A credit card company sent me a letter agreeing to accept a reduced amount as payment in full for credit card charges. I called them and we discussed the terms. After thinking about it, I decided I should get the new terms in writing from them before I started making the payments. Well, they refuse to send me the terms until they set up the payment account (my bank account # for drafting). So now we are at a standoff. Is there a law that requires them to provide the specific agreement in writing?
2007-02-28 10:54:37 · 4 answers · asked by karlbritt 1 in Business & Finance ➔ Credit
Credit card collectors and collection agency collectors are the absolute scum of the earth and will screw you any way they can. You get it in writing, or they don't get money. DO NOT give them your bank account information, they will say it's the only way but that's a lie. Have them fax you a letter outlining the settlement, then send the funds in a cashier's check or money order. (NOT your checking account) via a method that generates a receipt of delivery.
2007-02-28 11:22:00 · answer #1 · answered by steve.c_50 6 · 0⤊ 0⤋
Whatever you, DO NOT pay the reduced amount. It affects your credit in a bad way, so much so that you are actually better off not paying it off at all. Pay the full amount through the creditor or dont even bother.
2007-02-28 11:21:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, they aren't required to. But you'd be dumb to give them any money until they do provide it in writing (and keep it until you die).
Don't give them your bank account #, or they will clean you out. Yes it is illegal, but they do it anyway.
2007-02-28 11:13:40 · answer #3 · answered by scott 5 · 1⤊ 0⤋
Any reputable company would provide it to you in writing.
2007-02-28 13:58:40 · answer #4 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