I have a collection agency that I have been paying $80 per month to for nearly 10 months. This is an agreement that I made with said creditor and have kept the agreement, never missing a payment and never being late. Recently, I have received phone calls from said creditor asking where i work, who I bank with, my address, and other questions. Do I have to respond or answer these questions? I have kept my end of the agreement, and wish they would just leave me alone and let me continue to make my payments every month, on time!!!
2007-10-24 08:32:22 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
that's unusual if you are keeping up your part of the bargain. don't tell them anything; it might be someone else trying to pose as the creditor to get your personal info.
2007-10-24 08:41:48 · answer #1 · answered by iittghy? 4 · 1⤊ 1⤋
How much longer till the debt is paid in full? It is very unusual for a collection agency to make such a long term, small payment arrangement.
Do you have this payment arrangement in writing? If not, the collector may be preparing to take you to small claims and all that info will make it easier when they win a judgment.
Other than your home address, which they should already have, I wouldn't give them any other information.
2007-10-24 15:52:49 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
This is not unusual at all...standard 'bottom feeder' behavior.
Now that you have begun making payments, you have reset the statute of limitations, and they are now free to file a lawsuit and collect everything immediately.
This is why it's so important for you to get any agreement in writing.
They are asking for your employer and bank information because once they have sued you and won their judgment, they need to figure out how to collect the money. If they have your employer it's very easy for them to file for garnishment. If they know where you bank they can take money from your account.
Trying to get this information is the most difficult thing about suing someone....collection agents will many times just ask you for the info and see if you are dumb enough to give it to them.
The good news (if there is any) is that you have established a payment plan. If they sue you, you can use this history to establish a "debt volation", legal term for modifying the contract. In many states this will force the collection agent to continue to accept the payments you are sending, and since you are no longer in default would cancel any lawsuit. You need to consult an attorney in the event they try something funny.
2007-10-24 17:24:57 · answer #3 · answered by Anonymous · 3⤊ 1⤋
i used to work for a collection agency and the answer is no. they're just scaring you. im surprised you even made the payment arrangement. its a good thing though. on your credit report when you;re done making payment it will say SIFettlement in full) rather than BIF or PIF (balance or payment in full.) still SIF is better than nothing. also collection agencies make money on one thing and thats getting money. dont ever feel that they are your friend or trying to help you. all you are is another payment. trust me. the rep you're working with or worked with received commission on you.
2007-10-24 15:38:11 · answer #4 · answered by GG 7 · 0⤊ 0⤋
Everybody else's answers are very good. But when my husband passed away, we had no life insurance, so i was left with 100% of the bills and 50% of the income, not to mention the funeral and doctor bills. I called everybody and explained what had happened, most were kind and allowed me to set up a plan that i could pay but ONE......Diners' Club credit card........ repeatedly called and harrassed me. I got fed up and told them that everytime they called I was cutting their payment in half, and i did, when i wrote them a check for eighty cents they stopped calling me and I continued paying them eighty cents a month for several months until i had paid off the others who were so kind then i paid off the Diner's club account in one lump sum...... I had it down to about $110.00 by then anyway! Got my point across! My credit was pretty well screwed anyway because of his death so It sure didn't hurt me any but they had to put on my credit report.......... PAID AS AGREED! even though it was only eighty cents a month! Lolol! good luck to you and don't stress over it! As long as you're attemtping to pay them they can't do anything to you!
2007-10-24 15:59:33 · answer #5 · answered by bluebonnets1952 5 · 0⤊ 0⤋
Here's a link to the Fair Debt Collection Practices Act.
If you write them a letter telling them to stop calling you, they have to stop by law.
You know they only want to know where you work so that they call you at work. They want to know where you bank so they can find out how much money you have. I don't believe they can do either. Write the letter, and if they violate the law, report them.
2007-10-24 15:41:29 · answer #6 · answered by ? 7 · 0⤊ 0⤋
No you don't have to give them anymore information than what you have already done. They already have your address and if they don't they're not entitled to it. I suggest that you politely tell them the next time they call that you are not going to give them that information and that you know what your rights and their limitations are in accordance with the Fair Credit Collections Act. (See the Link.)
2007-10-24 15:47:54 · answer #7 · answered by James H 3 · 0⤊ 0⤋
No. You do not have to answer these questions. However, they can find out the answers anyway, by other means.
You should send them a letter telling them not to contact you further by telephone and to make further contact only in writing.
2007-10-24 17:48:52 · answer #8 · answered by StephenWeinstein 7 · 0⤊ 0⤋