Yes it was a bad idea.
First of all, if the debt was time barred (beyond your states statute of limitations) then they could not legally collect the money or sue you in court.
Second, now that you have paid them, this will remain on your credit report as a negative entry for seven year because you re-started the clock on this debt by paying them.
If they don't send you any paperwork, keep an eye out on your bank statement for the transfer of funds. This will be a record of the transaction.
Here is some more information regarding this.
http://www.access.gpo.gov/uscode/title15/chapter41_subchapteriii_.html
US CODE TITLE 15 CHPT 41 CONSUMER CREDIT PROTECTION
2007-12-08 02:40:29
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answer #1
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answered by Sgt Big Red 7
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Definitely get a payoff amount in writing with anyone, even if the original creditor is offering the payoff. It's funny how people always belittle collection agencies. If it weren't for collection agencies, the whole world would be bankrupt. If you don't feel comfortable doing a check by phone, do a Western Union. Besides, the agency would probably rather you do that anyway because they don't want to have to worry about you bouncing a check.
2007-12-08 14:12:01
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answer #2
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answered by vsweety 5
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NO, NO, NO!.....NEVER, EVER give a collection agency your bank transit and checking account number to a collection agency. Once a collection agency has this info...there is nothing to stop them from taking out WAY more than you authorized. See link below for what can happen if you do this.
Get a WRITTEN AGREEMENT FIRST about exactly how much is to be paid....This agreement needs to state that this account will be considered settled/paid in full once your payment has been received....Once you get this, pay them with a USPS money order.
2007-12-08 12:45:04
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answer #3
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answered by CatDad 7
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Never deal with a collection agency over the phone, period. Get everything in writing before you pay them a dime. Some of them will lie and empty your bank account when you least expect it.
Never give them access to your banking information. If you decide to pay - send them a money order.
2007-12-08 11:03:49
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answer #4
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answered by Ti 7
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It's not a one time offer. They just want your info so they can clean out your bank account. Dont do it. get everything in WRITING. Then send them a cashiers check or money order. NEVER, EVER give them access to your checking account.
Also, Get rid of the credit cards and stop playing the credit card game. Stop obsessing with the I love debt score. All it gets you is debt.
go to daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesnt cost you a dime to listen.
2007-12-08 13:32:33
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answer #5
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answered by heybulldog 5
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Those &^**&^ will say anything to get your account information. Then, regardless of what they said, they'll take every penny you have. DON'T TRUST THEM. Get any "offer" in writing and make sure it says that your payment will represent "settlement in full." Only then do you pay anything.
Pimps know about this stuff.
2007-12-08 10:30:30
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answer #6
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answered by Anonymous
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they really seem to have the upper hand. but if you get in trouble over the phone, than youll learn..... get rid of youre credit cards and use debit cards or gift cards.
2007-12-08 10:37:18
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answer #7
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answered by aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa 3
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Looks like a scam to me. Pay only by check.
2007-12-08 10:35:21
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answer #8
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answered by Anonymous
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Best to pay by check as then you will have the cancelled check as your proof of payment.
2007-12-08 10:35:19
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answer #9
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answered by michinoku2001 7
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Call them to give them the info. Do not give someone claiming to be them that called you the info. It is done all of the time.
2007-12-08 10:35:22
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answer #10
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answered by Posh 2
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