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How much should I offer a CA who doesn't own my debt?

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I'm unemployed, have no assets and owe the OC $6000. The CA is only working on behalf of the OC, they don't own the debt.

I have a family member willing to help me settle with the CA, but realistically, how much can I lowball the CA? They'd never get any money out of me if they sue because I don't have anything so I would think they'd be willing to take whatever I offer. But how nasty are they going to be if my offer is too low?

The CA is Creditors Interchange, by the way. Should I even speak to them on the phone? I haven't yet because I've read that they can be real pieces of work (eg. rude, insulting, scare tactics). I don't want to DV them because Chase has confirmed they're collecting on their behalf, so all the DV would do is delay things and I just want this settled already.

Sorry for posting this in two forums. I wasn't sure which forum it belonged in.




realistically,they don't have to accept any settlement.they are
working for the OC,so you can propose all you want,but it is up to the OC to accept.i would try to talk to the OC.the CA would get there cut,but you might be able to get a settlement that way easier.

Sub: #1 posted on Thu, 09/11/2008 - 12:35

paulmergel paulmergel
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Check them out on budhibbs (dot) com for info on the CA.

Sub: #2 posted on Thu, 09/11/2008 - 12:37

desperatelyseekingsanity desperatelyseekingsanity

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I tried talking to the OC. It's Chase. I've called 4 or 5 times and everyone I talk to says that once Chase has charged off on an account and it goes to a CA, it's their policy that they won't deal with me that I have to deal only with the CA.

[Sorry for that duplicate post. I thought I had posted it in another forum].

Sub: #3 posted on Thu, 09/11/2008 - 12:39

ann ann

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Thanks. I had read all sorts of bad things about them just doing a Google search. Looking at budhibbs site, it just confirms my fears about not wanting to talk to them on the phone. I want to settle this debt, but I don't want them not accepting my offer and then harassing me to pay more than my offer.

Should I send them a letter telling them all communication is to be by mail only? Or will that just make them start calling relatives and neighbors?

Sub: #4 posted on Thu, 09/11/2008 - 12:45

ann ann

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I would shoot for 1500-2500 or roughly 25%-40%. If you get 30% then you did some really tough negotiating I think. I think you could get 50% easy but that leaves you owing a family member 3k which stinks.

Sub: #5 posted on Thu, 09/11/2008 - 12:49

DOLLARSandSINCE DOLLARSandSINCE
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Thanks. Should I make the offer over the phone through the mail so there is a paper trail? Either way, I plan on telling them that I have no assets and no wages to garnish.

Sub: #6 posted on Thu, 09/11/2008 - 12:53

ann ann

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That should be "over the phone" OR "through the mail".

Sub: #7 posted on Thu, 09/11/2008 - 12:54

ann ann

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ann,you said the OC still owned the debt.that isn't true.i would do as dollars advises.

Sub: #8 posted on Thu, 09/11/2008 - 12:55

paulmergel paulmergel
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But I asked Chase and they said the do still own the debt. That the CA is working to collect the debt on their behalf.

So it isn't true that they still own it?

Sub: #9 posted on Thu, 09/11/2008 - 13:00

ann ann

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I would negotiate by phone. Once you have an agreement then deal in writing. You might consider recording the calls too. Give them notice if you live in a 2 party state. Read this post by Nascar.

http://www.debtconsolidationcare.com/settlement/how-to-ne gotiate.html

I would call them up and say "Someone is willing to loan me $1,500 today only to settle this account in full." and see what they say. If they say it is not acceptable then say thanks and hang up and try the offer again in a couple weeks. If they counter with a high number like $5,000 then tell them the most you can get is $1,500. They will eventually come to 50% then its up to you how hard you want to fight for that extra 10-15%. It will probably take a number of calls before they work with you. I would not spend more than 5 minutes per call in discussion. They will just try to wear you out and the longer they keep you on the phone the more advantage they have. Set a timer if you have to and when it dings at 5 minutes tell them you have to go and you will make the offer again next month maybe. Whatever you settle at make sure to get it in writing prior to sending any money. Do not give electronic access to any account. Pay with a cashiers check or money order via certified maill. Keep a copy of the agreement and the check forever.

Sub: #10 posted on Thu, 09/11/2008 - 13:26

DOLLARSandSINCE DOLLARSandSINCE
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