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i am trying to deal with a collection agency in paying off a debt to Wells Fargo.I have reached a settlement with Wells Fargo to take care of the debt.The thing is,how do i tell the colection agency that I am longer dealing with them,and have come to agreement with wells fargo,so that the collection agency won't take any more money out of my account?i asked Wells Fargo,if they could stop the collection agency from taking money out of my account to pay the debt,because I had reached a agreement with Wells Fargo.The collection agency didn't belive me when I talked to them the last time,that I couldn't make the payment arragments I had agreed to,how do I make them belive that i'm making payments,and keeping my arrangements with Wells Fargo?Any suggestions?

2007-05-23 19:59:34 · 4 answers · asked by ericfaul2003 4 in Business & Finance Credit

as a result of the collection agency takeing money out of my account,the account that I have is now overdrawn,I can't close it until I don't have a negitive balance.

2007-05-24 02:06:18 · update #1

4 answers

hmmmm. i'm confused. usually, when debts are setn to collections, the collection agency owns the debt and the original creditor (in your case, wells fargo) is out of the picture. do you know who actually owns the debt? those are the people you should be paying.
in order to straighten out your situation, ask wells fargo to send an official letter to the collection agency stating that you are paying money to them now and that they will recover the balance (or settled balance) that you owe. that's my suggestion. good luck!

2007-05-24 03:26:34 · answer #1 · answered by YSIC 7 · 0 0

Well, the account the money is being taken out of, close it, you don't even need to talk someone in the collection agency, you can fax a letter or email to them, if you have an arrangement with the place you actually owe the money to, just deal with them, if the collection agency harrasses you, you could get a letter/email/fax from Wells Fargo stating that an arrangement has been made, then fax it to the collection agency. They probably won't back off though, that's the way those agencies work, I used to work in one years ago, lol, and hated it. Bottom line is they are paid by their client, which is where you owe the money to, they get a commission for it, and also they want you to pay them (collection agency) because then they get their commission. That's all they are worried about, they each probably have a quota to meet to. Good Luck. :)

2007-05-23 20:45:50 · answer #2 · answered by zeekandthefam 5 · 0 0

Hi.

First thing is first, are you sure that Wells Fargo still hold the account? It is common place (here in my country at least so I'm not sure for you) that rather than debt collectors working on behalf of companies, they buy the debt from the company for a reduced cost, and then they do the chasing, and you don't deal with the original company anymore.

If that is not the case, then I'd be demanding something in writing from Wells Fargo confirming your committment to them in paying off the debt, and then forwarding a copy to the relevant collection agency. If they continue to hound you, a final 'warning' letter from you, calling them on their harrassment should hopefully do it, and if not then looking into relevant laws regarding harrassment by collectors relevant to your state/country is the best way to go.

Good luck

2007-05-23 20:04:20 · answer #3 · answered by simplistic idealist 2 · 0 0

Contact your bank and bar them from taking anymore money out of your account. Then call the debt company and advise them if they do so or keep harrassing you you will contact an attorney. Make sure you keep or get documentation from wells fargo stating you have come to an agreement. You will probably have to get tough with the debt company they are difficult to deal with. Or just simply change your bank account so they dont know how to access it.

2007-05-23 20:06:29 · answer #4 · answered by firetdriver_99 5 · 0 0

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