Do's and don't for dealing with a collection company
Date: Thu, 02/11/2010 - 16:48
*know your debt ( many people get calls on false debt and end up paying it)
*Know the statue of limitations on your debt. (again many people end up paying when the SOL has expired)
*Keep a written record of every call (full name of caller, name of company, employee identification number, and yes they have one don't let them tell you they don't)
*Never tell them you wont pay your bills. Alot of these scumbags will try to get that on tape for court reasons. Just simply repeat that you can only afford x amount per month to pay it off.
*Always get a settlement in writing before you give them any money. Make sure it states the original creditor the account number, and amount they are willing to accept, and that when recieved it will be considered paid in full.
*Send certified check with a copy of the letter to the collections company and keep a copy of both for yourself....forever. You'll be surprised 10 years down the road when they call you back up saying you owe them.
Don'ts:
*NEVER GIVE THEM ACCESS TO YOUR ACCOUNT. If John from ABC collections calls you and offers you 70% off but that they have to have it automatically deducted from your account, tell them sorry. Once you give them access don't be surprised when the full ammount comes out and overdrafts your account. When you call back you'll hear that john didn't have the authority to give that kind of discount and/or there isn't a john working there anymore.
*If the statue of limitations has expired don't admit to owing the debt. You can restart that statue of limitation by doing so.
*Never let them get you emotional. They will pull every trick in the book just to get emotionally upset so you feel guilty and pay them money.
Feel free to add to this.
Most collectors do NOT have an employee identification number pe
Most collectors do NOT have an employee identification number per se, at least one that is of anybody elses business but theirs and their payroll/human resources. Nobody has to give that number out.
simply verbally admitting to a debt does not re-age the debt. a
simply verbally admitting to a debt does not re-age the debt. and on that note, just because a debt is SOL doesnt mean its not still owed. this is not supposed to be a debt-evasion web site, and people should take responsibility for debts they legitimately owe, to those who legitimately own it.
Quote:Originally Posted by Anonymoussimply verbally admitting to
Quote:
Originally Posted by Anonymous simply verbally admitting to a debt does not re-age the debt. and on that note, just because a debt is SOL doesnt mean its not still owed. this is not supposed to be a debt-evasion web site, and people should take responsibility for debts they legitimately owe, to those who legitimately own it. |
While I agree with you 100% about people paying their bills, show me a debt collector on an account past SOL that can provide positive proof that they legitimately own a debt and that the debt is real, and I'll show you a five-headed dog that never needs a bath. The problem with old debts is that the debt collectors seem to think they have the right to treat people like garbage and refuse to validate. If only they would follow the law, they would probably make more money each year because they would be able to prove their case.
Quote:Originally Posted by skydivr7673...show me a debt collecto
Quote:
Originally Posted by skydivr7673 ...show me a debt collector on an account past SOL that can provide positive proof that they legitimately own a debt and that the debt is real, and I'll show you a five-headed dog that never needs a bath. |
Quote:Originally Posted by skydivr7673While I agree with you 100
Quote:
Originally Posted by skydivr7673 While I agree with you 100% about people paying their bills, show me a debt collector on an account past SOL that can provide positive proof that they legitimately own a debt and that the debt is real, and I'll show you a five-headed dog that never needs a bath. The problem with old debts is that the debt collectors seem to think they have the right to treat people like garbage and refuse to validate. If only they would follow the law, they would probably make more money each year because they would be able to prove their case. |
I've got accounts going back to the 50's where I can produce the original contracts and account ledgers. Granted these are not even in our computers, and we're not even trying to collect, but nonetheless we keep our files in storage forever.
Quote:Originally Posted by SOAPLADYMost collectors do NOT have a
Quote:
Originally Posted by SOAPLADY Most collectors do NOT have an employee identification number per se, at least one that is of anybody elses business but theirs and their payroll/human resources. Nobody has to give that number out. |
Ask a stupid question and you might get a stupid answer...... I have a lot of customers that want me to give them "confirmation numbers" after we talk on the phone. I generally explain that our company is small and we are not that sophisticated to have tracking numbers. Some people, however, do not give up and keep demanding their confirmation number. So when that happens, I start typing away on my keyboard for about ten seconds (really loud so they can hear it, and I tell them to hold on while I "generate a ticket"), and then I read back about 25 of the letters/numbers that I just randomly typed on the keyboard.
