In negotiating an offer with a collection agency, what can I expect?
607084
I don't understand the sheriff in this. If they told you this then it is probably not true. Just another scare tactic. Get the amount in writing first, on their letter head and signed by someone there. Then and only then give them any money to settle. Get a cashiers check for that amount. Make a copy of that and the letter. Send the Cashiers check to them over night. Then once posted to your account then have your loan officer obtain an update on the account from the credit company they pulled from. This will take about 5 days total to complete. He or she can then re-pull an updated credit report to report the settlement was accepted on this account. Retain all information in a file for any further discussions with the collection company.
9051
The bank would much prefer you to make your payments compared to taking on a property.  Talk to them.  A lot of times they can work out a deal.
675819
collection agency will say almost anything to harrass you! unless it's a lawyer telling you this, don't buy it. and why hasn't he paid it anyway?
1152140
That's part of their seller's agreement.\nHopefully, that item you're offering will bring in a much better price if a bidding war erupts between potential buyers.\nKeep you fingers crossed.
523919
Thank you!\n\nI am looking for a new job with a competitive lender.  I am tired of those phone calls when the Borrower says XYZ is offering me a better deal. \n\nWhat a great opportunity! (HeHeHeHe)
90218
Contact Kaiser directly for specific information.  If an offer is made, get it in writing.
174901
Please enlighten us!\n\nI've never heard of a collection agent calling and posing as a collection bureau.  What line did they use?
211125
First off this sounds like a threat.\n\nIf you owe a business or professional (Accountant, Lawyer, Doctor, etc.) they typically don't have the ability to report directly to a Credit bureau.\n\nThe only 2 ways they can do this:\n\n1) Send your debt to a collection agency who will try and collect from you. Each state has specific laws regarding how long they have to try before they can report to bureaus.\n\n2) The "Professional" can take you to court. If he wins he will get a Civil Judgment. That will most likely be reported to the bureaus.\n\nIt is always best to negotiate a settlement/payment plan with the original lender.\n\nIf you know the charge/debt is incorrect than I would let him either take you to court where you can present to the Judge your information and depending on your jurisdiction you can recieve a judgment for your costs if you win.\n\nIf he takes you to collection you can ask the Collection Agency to validate the debt and they have 30 days to provide you with the pertinent info (date of debt, how much, copy of invoice, etc.) to prove their debt. That will at least buy you 30 days.\n\nIf you are just being threatened and you know that the debt is invalid then send them a certified letter requesting validation(proof) of the debt.\n\nGood Luck
1160639
could u please let me to know about u before accepting the offer!?
126738
Like crythsania said....why are they threatening you?  What agreement did you have with the debt collector (and why are you messing with those fools anyway)?\n\nIf you have an agreement with them to pay an amount of money, they can't just change it.  Keep sending them the agreed amount of money, and let them sue you.  The judge will simply re-instate the conditions of that agreement.\n\nOn the other hand, if you are not paying what you agreed on, they can sue you.  Now you must gamble on whether the judge will order a payment plan you can afford, or risk garnishment/lien proceedings.  \n\nDon't know where you are at, bit in my area the judge would look at the debtor's financial situation and order something he can handle.  I've seen people get away with $5.00 a month.
193733
Go back and read emt815's answer again.  That is one of the most honest responses from a collection agent I've read to date!\n\nNow my turn...\n\nYou do not even have to deal with collection agents, unless they have purchased the debt.  Send them a letter to not contact you again.\n\nIf you contact the original debtor, they may be more receptive to working out a deal.  \n\nVERY IMPORTANT!  Do not pay a dime unless they agree to remove any negative report from your credit reports.  You are paying them in order to improve your credit, remember?  If that report stays there, it doesn't help at all.\n\nIf they don't want to deal with you, let them sue you.  They will probably win, but the judge will allow you to make payments that you can afford.  I had one person who owed $2000, and the collection agent was a total jerk.  It went to court and they won...the judge ordered $5 a month payments.
686462
Resident state law is irrelevant in limitations as the contract is based on the laws of the state were the creditor is incorporated (usually Delaware).  This usually means that in essence the creditor is limited to collections efforts as indicated by the FDCPA.  Basically, they can attempt to collect the debt.  Usually companies are limited as to how long they can carry the receivable on their own by FASB accounting regulations...so they will charge it off after 185 days. At that point a collection agency will likely buy the debt and start more hardcore collection efforts.  In addition to ruined credit, you will be subject to collection calls (they can do it every hour with no contact, once a day with contact made), dunning letters, and asymmetrical collections (calling you at a grocery store or bowling alley).  In any event, the creditor and/or the agency may file a lawsuit that could result in a lien or wage garnishment.  That usually depends on the debt value.  One thing that is becoming common is the debt value being reported to the IRS as income (I think its taxable at the 40% bracket, similar to bonus income).  Where residing stare law comes in (in your case, NY) is the collection efforts themselves.  You can issue what is known as a Cease and Desist Letter in NY that will prohibit the collection agency or creditor from calling you on the telephone.  The downside is that they will then demand the debt upfront in a letter and the liklihood of a lawsuit is higher.  In any event, collections are not fun for both the collector and debtor.  Having spent time on both sides, I would advise through the course of the calls to speak with an intelligent sounding collector.  Their job is to collect, but they are people too and if you are nice to them and sound like you want to work with them they will likely offer you a break.  Most companies make these "breaks" available in the form of reduced interest, payments etc if you are willing to work with the collector.  It may not be enough at the end of the day...but at least it can let the company know you are trying to work with them.  More importantly...in a lawsuit situation it would appear like you were actively trying to find a solution.  At the end of the day, the company wants to recoup their principal spent in a situation like yours...working with you is in their best interest in most cases.  I hope this helps.
174681
Actually there are two types of Collection Agencies. One actually "buys" the debt from the original creditor. Your credit report will sometimes say "sold to xxx financial". The "sale" or "discount" is determined by what the companies determine as risk and how much they think they can collect.\n\nThe other type is just hired as a service to collect. Service companies get between 5-50% depending on how old the debt how the creditors determine how or if it is collectable.\n\nGood Luck
819277
It means Or Best Offer. Basically they will take less than the asking price and be willing to negotiate price.
964486
If  you call a local collection agency in your area they will ask for the information of the person owing you the money and they will send out notices trying to collect. This is not the most effective way, most people throw the notices away...be warned collection agencies charge a fee and or a percentage of what you are trying to collect. You will more than likely end up not receiving the full amount owed to you. You are better off taking these clients to small claims court. I believe in most states it is around $35.00 to file a motion. In the end it is cheaper and with a strong case you will receive all monies owed. If and when you file be sure to include that you want to be reimbursed for court costs.
226148
It will probably cost you plenty, a lawyer should be able to negotiate a good deal for you. Don't wait until Friday to call a lawyer, call today.
775008
As far as I know, as soon as the payment is past due they can turn you in to collections.  Usually it takes a few months though before they do that, as they will have to give a cut of the monies collected to the collection firm.