CA for two Banks
Date: Tue, 01/08/2008 - 22:40
1. Both companies said that the debt has to be paid within 4 months
2. I'm in college and have no way to pay $600 a month for this plus living expenses and what not.
Is there any way for me to get them (States Recovery Systems and Client Services) to accept lower payments over a longer time period?
Thanks in advance for your help!
You don't have to pay them in that period of time. They do have
You don't have to pay them in that period of time. They do have the right to demand payment in full or what not, but you do not have to pay it off in 4 months. Just make monthly payments on it. Pay what you can afford to pay, they'll accept the payments.
Couple questions for you though
1. How old are these accounts?
2. What state do you live in?
Also, you may wish to send both agencies a debt validation letter to determine if they have the legal ability to collect on these. (you can find a good template for one via the first link in my signature) send it certified mail, return receipt requested.
I live in Texas. The account with Wells Fargo has been in co
I live in Texas.
The account with Wells Fargo has been in collections for less than a month. I'm not sure about Bank of America because I saw it on my credit report and called them to make arrangements. My guess would be about 5 months.
I'm kinda new to this whole collections thing, so could you tell me what purpose the debt validation letter will serve since I already know that I owe the banks this money? Will they get upset about me requesting this information?
A debt validation request is always a good idea when dealing wit
A debt validation request is always a good idea when dealing with a collection agency. There are several reasons, but here are a couple:
1 - Making certain that the debt is actually yours. You say you know it's yours, so this one's not a biggie.
2 - Making certain that the collection agency you're paying actual has the legal authority to collect on this debt.
3 - Finding out whether the CA has stacked on excessive penalties, interest, etc...
They shouldn't get upset over it. Federal law says you have a right to this information before you pay them a dime, and that they are required to produce it on demand. If they do get upset, tough. They're big boys. They'll get over it.
Never agree to something you can't do. It causes problems and si
Never agree to something you can't do. It causes problems and since you are in collections already you will lose even more credibility with the agent you are working with if you work out something and you can't honor it.
As for debt validating when you know where it was sent, how much you owe and that it is definetly yours is in my opinion basically a stall tactic but you do have the right to that information.
You need to work out arrangements that will work for you. My suggestion would be to sit down and budget things out so that you know what you can do and call them back. They might get upset over you canceling but not as upset as they would be at you bouncing a payment with them.
