the legal side with the help of your attorney and you are in charge of filing a lawsuit if the new agency pressurizes for payments. Also, check with your collection agency if they have been paying towards your account. Involve your attorney in between as you have paid the money to them and your account has not been updated.
If you have the proof of everything, things will get in place.
Please let us know the recourse of your actions.
Regards
Roxette
Its not that I don't want to make payments to them, its that I d
Its not that I don't want to make payments to them, its that I don't want to pay more than I have to. According to them I would have to pay an extra $1000, so $3000. When actually I only have $1900 left to pay. So, should I contact them and tell them I'm sticking to my original plan, no matter what they say? Or should I contact a proffesional and let them take care of it? I want to get this debt cleared and the sooner the better.Thanks!!
Jody, you need to know in advance whether the new agency is auth
Jody, you need to know in advance whether the new agency is authorized to collect the debt from you. Ask them to validate your debt and get in written that they will be updating your credit file with the bureaus.
You can always take a free counseling from the consultant in this website. This is completely free of cost. If you insist, he will do the negotiations with the CAs
