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Additional Details
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betty boo | I Have a repo on my credit. I am now with a collection agency and owe them $4,000 Do i need to pay this? |
I just want to know if its worth it to pay alot of money to this collection agency. I ve been told that its not going to help me in improving my credit. In my credit it shows as a charge off. |
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bryan l
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snizz need to do some research in here and the guy posting how he can make a few extra grand on the side is Reported. there are some very good answers in here but i need to know somemore details to give you some good feedback on this.
When did you first go late on this?
What state do you live in now and What state did you live in when you got into this loan. this is where you can use the SOL defence. NOW if you are looking settling this may be worth it, 1st push 1k, they will counter at 3k, try to meet a 2k AND to have all negitive info, removed on this account in regards to you credit reports.
Make sure you have it all in writting. here is a letter to send them as you come to a verbal agreement over the phone
Dear Creditor,
Re: account no.
This is to confirm the settlement offer agreed upon by me and your customer service representative <name>, <phone no.> on <date.>
I really appreciate that your company is willing to work with me in settling this debt.
The amount we agreed to settle this debt in full is $_____. However, any references to late payment or charge offs on this account should be removed from my credit file.
If the above terms are acceptable to your company, please sign the attached letter of agreement and return the copy to me. Only upon the receipt of the ?signed agreement?, I will send you a money order in the amount stated above.
Yours truly,
Your Signature
Your Name
Encl: <list of attachments> |
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Maverick ®
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A charge off doesn't mean you don't have to pay the debt. There are companies who buy the charge offs of the agencies and take over the debt collection, often taking you to court and if they win, you own not only the debt but the court and attorney fees. Only a listing of a P&L on the account (profit and loss) where the insurance agency of the company owed pays your failure to pay off relieves you of the debt. Of course, that means you'll have a bad credit rating on your history for seven to ten years. |
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~Snizz~
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Well you still owe it. And if you don't pay it it'll always be there!
It will NEVER go away!!
~V. |
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Nicki W
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You need to pay it so they don't sue you for this balance or more. I once saw a $1700 balance baloon to $15,000 then they came after the consumer legally.........all for a 98 Dodge that was a real piece of crud. Repos can be settled as low as 30 cents on the dollar. If you can scrape some cash together, now is the time to address this. Check out the free evaluation form at www.totaldebtsolutionsllc.com They can help; they are the experts. |
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Buster Vainamoinen
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Look -- if you borrowed the money, you need to pay it back. Is it a lot? YES! But you BORROWED it! |
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∞infiniti∞
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The Universal Commercial Code (UCC) sets the Statute of Limitation (SOL) on repossessions at 4 years. If the debt is more than 4 years old, you no longer have a legal obligation to pay. Send the collection agency a letter stating that you are aware that the SOL has expired. Send the letter by certified mail and keep a copy for yourself.
If the debt is still within SOL, paying it will not do much for your credit rating. The trade line will still be a derogatory trade line marked as "paid".
You could try to negotiate a "pay for delete" agreement with the collection agency. Get the contract in writing on their letter head signed by someone authorized to make that decision. Do not pay anything before you get the agreement from them.
Good Luck |
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1 Hr Bookkeeper
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Actually, if you want to pay them off, you could settle for a fraction of the $4,000. Check out this article below on how to deal with them. (Collection agencies are on page 2 of the article.)
Basically, they can ding your credit for not paying. And if you do not pay them, they will sell your account to another agency who will ding you again.
Hope this helps. |
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brianandchristinenickel
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I have been this route. If it is a charge off and an old debt no. Credit companies use dirt bag collectors to even try to collect on debts filed in bankruptcy court. |
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Damn Pocket Protector
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If you own anything of large value...they can come by to make a list of your assets and then get a court order to force you to sell your jewelry or whatever and give them the money.
If you own nothing of any real value above $500.00 bucks, you are what's known as "judgement proof"
They can't force you to sell essentials like beds and t.v.'s, but if you own a $2000.00 stereo, and drive a Mercedes...they can get ya'...
But if you have no assets or savings...no worries...ya' can't get blood out of a turnip... |
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