Quote:Originally Posted by DebtCruncherI've got accounts going b
Quote:
Originally Posted by DebtCruncher I've got accounts going back to the 50's where I can produce the original contracts and account ledgers. Granted these are not even in our computers, and we're not even trying to collect, but nonetheless we keep our files in storage forever. |
Then why won't collections agencies ever produce these original contracts and account ledgers when you ask for them.
Third party CA's are dependant on the holder to provide all this
Third party CA's are dependant on the holder to provide all this information. If the info is old, it can take time to dig it up. The CA in effect, is caught in the middle.
If it is junk bought debt, the paperwork may or may not have come with it. Often they are just too lazy to go searching.
How to respond to summons
Hello skydivr7673,
I read your advice of the Do's and Don'ts of dealing with a collection agency, however I would appreciate a little advice on how to help me son answer a summons Zwicker and Associates, P.C. in Georgia. Citi-bank issued a credit card his freshman year in college in 2006 with a limit of $3,000 which I originally did not know about. My son only had a part-time temporary job at that time. Of course he could not make monthly payments and has not since 2007 and I tried to help my son but as a single parent could not pay both is bills and my own. Citi bank added late charges and other penalties and now is over $4,000 but has since charged off the bill and Zwicker and Associates has purchased it. My son attends college out of town and is greatly in need of advice on how to respond to a bill he could afford in the first place. I know a law has since been passed regarding credit cards company issuing cards to students under 21. Can this law apply now; if not HELP!. Thank you very much.
The new laws would not apply to your son especially since he is
The new laws would not apply to your son especially since he is more than likely over 21 now. Does Zwicker own it or are they representing Citibank? Citi doesnt sell their accounts like a lot of other cards and do actively sue.
"Banning credit cards for people under the age of 21 unless they have adult co-signers or show proof that they have the means to repay the debts. College students must get permission from parents or guardians to increase credit limits on joint accounts they hold with those adults. The new law will ban those free pizza and T-shirt giveaways -- popular on many college campuses -- if students sign up for credit cards. Colleges, universities and alumni associations would have to disclose the nature of contracts they have."
Is this the only debt that your son has? Is he working right no
Is this the only debt that your son has? Is he working right now? Is he living at home? Does he have any assets (own any land on any title to anything, money in the bank - a job - what State is your son currently living in?) - A "charge off" is an accounting term that (simple explanation) means the bank has determined that this is no longer a "performing asset" and they have to move it out of their book of receivable business. The debt is still owed. They can decide to send the debt to collections (internally or an outside agency) - They can sell the debt to a debt buyer (and recover some money immediately by selling it - then you owe the debt buyer) or they can sue. It seems that this debt has been sitting out there since 2007 with no payments being made. Most likely no communication has been made with Citi about the circumstances surrounding the account and they are simply moving this "down the line". If you could answer these questions, we can then look at the options available (if he even needs to or can do anything about it right now)....
Quote:Originally Posted by noleIs this the only debt that your s
Quote:
Originally Posted by nole Is this the only debt that your son has? Is he working right now? Is he living at home? Does he have any assets (own any land on any title to anything, money in the bank - a job - what State is your son currently living in?) - A "charge off" is an accounting term that (simple explanation) means the bank has determined that this is no longer a "performing asset" and they have to move it out of their book of receivable business. The debt is still owed. They can decide to send the debt to collections (internally or an outside agency) - They can sell the debt to a debt buyer (and recover some money immediately by selling it - then you owe the debt buyer) or they can sue. It seems that this debt has been sitting out there since 2007 with no payments being made. Most likely no communication has been made with Citi about the circumstances surrounding the account and they are simply moving this "down the line". If you could answer these questions, we can then look at the options available (if he even needs to or can do anything about it right now).... |
My son has a department store card with a $300.00 limit. He lives in the dorms at his college in Georgia (we both live in Georgia) whereby he is a Resident Assistant and gets paid a small weekly stipend of $75.00 that he deposit in the bank to save for a summer class. Also during Christmas and summer, he work a temporary job until school resumes in the fall. He does not own any property. Your advice is greatly appreciated.
shoot me a private email through this site and I will give you m
shoot me a private email through this site and I will give you my contact phone number - I have some ideas for you and your son. It won't cost you anything, if you are interested. Just too much to type out here.
Quote:Originally Posted by noleshoot me a private email through
Quote:
Originally Posted by nole shoot me a private email through this site and I will give you my contact phone number - I have some ideas for you and your son. It won't cost you anything, if you are interested. Just too much to type out here. |
You are replying to a guest who posted 6 months ago.
well, i got a message in my inbox and linked to the thread provi
well, i got a message in my inbox and linked to the thread provided. Better safe than sorry....