CFG Question

Date: Thu, 10/14/2010 - 17:01

Submitted by anonymous
on Thu, 10/14/2010 - 17:01

Posts: 202330 Credits: [Donate]

Total Replies: 1

Hello I am starting to get calls from cfg. I owe bank of america. per the acct rep my balance is $12,864 but they will settle for $6700. sounded good to me. I told him to send me something in writing, problem is they want it all paid in one lump sum. I called the acct rep and advised him that I would like to make payment arrangements. He put me on hold, came back on the line, and said that he will lower my balance even further down to $3200. but still want this in one lump sum. I am awaiting something in writing again with the new settlement offer. Does this sound legit or what, it sounds to good to be true. I have until 10/22/10 to pay this settlement amt. they will then have this debt showing as a positive on my credit report. I just hope this isn't B.S. as I will have to borrow this money from my elderly parents. I don't want this debt to pop up again with another collection agency. By the way my acct rep was very nice and polite.

[QUOTE=Anonymous;759718]Hello I am starting to get calls from cf

[QUOTE=Anonymous;759718]Hello I am starting to get calls from cfg.

I am also dealing with them. Under no circumstances should you give them your bank account number if you decide to settle. Tell them you will overnight a cashier's check/money order. Bank of America will usually settle in two or three payments - BofA still owns your account and they have to go back to them for approval. Be adamant that you need to pay in installments, don't let them brow beat you into a one lump settlement if you cannot do it.

Also, do not send them anything until they send you a signed settlement letter via mail or fax. Otherwise they can come back and say it wasn't authorized.

I had a very, very bad experience with another collection agency and will not trust them. In fact, I contacted consumer attorney who reveiwed my case and took it because I have 100% chance of winning.

CFG also offered me a lower settlement if I could pay it in one installment. Unfortunately I can't.

Stick to your guns. Don't let them intimidate you. My collector was nice too. We probably have the same one.

lrhall41

Submitted by aubrey on Fri, 10/15/2010 - 06:21

( Posts: 1203 | Credits: )