Collection Agency Questions -
Date: Mon, 10/04/2010 - 14:42
I have about 4 or 5 accounts with collection agencies at the moment. I recently got a nice chunk of money but not enough to pay off all these bad debts.
My question is - do collection agencies settle if you call them and say that you can pay 60% of what you owe and then call the account closed? Or do they keep bugging until its completly paid off?
Who do you owe?? We could give you better guidance if we knew w
Who do you owe?? We could give you better guidance if we knew who you owe and how much. Are they still within SOL?? When was your last payment and what state are you in??
Quote:Originally Posted by AnonymousHi, My question is - do
Quote:
Originally Posted by Anonymous Hi, My question is - do collection agencies settle if you call them and say that you can pay 60% of what you owe and then call the account closed? Or do they keep bugging until its completly paid off? |
Depends on a few things.
1. If the creditor will allow a SIF
2. What the SIF offer is.
Some creditors will not accept anything less that the full amount and if they do, it would depend on haw much they will allow the CA to knock off the balance. The CA must abide by the guidelines set forth if they are working the accounts verses buying the debt.
And I wouldn't offer 60% as a starting offer. I'd offer 20% and
And I wouldn't offer 60% as a starting offer. I'd offer 20% and negotiate up from there. Why give 60% if you can pay 40% and get the same result?
I live in Minnesota and haven't paid anything to the collection
I live in Minnesota and haven't paid anything to the collection agencies yet.
Sadly, I haven't wanted to deal with the collection agencies so I am not even sure who is all calling anymore.
I got out of my Payday Loan hell in February and paid off the legal the companies. The illegal ones I have paid what I owed but they still call- no harm though.
However, I do know that my 3 credit cards are in collections (numbers are rounded up):
HSBC - with Redline Recovery - owe 800 in collections since May 2010
Capital One - not sure who they are with - owe 2000 in collections since Dec 2009
First Priemier Bank - Pinnacle - owe 500 in collections since Feb 2010
Medical Bill - in collections - 600 in collections since April 2010
Dentist Bill - in collections - 90 in collections since April 2010
I went through a really rough time with Payday Loans and everything else. I was so behind on my student loans that I used all the extra money I had to pay them before I went into default. Now I want to clear up this last little bit that I have left. I know that I haven't paid anything since they went to collections and I am getting 2000.00 from parents as a gift for selling their house and I really want to use that to clean up my credit.
Pay the $90 and be done with it. As for the others, call to dis
Pay the $90 and be done with it. As for the others, call to discuss your situation and options. You may be surprised what you come up with. Be upfront and honest.
Good luck.
I had a settlement offer from redline recovery on a hsbc card fo
I had a settlement offer from redline recovery on a hsbc card for me to pay just 25%. So if you 800 you should be able to get a settlement for around 200, maybe a little more since yours is more recent that mine, mine had already been around to several CA, and been in collection since 2008. Good Luck
I don't have a problem paying the 90... I am saying those are th
I don't have a problem paying the 90... I am saying those are the five collections I know of.
Its the bigger amounts that I am concerning myself with.
Quote:Originally Posted by AnonymousI don't have a problem payin
Quote:
Originally Posted by Anonymous I don't have a problem paying the 90... I am saying those are the five collections I know of. Its the bigger amounts that I am concerning myself with. |
I wasn't saying that you had a problem, but just to knock that little one out first. Work out small arrangements with each one and pay extra to the smallest. When it is gone, you will have more to add to the next smallest and so on. This is what I and other have referred to as a snowball. It really works if you have the fortitude to stick with it!
[QUOTE=Anonymous;756705]I live in Minnesota and haven't paid any
[QUOTE=Anonymous;756705]I live in Minnesota and haven't paid anything to the collection agencies yet.
Sadly, I haven't wanted to deal with the collection agencies so I am not even sure who is all calling anymore.
I got out of my Payday Loan hell in February and paid off the legal the companies. The illegal ones I have paid what I owed but they still call- no harm though.
However, I do know that my 3 credit cards are in collections (numbers are rounded up):
HSBC - with Redline Recovery - owe 800 in collections since May 2010
Capital One - not sure who they are with - owe 2000 in collections since Dec 2009
First Priemier Bank - Pinnacle - owe 500 in collections since Feb 2010
Medical Bill - in collections - 600 in collections since April 2010
Dentist Bill - in collections - 90 in collections since April 2010
I went through a really rough time with Payday Loans and everything else. I was so behind on my student loans that I used all the extra money I had to pay them before I went into default. Now I want to clear up this last little bit that I have left. I know that I haven't paid anything since they went to collections and I am getting 2000.00 from parents as a gift for selling their house and I really want to use that to clean up my credit.[/QUOTE]
Congrats on paying of the Payday Loans, they suck the life out of you. I have not had to "go there" yet and hope I never do but I read how they are and I understand what motivates them: GREED.
Don't pay any illegal amounts.
