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s01weety_98 | I'm getting calls from a collection agency that I am avoiding. What should I do? |
Its been a couple yrs in collection, and its only $700. Shoud I wait out the seven yrs. I heard if I speak with the collector they can restart the 7 yr period all over again so I'm afraid to negotiate with them. |
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Studly
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What I need to know is what your main concern is. Are you trying to get your credit history cleaned up? Or are you just trying to get this collection agent to quit bothering you?
You can take all the previous answers prior to Bryons and flush them! Terrible, uneducated answers.
Start by looking over many of my past answers, as I've already covered this many times.
Note these points:
You have a few more years before your statute of limitations will expire....so until that time the creditor can sue you.
If it's in the collector's hands, your credit is already ruined as he most likely posted this to your account.
Just talking to a collection agent does not reset anything. But do not call him! All communications should be by mail only, and NEVER sign them...type your name in. Do not admit owing the debt, do not offer to pay anything.
If you just want them to go away, send a "cease and desist" letter. That way if they communicate any further with you, they are in violation of the Fair Debt Collections Act and you have grounds to sue them.
But note that when you do this, you are telling them to "put up or shut up". It could result in then filing a lawsuit.
Will they do it? My observations is they usually don't mess with debts under $500, and will sue for over $2000. It also depends on the location of the collection agency and if they have a local office in your state. If not, they have to hire an outside agency/attorney and that will cost them money.
Now, if you do decide you want to pay this off (just to clean up your credit history) note that just because you pay it, it does NOT get the negative information removed from your credit report. It wll show paid, but all references to late payments, charge offs and collections will still be there. You must get the creditor to agree IN WRITING to delete this report once you have paid your debt. |
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penelopejanepitstop
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No they won't start it over, but avoiding them will not help. You need to talk to them about making an arragement to pay your debt. If you don't they can sue you and that $700 will become double plus intrest. Most places will work with you but you have to talk to them. |
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addie1717
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I own a mortgage company, and I can tell you you do not have to pay them to get a home loan. In fact, it is probably already on your credit if it is with a collection company, paying it will just show a zero balance but the collection will remain. If it is years old, it is probably not affecting your credit score anymore. Try going to annualcreditreport.com and get a free credit report, that way you can see if it's on there and how old it is. If you do decide to settle, most collection companies will settle for 45-50% Good Luck! |
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Honeyluv
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you can settle out with an old debt. If your balance is $700, I suggest offering them $250 to settle. While $250 is less than half, it is called "negotiating". You should expect to pay at least $400 of the $700 owed. Most of all, be prepared to make the full payment in that call or set up a plan to pay it off in two installments, which the first being paid at the time of the call. They should be willing to pay since a portion of the balance due is interest anyway.
Don't avoid them...pay it off. |
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annonymous
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Why don't you try and keep some credit rating and pay in small amounts. If it is only $700.00 then see if maybe you can pay $25.00 a month. It is such a pain to hear from creditors. If you owe the money pay. It will only wreck your credit rating if you don't. After all if you created the debt then it is your responsibility to pay. Why make some one else responsible for your debts? |
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NAZGUL
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Contact them and see if you can set up an agreed pay off , usually lower than what you owe, My ex-wife did not pay some bills and when we got divorced I got stuck with the bills and I worked a lot of them out this way. Good Luck. |
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Juillet
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if you can pay a little why not? otherwise, ignoring them wont do anything. i doubt it will dissppear even if you dont speak to them in 7 years, most debt now just gets pushed to another collector. if you know you dont have the money though, don't bother picking up the call and stressing over it. |
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beauty s
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no pay them, if u wait its going to hard getting things like a car,loan, house,etc.. |
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Bryon H
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Hi!
Gah! Talk about bad advice! Pay a little???? In some states..just agreeing to pay these bottom-feeders can restart the state stutte of limitations and they really can take you to court and get a judgement..on a debt that may be worthless if you do your part and find out.
Do a search on "state debt statute of limitations". Figure out where this fits (Type) and do the math. If it is out of statute..send them a letter as outlined in the Federal Debt Collections Act. Don't know what that is? Find it..print it..read it..USE it. Do NOT follow the horrible advice elsewhere in this thread. Do not talk to them.
Paying a little is the worst thing you could possibly do. |
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Kimberzzz
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Answer the phone and get it over with they might work out a plan with you...... or just change your number. |
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V(^_^')V
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its best to talk to the collection agency. you're credit rating can suffer, if it is not already. |
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Chris C
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Pay the money. If you had been sending them $50 a month, it would be all over by now. |
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rand4u2
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make a deal, offer to pay off half of it in a couple installments in return for the debt being cancelled. They are usually so happy to get something they will agree. |
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Gillespie's Helo Girl
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its against the law for ANY collection agency...telemarketer or anyone to call you repeatedly when you dont want them to, so if you want them to stop calling you just answer the phone politely but firmly tell them to STOP calling you and thank them have a nice day sort of thing and then hang UP! if they continue to call you can file a civil suit against the company and you'll basically win the second you walk into the place...if you've been paying up till this point there is NOTHING THEY CAN DO! or just wait out the 7years it'll probably damage your credit slightly but the upside is you dont have to pay...if you talk to them it DOESNT start the period over they just report that they've made contact with you. if its been in collection for more than 2years then screw it just wait the 7. but if its only been in for a year just make small payments over the course of a couple of years and evintually you'll pay it off...but dont feel rushed or harred by these people, they can't do anything to you they're just pushy cuz they want the money. its their job. good luck |
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doanel
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Screen all your calls thru an answering machine and don't pick up.
OR pay it and get it over with (if it's your bill). |
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