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YounGunz512 | Do you have to deal with collection firms who "purchased" the debt, or can you work with the original banks |
I am 22 with about $2200 in credit card debt with no real secure source of good income. I just barely get by without having to pay this bill, but I think I could afford to make low monthly payments. I keep getting phone calls from these collection firms saying that they have “purchased” my debt and now I owe them and not the original bank which issued me the credit card. The collectors have even called my parents house telling them that I had a financial emergency that needed to be taken care of and told my family that they were my bank as to get my cell number. I know this is a common practice but I am stuck dealing with people who are demanding things from me. I know I got myself into this and I need to get myself out, but could I start working with my bank instead of these harassing debt collectors. It’s been about a year since I last made a payment, is it to late to ask my bank if I can start paying them? Also, how should I negotiate my debt with these people? |
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Niklaus Pfirsig
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You have to work with the collection company. Beware of them though. Keep the check stubs and receipts for every payment for at least 10 years, after you pay them off. |
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SPIFIMAN1
 |
And now for the complete answer.
First of all it is to late to work with your bank. They sold your account and no longer have any interest in it.
Second the collection company violated Federal law by telling you parents about your problem. From the 2007 Edition of Consumer Action Handbook I quote " A debt collector can not: Contact you friends, relatives employers or others, except to find out where you live and work".
Third you should contact them back and tell them that you know that they have violated Federal law and offer to work out a payment plan or better yet to settle for 50% of what you owe $1,100.00 if you can get that much money.
Fourth after you have worked things out with them weather it's a payment plan or a settlement, get everything in writing before you pay them a dime. Always pay either by cashiers check or money order so you have a paper trail and never give them access to your bank account.
Hope this helps. |
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mjkl1
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Unfortunately, once the debt is sold off, you have to deal with the new owner of the debt (the collection agency) and not the original lender.
First, start by talking to them. Ignoring them just makes them cranky. Let them know your resources are limited, and ask what your options are. They may offer you a settlement amount (usually 75% of what you currently owe), but likely will require a singly payment. Many times, they can be talked down.
You can also negotiate payments, but be really careful with this. If you miss one, they may have the right to start legal proceedings against you.
Good luck! |
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acermill
 |
You need to contact the original creditor/bank to verify that they have indeed sold your debt to another owner. If the debt has actually been sold, the original lender has no further interest in your debt, legally or otherwise.
If the creditor/bank still owns the debt, you are able to negotiate with them, but they will not be as generous as they may have been had you contacted them before they hired an outside firm to effect collection from you. At this point, the original creditor/bank is obligated to pay the collection firm for its efforts, regardless of with whom you negotiate. The time for you to have taken this action is when you first discovered that you were unable to meet your financial obligation. Ignoring such a problem will never make it go away on its own. |
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golferwhoworks
 |
They may have violated the law by telling any one about your financial circumstances. Offer them 10 cents on the dollar to settle so you do not sue them for privacy violations. Get the settlement in writing before you send them even 1 penny. |
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edwardogden2000
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They need to send you written correspondence and not just call you. Next time they call tell them to send you a letter. They may complain and say that is not the way they do it, or ask why you will not talk to them.
But you have rights. The Fair Debt Collection Practices Act does apply.
When you get the letter from them, send then a debt validation letter. Make them prove that they bought the debt from the orginal lender.
See the following site:
http://www.creditinfocenter.com/rebuild/debt_validation.shtml |
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hntrmommy14
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Unfortunately it is too late to deal with you bank. However! You have rights regarding the collection of this debt. YOu are protected by the FDCPA, and the collection agency knows this. The next time they call, you have the right to tell them when (what times) they are allowed to contact you. They have already violated the law by telling your parents ANYTHING, as well as lying about who they were to get furthe contact information. Next time you talk with them tell them you know that they can negotiate a monthly arrangement with you. Tell them also that you know they have violated teh FDCPA and that you do plan to file a complaint. That should shake them up some and get them to stop. Also, you have teh right to request any further communications be in writing. |
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in +HIM+
 |
Yes, it is too late to work with your bank. They have already sold your unpaid debt to the collection agency. The bank is pretty much out of the picture at this point.
You can try to negotiate a payment plan with the collectors. They will probably play hard ball at first and say that they need one lump sum within 10 business days and blah blah blah. Just be stern and let them know that if they want ANY money, they will have to take what you can give them monthly and then when you are able to do better, you will. If they are still not wanting to hear that, just politely hang up and wait until the next person calls. They might be nicer.
Make sure you do not get behind if you make a payment arrangement. When you are finished paying, request a letter or a receipt that states that the balance is satisfied.
I hope that helps! Good luck. |
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Ken
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Look in your telephone book for consumer credit counselor. It sounds like you would be a good candidate for that. They can help you. |
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