P. Scott Lowery - Debt Verified...what next?
Date: Sun, 04/15/2012 - 18:02
I have just over $10K that was sold from Beneficial (HSBC) to P. Scott Lowery "Law Office", and they contacted us in late December to demand payment (we had been making payments to Beneficial - about $120 or so per month - before they just up and sold it without warning). I was pretty sure this was valid at the time, as Beneficial was able to verify who I needed to contact next, but I asked for DV, anyway. I just received a packet in the mail with a copy of our original contract, a letter verifying assignment and bill of sale (although it doesn't list our account specifically), as well as copies of the last six months' of statements. So, unless I'm way off...it looks like they can and did verify the debt.
My question...what next? We do not have the funds to pay this in full and, even if we did, knowing that they bought it for just a few pennies on the dollar, I wouldn't want to, anyway. My first thought is to offer 25% of the amount owed to have it taken care of, with $200 - $300 coming each month until October, when we would be able to pay the balance of that 25% completely off. Is this fair, and do you think there's a chance they'll do this?
I will not discuss anything with them on the phone (my first and only call with them left me so enraged I was shaking), so anything I do will be "snail mail" at this point. I figure at the very least maybe starting the negotiating process and sending letters back and forth buys me a little time to save up more that I can pay this off with and, hopefully, just get rid of them.
Any thoughts or suggestions would be greatly, greatly appreciated!
Bottom line...they will not negotiate over thru the mail. No co
Bottom line...they will not negotiate over thru the mail. No collection agency will waste time doing this. And they are more than likely not going to settle with you making long term payments.
What they paid for the debt is really irrelevant. If they sue you, they will get the entire amount plus court costs.
Wow...thanks for the quick response. Definitely NOT what I wante
Wow...thanks for the quick response. Definitely NOT what I wanted to hear, but I appreciate the honesty.
OK...so, based on what I provided...what would you recommend? I really, really don't want to talk to anyone on the phone, but if that's the only way to work a solution out, I will do it. Obviously I don't want to be sued and go to court. My thought (and forgive the naivety; this is all new to me) was, if I can at least create a paper trail proving that I was trying to work with them it could be a mark in my favor in a court of law (if it ever got that far...).
Thanks again!
You do not get points in court for attempting to settle. If the
You do not get points in court for attempting to settle. If the debt is owed on court day, they get their judgment. The judge will encourage a settlement but even he (she) cannot force a creditor to accept one.