Joint account bad debt
Date: Tue, 06/21/2011 - 14:39
Hi,
Me and one of my friend shared a rented house and while leaving we had some outstanding works which were not billed at that time and our security which was $ 210 was left unsettled. After that the apartment folks never contacted us and didn't informed if we were supposed to pay anything to them, they had our phone numbers with them too. Some days back, I ran the credit report on me and found that the apartment management has hired some collection agency and we have to pay them $1026 dollars. We were never contacted by the apartment folks nor by the collection agency yet. But I want to get rid of this bad debt and clear my bad debt. My flatmate is not with me anymore and there is no way that I can contact that person. So how much do I need to pay to the apartments for this? Will I need to pay only 50% or the full amount to clear this debt?
Thank in advance...
Me and one of my friend shared a rented house and while leaving we had some outstanding works which were not billed at that time and our security which was $ 210 was left unsettled. After that the apartment folks never contacted us and didn't informed if we were supposed to pay anything to them, they had our phone numbers with them too. Some days back, I ran the credit report on me and found that the apartment management has hired some collection agency and we have to pay them $1026 dollars. We were never contacted by the apartment folks nor by the collection agency yet. But I want to get rid of this bad debt and clear my bad debt. My flatmate is not with me anymore and there is no way that I can contact that person. So how much do I need to pay to the apartments for this? Will I need to pay only 50% or the full amount to clear this debt?
Thank in advance...
First of all, you should send a debt validation letter in writin
First of all, you should send a debt validation letter in writing to the collection agency. If the debt is validated, then you can negotiate a settlement with them. You can also request your creditor to withdraw the case from the CA and directly deal with them. Settlement amount will depend upon your convincing power.
Quote:You can also request your creditor to withdraw the case fr
Quote:
You can also request your creditor to withdraw the case from the CA and directly deal with them. |
As a general rule, collection accounts are rarely withdrawn just because the debtor asks. Collection agencies are hired under contract by the creditor. Accounts cannot be withdrawn without cause, like a documented FDCPA violation. While the contract is in effect, the creditor is legally bound to pay commission to the CA, even if the payment is sent directly to the creditor. They must either forward the payment to CA or give them what is called a Pay Direct.
