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making payment arrangements, need advice

Date: Thu, 07/19/2007 - 18:43

Submitted by BklynCatLady
on Thu, 07/19/2007 - 18:43

Posts: 19 Credits: [Donate]

Total Replies: 6


Here's what's happening here. I have an account in collections, that was with NCO. It's an Amex. I sent Amex and NCO a settlement proposal letter, and also informed them that all communication must be by mail. I received one phone call from my collection agent after that who told me that I needed to call her back to discuss it, and I did not. She never called again. I kept up payments, and made the payments I proposed in the debt settlement letter, and received nothing else in the mail.

My debt was passed to a different collection agency. This agent is funny because he's much less assertive than the previous one, but he is persistent. He recommended I apply for a loan and propose a settlement. his supervisor informed me that if I did that I would be reinstated with an Amex which would look good on my credit report. I didn't question her further, but what the heck are they talking about? If i SIF they will give me an Amex back? huh?

Anyway, I have an amount I will send monthly. I know that they will want checks by phone but I do not do that, and I'm prepared that they will insist. I will be sending MO's via CMRR or priority return receipt so that I have a record, and they don't have my bank information.

What is my next step? Tell the collector to expect a letter from me with my payment arrangements?

I want Amex (they still own the account) to give me some sort of break on my interest, it's ridiculous, but I am not willing to give post dated checks in order to get that. I dont think I should have to.

I told NCO (the previous credit agency) that I was going to work directly with the original creditor and they told me it didn't matter, any payments I sent to Amex would be sent to NCO first. I don't think that's accurate, I think that was just them being pushy.

Sigh. I don't know where to go from here.


I'm not sure on some of ur questions but i DO know once it's sent to collection agency that yes they still DO get commission no matter if u pay them or AMEX directly....
I'm sure someone who has a little more knowledge to ur other questions will be around shortly to answer them!
Good Luck,
Ang


lrhall41

Submitted by Ang on Thu, 07/19/2007 - 18:52

( Posts: 2306 | Credits: )


I thought once an account was charged off then a CC company could not charge penalties or interest against it. If this is the case then they should be able to tell you the amount due and as you make payments against that amount it goes down by the amount you paid. If they are still charging penalties and interest I would save the money as opposed to sending it to them and make a lump sum settlement offer once you saved up 30% of the amount owed before penalties and interest. I would continue to do this until they freeze your account and then I would still probably save and make offers. Otherwise they inflate the amount owed from all the penalties and interest. I would continue to offer settlement in full up to the point of being sued for a judgment which will force you into payments again but interest will be much lower and no penalties will apply. They may never sue so your position gets better for settlement as time goes on and approaches the SOL.


lrhall41

Submitted by DOLLARSandSINCE on Fri, 07/20/2007 - 13:34

( Posts: 1078 | Credits: )


collection agencies get paid if you pay the creditor. You aren't hurting a collection agency by mailing your payments to the creditor. It does get reported slower by doing that actualy.


Amex may give you lower intrest is you post date checks with them but since it has proceeded to collections to now two agencies I don't know how much luck you are going to have with that.


lrhall41

Submitted by FYI on Fri, 07/20/2007 - 15:32

( Posts: 1950 | Credits: )