contacted by creditor
Date: Fri, 08/11/2006 - 21:08
I have been in the process of contacting collection agencies about settling on some old debt, and my wife took a call today from a guy from a company she got a computer from who told her that today was the last day they were willing to settle and if she couldn't come up with the payment or pay them $100 a month they were going to sue for the computer and a financial payment.
Well, $100 a month is not an option, and I wasn't home anyway.
My question is what should my next step be? The debt stands at 2200 and I have about $1100 in savings bonds (in my parents name, was for school, and therefore completely judgement exempt, but useful for settling)
Is it worth contacting the collection agency to see if they will settle? Or are they definitely serious in their threat?
help....? :cry:
Well, $100 a month is not an option, and I wasn't home anyway.
My question is what should my next step be? The debt stands at 2200 and I have about $1100 in savings bonds (in my parents name, was for school, and therefore completely judgement exempt, but useful for settling)
Is it worth contacting the collection agency to see if they will settle? Or are they definitely serious in their threat?
help....? :cry:
Before you settle anything, make sure they legally have the debt
Before you settle anything, make sure they legally have the debt. Make them validate the debt. Have these collectin agencies sent you anything in the mail stating that they are collecting on the debt?
Peterk Your wife took the call from someone in the computer
Peterk
Your wife took the call from someone in the computer shop. This makes me believe that she was not contacted by any collection agency. If this is the computer company calling you, you can directly work out arrangements with them and stop dealing with any CA later. Make sure that the company sends you the invoice of this debt before you pay them. Once the debt is cleared, get the PIF in writing and they will be required to update your file with the bureaus.
