debt collection

Date: Tue, 07/12/2005 - 21:57

Submitted by anonymous
on Tue, 07/12/2005 - 21:57

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Total Replies: 1

debt collection

third party creditor agreed to $4800 of $5800 credit card debt. Called collector two days before money due to say 401K check would not be available for another day. She said no problem, we will post, but because of 4th of July holiday, will not present to bank for another couple of days. I said OK, even talked to a supervisor about it. Well, they presented check on the original date, the very day, I asked them not to and told them it wouldn't be there. Now they want a cashiers check overnight because they say it was insufficient funds or they're threatening to send account back to attorney for court action. What do you recommend? And how much worse is settling the account going to look on my credit report than paying off the full balance, which would be a big hardship anyway? Thanks.

Hi Joyce Welcome to the forums. Are you aware of the total c

Hi Joyce

Welcome to the forums. Are you aware of the total calculations of your debt that you are paying to your collectors? It seems that you have not asked them for a debt validation which is your legal weapon to know the details of your accounts. Until and unless they validate the debt, you are not legally obligated to start the payment. Sometimes, the collectors falsely represent the accounts to recover as much money from the consumers baselessly.

http://www.debtconsolidationcare.com/validation.html

Now, settling your accounts is although the last resort before filing bankruptcy as it will appear as "Settled" in your credit report. This is considered to be a negative marking which will be visible to your creditors. It will give them an idea that you were unable to pay your total debt and have requested them to reduce the total amount.

What I suggest you is to offer them a payment plan that you will be paying at easy monthly installments. Since they are interested in recovering the money from you, they will not reject your payment plan. Moreover, professional help under the debt consolidation program will make this process faster and more secure.

The consultant working in the debt consolidation program is trained to handle such kind of situations and he will be negotiating with your collectors for the perfect payment plan. Besides, he will also be offering counseling and budgeting programs which will help you to ease your debt problems and keep a check on your finance.

I believe that the debt consolidation program will solve all your financial worries and after all your accounts are paid in full, you will be able to see improved credit ratings which will help you in acquiring new credit in the future.

Regards
Roxette

lrhall41

Submitted by roxette on Wed, 07/13/2005 - 12:08

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