trying to set up a payment plan with a credit card collection agency, i was hung up on. what do i do now?

Question

I got a credit card when i was young, ran it up while i was in school. Young and dumb, I know. Now im trying to set up a payment plan with a collection angecy and they hung up on me. what can i do now, can i go over this guys head and try to talk to his manger. Just got out of school, and i dont have 3400.00, but i could make payments on it

I was very nice, I told him what was going on, that i just got out of school, and started my own bussiness and was unable to pay it in one lump sum. I mean super nice, didnt argue about the amount or anythig. He tried a reduced settlement but only took 400.00 off it. I am keeping documentation of everthing.

Answer 1

Call them again. If it's already with a collection agency it can't really go any further. There's no reason why they shouldn't be willing to make arrangements with you. Did you make him mad? I don't understand why he would have hung up on you.

Answer 2

As Echo states, you need to be carefull with negotiating with creditors. Remember these rules:

Never offer to pay anything. When you do, you "reset the clock" on the Statute of Limitations. Just offering to pay will do this in many states. Make it clear from the beginning that you are only negotiating a payment plan, and if they refuse then they can forget it!

Send them a letter. Don't expect to get your debt reduced by 50%, it's rarely happens. 20-25% is close to the norm.

Sit down and figure out what you can afford as a monthly payment, over a 1 year period. If you think you can handle $200, then offer to pay them $2400 @ $200/month. Explain your financial situation to them.

Above all, tell them that in exchange for paying off your debt, they must remove all negative information from your credit report. They must agree IN WRITING! Otherwise, you will be paying this debt, but still have a poor credit score for the next 7 years. What's the point?

Getting all of this in writing will help. In the event they refuse, and you end up being sued, many states allow the judge to set up payment plans. Your offer to pay will help your case, and the judge may force them to accept your offer. I've seen it happen, so don't let anyone tell you it can't be done.

Whatever you do, don't insult the collector by offering to pay $20 a month. There is no way the are going to wait over 10 years to get this bill paid!

Answer 3

Stay off of the phone !!!!!

Do everything in writing !!!!

Opt out <<< very important to do when you have baddies on your reports.

Have you sent a debt validation to them yet? If not, that should be the very first thing you do with them. You should also check the statute of limitations (SOL) to collect a debt in your state.

Send the debt validation letter certified mail return receipt (CMRRR) When you get the green card back, send a dispute to the credit bureaus, if the agency is reporting. If they don't properly validate, send another letter.

After the agency properly validates, and you are still within SOL send them a pay for delete letter. (if you are out of SOL, you are not legally bound to pay unless you want to) Request to pay a percentage of the debt, also request in that letter that they will not continue to try to collect the debt, they will not sell the debt or a portion of the debt, and that they will delete any tradeline they have placed on your reports after they are paid.

I would suggest checking out the site that I have listed. There is a vast amount of info on that site that you may find handy in dealing with that collection agency.

Answer 4

Keep records of this . Every time they talk ugly or threaten you or hang up write it down with date and time. If you are trying, and they are not-the court will rule in your favor if it comes to that. You can not simply tell the judge what they did a long time ago, but if you keep a log it is considered as truth as long as it it obvious not made up. If they harass you and refuse to take your small payment-the judge will usually void your debt.

Answer 5

Just send a payment in. I am pretty sure they will cash it. Like was mentioned before, if it is already in collections there is not much further it can go. Make sure you keep track of if/when they cash it for your records.