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is there any point in talking to creditors

Date: Tue, 01/25/2011 - 17:01

Submitted by anonymous
on Tue, 01/25/2011 - 17:01

Posts: 202330 Credits: [Donate]

Total Replies: 16


during the 'waiting' period for settlement? i feel like there is potentially more harm than good and little to be accomplished when you know they aren't ready to offer you a settlement. my story is already in their files and nothing has changed.


I never answered a single phone call and I actually put a block on the phone numbers as soon as they would appear so my family wouldn't be harrassed by the phone ringing day and night.

Even though I never once answered the phone, all of the credit card companies started sending me letters with debt settlement offers after 90 days, and it was funny, the longer it went, they would keep dropping the rates without talking to me once. Now I'm not saying you should completely ignore them, but out of 6 credit cards I'm planning to negotiate, I've accepted settlement offers of 22%, 24% and 75% (payable over 5 years with .99% interest) and I'm just waiting for the other 3 (I stopped paying them a couple of months later than the ones I've already settled).

Good luck!


lrhall41

Submitted by Michael R. on Wed, 01/26/2011 - 04:05

( Posts: 11 | Credits: )


Greetings again,

Just a couple of cents worth here.
In the beginning the ccc's will try to cajole, intimidate and shame you into paying them something.

It's a head game they play with you.
Yes they can be abusive, but turn it back on them by acknowledging they are just doing their job. And throw in a bit of emphathy. Seems to diffuse most of 'em.

I always returned the calls at least once a week.
Repeat the story and they'll note the log.

I truly believe that if you dodge the calls, the ccc's will think the worst and maybe put you into the lawsuit pile.

In my opinion this method allowed me to settle $84k for $27k.

Regards,
King "Kash" Jabba Labba


lrhall41

Submitted by King Jabba Labba on Wed, 01/26/2011 - 07:58

( Posts: 507 | Credits: )


Hi believit,

Ignoring certain creditors for months affects how your account is tagged and flagged. In some instances, if you have been unreachable, your account will be referred out for more aggressive collection action earlier than it would have otherwise.

You certainly do not need to pick up every call or return all messages. Speaking to a creditor to reiterate your circumstance at least once a month is advisable.

Yes, there are auto offers sent out like Michael R suggests in his comment, but not by all creditors and even the ones that do, do not send them to all delinquent account holders.

The trends with each creditor change. The floor for settlement offers adjust, the timing off mail and verbal offers change, the speed with which accounts are assigned out and how long assignees are contracted change. Some creditors will cycle in a new VP and suddenly 8% of files are assigned out to legal depending on attorney relations and state demographic where only 4% were referred out prior.

Not to make this all sound complicated. Its not. Some things are a moving target though.

Best of success in getting debt free!


lrhall41

Submitted by MichaelBovee on Wed, 01/26/2011 - 08:23

( Posts: 125 | Credits: )


I agree with the prior poster totally. If you ignore, your account will either be referred to outside collections--which can make your life very uncomfortable as they contact you at work, your friends, family and so on. My suggestion is to keep your story straight and take the call maybe every two weeks. Keep it friendly. You then have a better chance of settling in house instead of dealing with multiple cr entries for the same debt, as well as the possibility of a lawsuit.


lrhall41

Submitted by dantheman on Wed, 01/26/2011 - 08:30

( Posts: 860 | Credits: )


thank you all for your replies.

PNC has been very aggressive and rude. they say 'then are you refusing to pay'? i tell them i CAN'T pay. they want information on how much my husband makes and what our expenses are.... i don't want to give them that information. we have a little extra each month which i am trying to save for settlement. i don't think they need to know that. PNC has been so forward as to suggest i give up internet (i am TRYING to find a job) service and other things which i really don't think are their business. last night i just said, 'you have my information on file, my situation has not changed' and terminated the call. i am not good at handling these very rude, aggressive people. i really didn't choose to be in this position. 20% compounding interest and a long period of unemployment just has a way of putting you in a place you never, ever dreamed you'd be...


lrhall41

Submitted by on Wed, 01/26/2011 - 12:30

( Posts: | Credits: )


It is often better to be the one to initiate the call, letting inbound calls filter to voice mail.

The posture when you make the call is different, as is the posture (often enough) of the person your call is connect to.

The "Your refusing to pay" & "I will note that you are refusing to pay" is a collection ploy that almost always means nothing. Just a button that collectors, even OC recovery department employees, push because it has long proven to be effective.

You did the right thing by terminating the call.

You will get through this!


lrhall41

Submitted by MichaelBovee on Wed, 01/26/2011 - 18:05

( Posts: 125 | Credits: )


I agree with the previous poster. We never picked up calls when they called but we did call in to each company about once a week to reiterate our story. We found the people we dealt with more pleasant this way and as we moved on through the process we tried to get 1 or 2 contacts at each company. That way there was a "relationship" and that made calls easier as well. Most wished us good Luck in the future at the end of the process.


lrhall41

Submitted by debtinthedistance on Sun, 01/30/2011 - 16:52

( Posts: 89 | Credits: )


I believe that it is illegal for a collections company to call you at work, I believe. Ask for their badge # , name, company name, any identification #. I have been wrong before
Moncton.nb canada


lrhall41

Submitted by Ian Rogers on Mon, 01/31/2011 - 13:55

( Posts: 5 | Credits: )


Yes, indeed you are a person and don't have to take their abuse. Talking gets you answers. If that won't settle it, request your COMPLETE copy of your file under the Privacy Act PIPEDA. You are entitled any and all information in your file including management report on how they plan to retify your situationtheir personal notes of your conversations by LAW. In canada, mentioning a lawyer for your legal right and using any misinformation against them, shouts them up quickly and they no longer what to deal with you. document everything on paper during phone conversation or immediately after, have witness sign date and time. I'll let you know how this works out for me. I believe, i could be wrong. just enough information to be dangerous right now.
Have a great day.


lrhall41

Submitted by Ian Rogers on Mon, 01/31/2011 - 14:07

( Posts: 5 | Credits: )


I used to ignore the calls, then call them back. I felt more confident when I was the caller. If you do talk to them, be sure to NEVER tell them that you are planning or saving to settle! Tell them a very simple story, offer a settlement and if they want more, tell them simply that you do not have that at this time. Don't offer more than you need to.


lrhall41

Submitted by lisaawilliamson on Wed, 02/02/2011 - 06:06

( Posts: 210 | Credits: )