Do the CC Companies really think this stuff works?
Date: Thu, 05/21/2009 - 17:06
Thought I would share the experience I just had with Barclay's Bank's collection department:
I have a Barclay's credit card with a balance of 10K. I stopped paying as of March 1st, so I am 60 days past due. I recently settled 60K of debt with BOA for 15k and paid off two of my other debts so this is my last hurdle and perhaps I am feeling a bit bold.
Anyway, my strategy was to do what I did with BOA start out with low ball offers and try to get them to 25 cents on the dollar. So, I have answered their calls almost regularly and each time told them:
1) my income has drastically been reduced because of the economy;
2) I have consulted with a lawyer re: bankruptcy (a fib); and
3) he has advised me that I should try to settle my debts with what cash I have left to avoid BK (a fib)
So I am willing to give you $1,500 in complete satisfaction of my debt. Each time they were polite said "sorry for your situation but we cannot offer a settlement" I said "thank you and good bye."
This last call was different. After I did my little speech the woman said "that's not good enough you have a responsibility to do something so you must make a payment today."
I said "sorry all I can do is give you $1,500 if you will settle my account in full."
She said no and then told me I "HAD" to give her that $1500 and that I could then save the rest to pay off my account in full."
Again, I said "no," and she started yelling about my responsibility to make a payment.
I held my toungue though I was thinking "couldn't you apply my family's potion of the bail out to my cc debt?"
Then I repeated politely "no I can pay you in a settlement today but that is it. That is all I will do."
She then told me "you have to do something OR ELSE"
I said "or else what?"
She had no answer and started going back to "you have a responsibility" blah blah and then AGAIN
tried the "or else" line.
Anyway, I laughed and told her "I do not have to do anything but that if she wanted to settle I would be interested."
She then started on again and I hung up.
Yes, there is a question here:
Do these tactics really work? I assume they would not try them if they didnt. If so, please don't fall for tactics like this. Have a plan, stick to your guns, and continue to smartly explore your options. Hopefully, this will start my settlement process and we will get to where I can afford, but if not I am still not going to be bulled by some quasi-tele marketer from India AND NEITHER SHOULD YOU!!!
Has anyone else experienced something similar with Barclay's or another Bank? Trying to gauge if my guess is right that this is the start of negotiations or if it is something else?
Good luck to us all.
I have a Barclay's credit card with a balance of 10K. I stopped paying as of March 1st, so I am 60 days past due. I recently settled 60K of debt with BOA for 15k and paid off two of my other debts so this is my last hurdle and perhaps I am feeling a bit bold.
Anyway, my strategy was to do what I did with BOA start out with low ball offers and try to get them to 25 cents on the dollar. So, I have answered their calls almost regularly and each time told them:
1) my income has drastically been reduced because of the economy;
2) I have consulted with a lawyer re: bankruptcy (a fib); and
3) he has advised me that I should try to settle my debts with what cash I have left to avoid BK (a fib)
So I am willing to give you $1,500 in complete satisfaction of my debt. Each time they were polite said "sorry for your situation but we cannot offer a settlement" I said "thank you and good bye."
This last call was different. After I did my little speech the woman said "that's not good enough you have a responsibility to do something so you must make a payment today."
I said "sorry all I can do is give you $1,500 if you will settle my account in full."
She said no and then told me I "HAD" to give her that $1500 and that I could then save the rest to pay off my account in full."
Again, I said "no," and she started yelling about my responsibility to make a payment.
I held my toungue though I was thinking "couldn't you apply my family's potion of the bail out to my cc debt?"
Then I repeated politely "no I can pay you in a settlement today but that is it. That is all I will do."
She then told me "you have to do something OR ELSE"
I said "or else what?"
She had no answer and started going back to "you have a responsibility" blah blah and then AGAIN
tried the "or else" line.
Anyway, I laughed and told her "I do not have to do anything but that if she wanted to settle I would be interested."
She then started on again and I hung up.
Yes, there is a question here:
Do these tactics really work? I assume they would not try them if they didnt. If so, please don't fall for tactics like this. Have a plan, stick to your guns, and continue to smartly explore your options. Hopefully, this will start my settlement process and we will get to where I can afford, but if not I am still not going to be bulled by some quasi-tele marketer from India AND NEITHER SHOULD YOU!!!
Has anyone else experienced something similar with Barclay's or another Bank? Trying to gauge if my guess is right that this is the start of negotiations or if it is something else?
Good luck to us all.
yes they really do work. The reason, most folks are scared into
yes they really do work. The reason, most folks are scared into paying and the banks know that. Most folks don't research like we on the board try to do. Before I find the board, I would cry and I hardly slept, I was always worried when they would call. Thank Goodness for the board, who knows where I'd be now, probably in the Crazy Ward at the hospital or worse. A lot of folks would have whipped out their check book and gave them all their information, all because they were scared, it really to bad that they are allowed to freak folks out, but they have to make a living some how I guess.
