Question on outstanding debt, collection agencies and validation
Date: Fri, 03/26/2010 - 20:27
I was just contacted by a collection agency regarding my overdue CC debt and was wondering if I should go the validation route? I have a settlement offer planned but don't want to tick them off by requesting validation even though its my right. Meaning if I play ball and make it easy for them will the percentage be less or will it matter? Any ideas on this? Also are they any tutorials as far as specifics? Its been about 2 weeks since I was contacted by them.
Thanks!
Nikky
Well, how old is the debt and is the collection agency collectin
Well, how old is the debt and is the collection agency collecting for the original creditor? Do you recognize the amount they claim you owe?
You should always have a debt validated. It is your right. The only time I would 'play ball' is if I was sure that they are the correct agency to collect and they were collecting the correct amount.
After they contacted you did they send you a letter?
Generally, the amount of a settlement depends on how old the debt is, the older, the lower the amount from the original.
Thanks for the response. I never received any documentation from
Thanks for the response. I never received any documentation from them just a bunch of phone calls and some laughter when I offered them the settlement amount. The debt is about 4 months past due. I've been trying to stay afloat for the last year and used the majority of my savings paying minimums hoping it would all turn around but unfortunately it hasn't. I'm to a point now where I have some savings left and need to settle because paying the minimums is a sinking ship and a losing battle. My credit score was in the low 700's before all this but its to a point now where I don't even care. I don't even live in the country anymore but want to do the right thing and come to a reasonable solution for both.
Any suggestions
Only 4 months old...yeah they don't have much incentive to settl
Only 4 months old...yeah they don't have much incentive to settle. BY law they are required to send you a letter after initial contact.
When does their "incentive" start to increase? The last payment
When does their "incentive" start to increase? The last payment I made was in November 09. I'll keep an eye out for the letter.
The older the debt gets the lower they are willing to go. Of co
The older the debt gets the lower they are willing to go. Of course you mentioned you don't live in the country anymore so it may be hard for them to sue you, so that could be an incentive right there...but I am not certain and I am completely in the dark about other countries and debt within the US.
I was hoping to get them down to 25-30%. They said they could ta
I was hoping to get them down to 25-30%. They said they could take 50-55% so right now we're far away from a settlement but by the sounds of it its still early.
They're not aware I live in another Country and I don't plan on telling them either.
No one really has a straight answer as far as collections go (abroad). I'm sure they can sue but is it really worth it if I'm offering a settlement and can't pay even if they win a judgement?