what to do now with CA? CA has account info
Date: Sun, 04/19/2009 - 22:07
I foolishly have been dealing with CA (American Coradius International) on an account for a car repo. Long story short, I owed chase an auto debt for abour 14k and it has now been given to the CA. First time dealing with CA's and was a little hasty in trying to make a deal and feared they would garnish my wages. So when CA suggested I make payments until I am able to do a lump sum payoff, I accepted and now they have my account info. I know what the debt is and it matches my original debt from Chase, but I have no clue what the interest is ect...cause it looks like since I've been making payments my debt has not gotten any lower.
SOOOO...I have been reading EVERYWHERE now that was an AWFUL move to give my account info or even DEAL with a CA and now I don't know what to do? I heard people say do a debt validation. How do I go about that? Also, do I still have leverage on my behalf to negotiate? What can they do with my account info besides take out the money I approved? should I change me account?
granted I should have done my research beforehand but I was really nervous about having this on my credit ect. PLEASE HELLLP? i'm so confused. I feel like I don't know how to handle this.
Part of the good thing about negotiating with the original credi
Part of the good thing about negotiating with the original creditor before your account goes to collections, is the fact that the original creditor can freeze the interest for you (if you negotiate for it). It probably has the same interest rate and will continue to accrue until paid.
Did you get any kind of agreement with ACI on paper?
When dealing with CAs it's better to get a pre-paid debit card to make your payments, so you do not have to worry about the integrity of your private bank account.
At this point, however, it's hard to tell. If you try to balk they may snap to ready action, so maybe it's better to not tip the boat at this time.
The main reasons to do a DV is when the amount is much higher, or you honestly don't know what the alleged debt is. Also, a lot of junk debt buyers purchase old debt in blocks, but they would not likely be able to prove in a court of law that they can get that debt from you. So when you have a junk debt buyer, it's always best to DV.
I don't have anything in writing, which I plan on talking to the
I don't have anything in writing, which I plan on talking to the CA tonight and requesting more information on the interest rate and what our terms of agreement is.
Is it legal/okay for them to charge me an interest rate that I was never disclosed? do you think i have leverage in negotiating a locked in rate for the interest rate (i.e. freeze the interest rate)?
not sure if this posted the first time....
I don't have anything in writing, which I plan on talking to the CA tonight and requesting more information on the interest rate and what our terms of agreement is.
Is it legal/okay for them to charge me an interest rate that I was never disclosed? do you think i have leverage in negotiating a locked in rate for the interest rate (i.e. freeze the interest rate)?
Yes, at the same interest rate as the original note (or if varia
Yes, at the same interest rate as the original note (or if variable, at the same calculated rate) - they can accrue that all the way until you pay it off. [15 USC 1692f(1)]