What is the best way to deal with a collection agency on a debt aquired from citicard?

Question

This account had an original ballance of $4700 and has not been paid on for over 3 years. The agency wants $3800. Is this negotiable? By how much?

Answer 1

I expect that it is negotiable. They probably purchased the debt for 10% to 20% of the original amount if they were smart. Take it from there. Paying what you finally negotiate will not do much for your credit however. But it will clear that amount from your debt owed.

Answer 2

Usually 50% if you can start paying them something. Heres the funny thing......... if you start paying them after a few months they will offer to give you a new card as its all a racket. They prefer to get something than nothing and in the business model for credit companies they assume they will have a certain amount of non-collectable debt and still make a profit.

Don't deal with the collection people. They know nothing, have no information as far as the account and have only the aim to get paid a percentage of what they can extract from you.

Call the credit company. It will take lots of time and you will be told many things by workers who know nothing but if you keep at it you will eventually get somewhere.

Conversly though credit debt in america is supposed to drop after 3 years from your report. You just might want to apply for a card elsewhere, even at a high interest or a secured card and start over. If you have collection people calling you after 3 years the debt has been written off. Everytime you talk to these people who can do nothing you make it worse. You may legally say "do not call me" and they cannot after that.

Answer 3

Yes it is negotable, maybe 50% if you can convince them they will have a hard time collecting debt. Also check statute of limitations in your state. They very and if it is past that you may be able to negotiate for even a lot less or force them to sue which they will lose. some states the limitation is only three years to ten years, just depends where you live. Do not admitt you owe them anything or pay them one dime because the the statute of limitation will stare over.

Answer 4

Be careful when dealing with collection agencies that Citicard deals with. I had a similar problem 4 years ago and The collection agency told me things that were illegal which I knew they were illegal in order to pressure me to pay.

So I started sending my payments to CitiCard which the Collection Agency did not like and harassed me even more and telling me what I was doing was illegal and to get a lawyer.

Informed Citicard threaten to take them and the collection agency to court for deceptive business pratices. Citicard and I came up with a payment arrangement and told me I know longer have to deal with collection agency.

If you can deal with Citicard Directly. They may give better terms than the collection agency.

Answer 5

It sounds like they have already made a settlement offer. you can make a counteroffer but they are pretty much in control here. It's hard to say how far they will negotiate. Good luck.

Answer 6

You can always wait for them to take you to court and get a judgement against you for non-payment.. which will NEVER go away.. or you can at least TRY to pay off the debt that YOU acquired.

Answer 7

you have two choices, dont answer for seven years and your credit will zero out..................... or, pay them 5 to 10 dollars a month, than they can't say anything :)............. but if you havent paid, n your credit is already wrecked, DONT GIVE THEM ANYTHING, dont even answer............
If your credit is wrecked, you've gotta wait them out over that seven year period.
Best, David

Answer 8

anything is negotiable.

Answer 9

be careful....... talk with a credit repair lawyer or you can be in worst shape than before,,,,,,,,,,,,,,,,,,,,,,,