Working with 3rd party collectors
Date: Wed, 03/24/2010 - 11:54
Validation is a waste of time if you know you owe the debt and h
Validation is a waste of time if you know you owe the debt and have verified placement with the holder of the original creditor. You want to settle and then dv them?? You dont want to settle very badly, do you....they will see a DV as a major stall.
Thanks, I want to settle, I just fear that Im going to pay a CA
Thanks, I want to settle, I just fear that Im going to pay a CA and then the OC will say they didnt accept it, I am knew at this and I am just Plain SCARED!!!
You always get a settlement in writing before you pay a dime....
You always get a settlement in writing before you pay a dime....that will cover your behind. However CA's collecting 3rd party generally have blanket authorization to settle accounts. Common practice.
3rd party collections
Quote:
Originally Posted by SOAPLADY You always get a settlement in writing before you pay a dime....that will cover your behind. However CA's collecting 3rd party generally have blanket authorization to settle accounts. Common practice. |
what do you mean blanket authorization?
It means that can settle up to so much without consulting the cl
It means that can settle up to so much without consulting the client (amex). Settlements any higher have to have client approval.
Our credit card division used to have at least 40% authorization on all the cards they were collecting on.....however they will not tell you that it is exists or how much they can go. The collector may be permitted to write off 40% but might only offer you 30%...you gotta make a good case, be polite and cooperative. An easy going debtor is a quick settlement. In other words, dont piss your collector off.
settlement letter from CA question
Quote:
Originally Posted by SOAPLADY It means that can settle up to so much without consulting the client (amex). Settlements any higher have to have client approval. Our credit card division used to have at least 40% authorization on all the cards they were collecting on.....however they will not tell you that it is exists or how much they can go. The collector may be permitted to write off 40% but might only offer you 30%...you gotta make a good case, be polite and cooperative. An easy going debtor is a quick settlement. In other words, dont piss your collector off. |
Hi SoapLady,
I read couple of your posts and you seem you are very knowledgeable. I have a question you might know the answer. My Chase account was sent to Client Services and I was too scared to answer the phone but I did one day and someone actually nice was on the other line though she pressured me to make a payment in two days and I can't really come up with that much payment. She faxed me a settlement letter that has no signature and even the fax that it came from is unknown but there is her name at the end of the letter and the same reference number as the first letter they mailed me.
My questions are:
1) They are a Collection Agency and they said they are collectiing th edebt for Chase. Does this mean my account is charged off? I am more than 180 days late I think. They told me that in 2 days my account was leaving if I don't make payment. I don't know where it's going.
2) She told me the letter won't be signed (faxed settlement letter that states the amount to settle and the payment plan). Can I trust them?
I hope you can answer as I need to make a decision to call them tmorrow.
THank YOu.