Pay my debt?

Question

Hi,

I own about $2300 from Visa Credit, now i try to pay them up. Well, the original was only $800, but when i called them the debt collector, they offered me $1800, well it is too much i can not handle that, i asked them for $1200 to settlement if they can do for me but they refused and scared to sue me. What i'm going to do? do i have to call them back to dicuss about this or call the company owned that debt , or do i need to call another companies to do it for me?
Thank,
PS: i really need your advices

Answer 1

I wouldn't write a cease and desist letter. You will force them to sue you. Their hands will be tied. they cant contact you to negotiate.

They may or may not accept the $1200. Keep trying for a couple of months. meanwhile keep saving money. its usually a wait game. whoever gives in first.

Dont go with some company. if they dont pay the debt then you still owe it. Your creditors will sue you and not the company you hired.

They dont do anything that you cant do yourself. No special training. No special skills. No magic.

whether or not the sue you depends on if they think they can get the money. If they do sue you and win you will pay all the court cost.

Save like crazy and be done with it.

Answer 2

Don't worry. The collection companies do not own you!!!

I suggest you send a "Cease and Decist Letter" to the debt collection agency. If the debt has gone to a collection agency then that means that the original owner of the debt is willing to take $0.50 on a dollar for the debt. Call VISA and settle the debt yourself.

If you want to know more, look up a man named Benjamin Dover. He has a book called "Back Off". It will help to educate you on all of your rights as a consumer and what a creditor can and can not do legally to collect the debt.

I'm willing to bet a paycheck that nobody will ever sue you over $2300. It would cost them more to do this than they would ever collect. (Not good business). The second is that the loan, will probably get written off inside of a year as NON COLLECTABLE and you will have to keep sending "Cease and Decist" letters everytime it gets turned over to a new collection agency. Then in 7 years it will drop off of your credit.

Now remember, the statute of limitations is 7 years from the date of last activity. That means if you settle the debt in 2009, then it will be 2016 before the debt comes off of your credit. So, if you are going to settle the debt it is better to do it now and with the original owner of the debt. Tell the collections agency guys they need to find better employment because you no longer fear them. They will even go to the point of sending the correspondence in letters and envelopes to make it look like they are lawyers. But, if they collect more then one debt per year, they are considered a Collection Agency and by law have to adhere to the Fair Debt Collection practices Act. Don't be fooled!!!!

Good Luck!!

Answer 3

but they refused and scared to sue me.

That is what collection agencies do. (Scare you, not sue). IF they were actually going to sue, you would be talking to an attorney, not a collector. That is actually a GOOD sign. Attorneys act like intelligent human beings. Most credit card collector have more in common with junk yard dogs. ALL they care about is getting money. Sanity is not required or even permitted.

I recommend calling them with your $1200 offer as often as possible. They are harassing you, harass them. Sooner or later they will get sick of YOU and settle. It is unlikely the collection agency paid more than $500 for the debt.

Answer 4

I am sure that the debt collector will accept your 1200 settlement amount for a 2300 visa credit debt, because your offer is above 50% and debt collector's job is minimizing their creditor's loss. Just trying to talk to a different representative or talk to their manager.

Answer 5

$1800 on $2300 seems pretty fair to me.

Hold tight on the $1200 though. They should take it.

Don't worry about them suing you over that much. Even if they do sue you and win, they will not be able to collect if you don't have the money.

If they do accept your offer, get it in WRITING. Make sure it says they will accept the $1200 as PAYMENT IN FULL WITH NO RECOURSE. If they will not put thaqt in writing, don't do it. DO NOT GIVE THEM ACCESS TO YOUR BANK ACCOUNT. Mail them a MONEY ORDER stapled to a copy of the letter they sent you.. Attach a copy of the money order to the original letter and save it FOREVER.

Answer 6

I say call them up and explain to them how much you have, and how much you can pay now, and pay it. Tell them when you can expect to pay the rest or give them more money towards your debt. They might be ok with that.

also if the person you speak to won't help you, you can always ask to speak to a manager. Usually if you have a large amount of money to put towards it now they'll work with you, because they'd rather get some of the money than none of it.

Also I don't know if this works but my friend swore that he wrote the credit bureaus and contested a $3,000 credit card debt( that he actually owed), and they wiped it off his accounts. I tried it on a $170 debt in college, and it didn't work for me, but who knows.

Answer 7

Go to daveramsey.com and get help from him. He is king of being debt free and he will clue you in to all of the nasty little tricks these guys play...trust him...his program works!
You can even call in or e-mail questions to his radio show.