I have a credit card debt that has gone to collections. I would like to pay it back in full. Can I contact the original creditor and pay them back directly? Or do I have to pay through the debt collection agency? They are very rude and I think that they have the wrong amount as to what I owe.
2006-12-05 04:04:24 · 9 answers · asked by kater_tot01 2 in Business & Finance ➔ Credit
You may contact the original creditor to pay in full and they can cancel your account with the Collections agency depending if your account has been transferred to a Colletions Agency very recently and haven't been written off in the original creditor's system. I know my company does that. Your amount to pay is higher because of the collection fees/interest too (the Collections Agency has been trying to get a hold of you and so that agency needs to get paid for working on getting you money for the original creditor).
2006-12-05 04:10:19 · answer #1 · answered by JenGen 4 · 0⤊ 1⤋
Call the company directly and ask if they have sold the account off. If they have you won't be able to pay them back as they have written it off.
If they are using an outside collection agency for collections inform them of how you have been treated. That carried some weight.
As for the amount if it has been sold off to the collections company they have used the fine print that states they can charge you fees and interest since you are in default. Offer a lesser amount and settle with them
2006-12-05 04:10:45 · answer #2 · answered by ML 5 · 0⤊ 0⤋
Call them up and tell them you will pay then 60 cents on the dollar. Get it in writing. they will show the debt as paid and you can go on with your life. Paying in full does not help you at this point and the price includes their fees now and any interest accrued. They get more rude with every phone call. No you can not pay the original person the debt collector usually buys the account from them. Have a great day!
2006-12-05 04:14:26 · answer #3 · answered by afishmaan 2 · 0⤊ 0⤋
No, the debt has been sold to the collections agency and the original debt was paid for it. You need to deal with the agency to pay it off in full.
2006-12-05 05:46:48 · answer #4 · answered by Big Bear 7 · 0⤊ 1⤋
I usually suggest trying the original creditor first. Unfortunately, in most cases they sold the account to the collection agency and you will have to deal with them.
Here is some additional info. Hope this helps.
2006-12-05 04:21:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Phoenix & JenGen are correct. But if you do pay the collection agency, they (most likely) bought the debt for pennies on the dollar. If you haggle with them and get the amount down, get it in writing before giving them the money. Also DO NOT give them electronic access to your checking/savings account or give them post dated checks. They will wipe out your account and cash the checks ASAP. Don't trust anything they say unless it is in writting.
Good luck!
2006-12-05 04:13:23 · answer #6 · answered by mldjay 5 · 0⤊ 0⤋
if the original creditor sold the loan you must pay the collecting agency - but negotiate the balance whether than pay it in full - get everything in writing
2006-12-05 04:18:59 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Once it has gone to collections that company bought it from the original company.
They are very rude because you owe them money. Legal fees and late fees are added to the balance that's why it is higher than you think it should be.
Get 50 to 60 % of the money together and negotiate a payoff balance. They will negotiate for cash.
2006-12-05 04:13:47 · answer #8 · answered by ? 7 · 0⤊ 1⤋
You have to pay the debt collections agency as they have essentially "bought" your debt from the original lender. Be sure to check with the original lender to be sure this agency is legit and which amount they transferred.
2006-12-05 04:08:35 · answer #9 · answered by Phoenix, Wise Guru 7 · 0⤊ 1⤋