John P. Frye/Atlantic Credit and Finance
Date: Thu, 09/16/2010 - 11:37
Hello
I received a letter last week regarding a credit card debt that I had with Bank of America that was bought by John P. Frye/Atlantic Credit. I was previously on a payment plan with B of A and had been paying them for almost 2 years a set amount each month, but then got behind this past summer as we had a rental home go into foreclosure and I am also on unemployment. B of A offered a settlement, which was still more than I could pay, but I did pay them a small amount in August; apparently that wasn't enough and they sold the debt to JPF/AC. After reading the letter, I called them to see what my options were as I am aware that it is my debt, I just cannot pay the entire amount owed on it, which is around $7500. I tried to talk to the woman on the phone about making payment or some other strategy, but she said they could only take a settlement of around $5500 or a one-time payment of $1900 and then payments of $150 per month on the whole balance of the $7500. Well, both offers could have been feasible for some people but I simply do not have that large amount of money to pay on this card. I could maybe do something around $500 and then monthly payments after that, but I just need to know what is my recourse with this collection company? So far, they have not been hounding me or anything, but they always ask "can you borrow from a 401K?" or "borrow from relatives?", which is not possible either. Also, they always talk about "needing to have some type of payment immediately"; I am assuming that these are just scare tactics and they can accept payments at any time. Just tired and frustrated of trying to deal with this people. Also, I assume that you do not give them your bank account information, obviously, but how do you know where exactly you sent you r payments. Should you send money orders or cashier's checks so they can't see the bank info on your personal checks? Any advice or help on this matter would be appreciate, thanks.
I received a letter last week regarding a credit card debt that I had with Bank of America that was bought by John P. Frye/Atlantic Credit. I was previously on a payment plan with B of A and had been paying them for almost 2 years a set amount each month, but then got behind this past summer as we had a rental home go into foreclosure and I am also on unemployment. B of A offered a settlement, which was still more than I could pay, but I did pay them a small amount in August; apparently that wasn't enough and they sold the debt to JPF/AC. After reading the letter, I called them to see what my options were as I am aware that it is my debt, I just cannot pay the entire amount owed on it, which is around $7500. I tried to talk to the woman on the phone about making payment or some other strategy, but she said they could only take a settlement of around $5500 or a one-time payment of $1900 and then payments of $150 per month on the whole balance of the $7500. Well, both offers could have been feasible for some people but I simply do not have that large amount of money to pay on this card. I could maybe do something around $500 and then monthly payments after that, but I just need to know what is my recourse with this collection company? So far, they have not been hounding me or anything, but they always ask "can you borrow from a 401K?" or "borrow from relatives?", which is not possible either. Also, they always talk about "needing to have some type of payment immediately"; I am assuming that these are just scare tactics and they can accept payments at any time. Just tired and frustrated of trying to deal with this people. Also, I assume that you do not give them your bank account information, obviously, but how do you know where exactly you sent you r payments. Should you send money orders or cashier's checks so they can't see the bank info on your personal checks? Any advice or help on this matter would be appreciate, thanks.
They're just doing their job, which is to get money from you. T
They're just doing their job, which is to get money from you. There is always a sense of urgency. If you don't have the money, you don't have the money, right? I would simply continue to check in with them at least once every couple of weeks and let them know your situation hasn't changed. In the meantime, set aside as much money as you can so that you can start building that first lump-sum payment.
