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Robert S | Should I pay debt collection or ignore? |
I had a cell phone a couple years back that ended up going WAY over my plan minutes due to work use. Work agreed to pay their share, then bailed. The cell company cut off the phone and wanted the bill balance plus an average monthly usage fee for the remainder of the contract. I said no and they sent it to collections. It has now been on my record for 2 years (in Canada debts record for 6). The debt is $600-850 depending on the collector calling. A friend has told me that under $2000 a debt isn't likely to go to court as it isn't worth the time, effort, or expense. After 6 years the debt simply disappears from the record, (although Telus may keep customer files that will not allow a cell acount in the future, but I can live with that.) I was told that for $600 the collection company isn't going to waste too many hours on it. So, the short of it is this; Should I negotiate a payment with the collections company (perhaps for a credit file erasure) or just ignore them? |
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OC1999
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The reason they are probably giving you different numbers is because they are offering you a lower amount if you settle and pay the account. I would guess that the "real" amount is closer to the $850. The chances of you getting them to erase the negative information will be enhanced if you offer to pay it in full. If you settle for a lower amount they probably will not remove it from your reports. Just get any agrement in writing.
You should not just hope that it would not go to court. If it does go to court, they will just charge you the court and attorney fees. So that will automatically add several hundred dollars to your debt, not to mention the additional interest that is going to be charged until that time.
So it probably would be in your best interest to try to pay it off now. Also, not sure on Canada Tax laws, but if those were Business calls you might be able to take a deduction on the unreimbursed expenses. For that you should talk to a tax attorney. |
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Matt
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Only pay if they agree to remove the debt, other wise leave it alone. The damage is done. |
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Carl M
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In cases like this, I always go with the peace of mind approach. Seven calls during dinner or worse, at 3am in the morning, are worth a few hundred bucks. I say negotiate (IN WRITING) for a credit file erasure and at a lower sum. |
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The Debtonator
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Negotiation is a process, much like a chess game. What you have to understand is that he fact that it is the hands of a collection agency tells you that it has been charged off by the original creditor and sold to the collector. They pay somewhere between 8 & 12 cents on the dollar. If you find out what the original balance was, plus the early termination charge, you can calculate what they paid for the debt. This will help you in determining a starting point for negotiation. Get everything in writing and make sure part of the settlement includes a paid as agreed statement on your credit report. |
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yagurlbubblez
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Your friend isnt an expert and he can get you in trouble. Every debt is handled differently depending on the customer with the debt.
Now, if you dont pay that bill, they can eventually start garnishing wages (taking money out of your bank acct or paycheck) monthly and can take as much as they want. you can pay them like $5-$10 a month. that will hold you over |
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dominican4ever
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I would say pay them. even if you do it slowly, something similar happened to me, and believe me. they will not let go of their money. Just try to make a deal with them and pay at least $40 or 50$ a month. Otherwise you might regret it. good luck. |
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beauty s
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pay |
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vivianmopena
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It's better for you that your account is in collection. Here's why. The collection agency has bought your account from your cell phone company for pennies on a dollar. So their goal is as long as they get "something" from you they are making money on it. Having said that you are in a better position to negotiate than before. If I were you, I would offer them a lumpsum money meaning I would start from offering them 20% of what you owe and going up a little by little. Remember, they would rather get 20% of something than 100% of nothing. So, for $120 dollars, you maybe able to get rid of the bill and the headache altogether. I think it's worthed. |
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smile4cobra
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The thing is...a collection agency and and will sue you for that amount if they want to. As far as the expense...it goes to small claims and filing is like 35.00-50.00. Which I might add...will be added to the judgment. But so will fees and interest this thing will be well over 1000.00 by the time they get their judgment than there is post judgment interest, etc.
Will they want to? Depends on the collector. There are small balance collectors that specialize in accounts that are like 100.00 and to them 600-850 is a large amount.
Will you get sued? Probably not but its not impossible either. But do you really want to destroy your credit over some chump change?
What I recommend you do is...contact the collector...offer half, get the agreement in writing and pay it.
Oh and by the way...they cant garnish anything till they sue you and get a judgment.
Good Luck |
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Paul C
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If you keep ignoring it, it will continue to damage your credit, so you should probably negotiate some kind of settlement.
You could probably settle for around $300, but make sure they sign something agreeing that this represents the full payment, and that you don't owe any more than $300.
Another point: you state that "work agreed to pay their share, then bailed" - do you have anything in writing from your employer regarding this? If so, you may have a claim against them for not fulfilling their obligation. If you do have something in writing, then you might want to pursue this depending on whether they are still in business and/or your current relationship with them. |
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