logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Creditors Interchange Question

Date: Wed, 07/29/2009 - 13:56

Submitted by anonymous
on Wed, 07/29/2009 - 13:56

Posts: 202330 Credits: [Donate]

Total Replies: 3


I have a 34K debt with FIA card services that is now being handled by Creditors Interchange. I offered them $6000(17%) and they countered with 25%. I told them I only have $6000 readily available. The representative informed me that this is the best they can do, and if I don't respond by Friday the debt would go to some law firm where they would file it in court, possible garnish wages, I would have to appear in court, blah blah blah. The conversation ended at that. Now my question, if there isn't an agreement made by this Friday, will they turn it over to the law firm? If this is turned over to the law firm, is the debt negotiable with them? I don't mind dragging this on to get the settlement I am willing and able to pay. How long before all that litigation process happens? Will Creditors Interchange negotiate with me again?

Thanks.


Did you send a debt validation letter to the Creditors Interchange? If you have not done so, you should ask for debt validation first. After getting it validated, you can negotiate for debt settlement. However, I don't think that it is easy to get your debt reduced to 17% of the outstanding amount. In case you can negotiate for debt settlement, get the agreement in writing and then pay it off to the creditor.

The CA can send the debt to a law firm any time they want, if they actually own the debt. However, they cannot bring judgment against you, until they validate it.


lrhall41

Submitted by SC on Thu, 07/30/2009 - 03:54

( Posts: 3937 | Credits: )


Quote:

In case you can negotiate for debt settlement, get the agreement in writing and then pay it off to the creditor.


SC...you are totally wrong. If you make a settlement agreement with one party and send it to another, the settlement agreement could be voided. Besides, if this account is being handled third party, the CA still gets paid and the delay in sending the payment to the creditor could also miss the payment deadline.

From what I know of creditor interchange, they handle debts third party and the original poster should have already validated it before getting into settlement negotiations. Starting validation now could screw up any settlement...I realize it is his legal right however from my experience inside a third party collection agency, this is how things work.


lrhall41

Submitted by SOAPLADY on Thu, 07/30/2009 - 05:07

( Posts: 17315 | Credits: )


hey - debtman -- how late was your credit card -- and did they actually settle with you for 25% -- I've got to call them today - just wondering what they will accept.


lrhall41

Submitted by on Thu, 08/13/2009 - 07:46

( Posts: | Credits: )