I have a credit card that i could not make payments on for 3 months. And the result of this made them send the account to the credit bureau. So i am wondering now do i have to start making payments to them or do i have to pay the whole amount? if i have to pay the whole amount what will happen if i cant make the payment?
2007-12-29 06:17:26 · 5 answers · asked by Angel D 2 in Business & Finance ➔ Credit
ok so how do i contact them? they sent me a letter saying that they have taken it over and if i want to despute the matter then contact them. but that is all it says so do i just write them back asking about the payment plan? or just wait for them to contact me? because there was just an address to write them and no phone numbers
2007-12-29 08:01:23 · update #1
ok so how do i contact them? they sent me a letter saying that they have taken it over and if i want to dispute the matter then contact them. but that is all it says so do i just write them back asking about the payment plan? or just wait for them to contact me? because there was just an address to write them and no phone numbers
2007-12-29 08:01:33 · update #2
They should be contacting you shortly about setting up a payment plan or paying off the whole amount. Don't keep sending money to the credit card company because they have probably passed it on to an outside collection agency by now.
2007-12-29 06:24:40 · answer #1 · answered by The Jesus 5 · 0⤊ 0⤋
When you say "sent to the credit bureau" do you mean they reported you to the credit bureau or did they refer you to a collection agency? There's a BIG difference. If it's the latter:
The collection agency will send you a bill. Call them and negotiate a settlement. Or negotiate a very low monthly repayment plan.
Your credit rating has already taken a huge hit. You may as well negotitate a lower setllement with the collection agency.
Collection agencies can be negotiated with. Offer them WAY LESS than you owe. Remember, you can always threaten bankruptcy. If you file bankruptcy then the collection agency will get nothing. A little something ($) is better than nothing.
Collection agencies don't make money unless you pay them something. So you're now in a position of some power.
However, If you've been reported to the credit bureau there's nothing you can do about it. Either way, you've already been reported to the credit bureau and had your credit rating reduced.
2007-12-29 08:53:17 · answer #2 · answered by wibrwibr 4 · 0⤊ 0⤋
You'll be getting a call from a collection agency. You will be asked to pay off the debt, the interest and any extra fees.
You might still be able to contact the credit card company and work out some form of payment. Otherwise contact the credit bureau and speak with them.
Ideally you didn't use you credit card while you weren't able to make payments. Plus you hadn't maxed the card out.
Most companies will accept a good faith effort to repay.
Don't try "reduce you debt now" or "consolidate you debt schemes." You'll probably just add another collection agency to what you have now
2007-12-29 06:32:47 · answer #3 · answered by icabod 7 · 0⤊ 0⤋
When you get reported to a collection agency they are now in control of the account and you should make arrangement with them.Now they become the agent of the credit card company and their job is to collect from you.They get a cut of the amount they collect for their services.Call them up and make payment arrangements( otherwise the interests may still be accumulating depending on your card agreement )and that will help repair your damage credit rating.
2007-12-29 06:32:02 · answer #4 · answered by rogue 5 · 0⤊ 0⤋
you won't be able to make a value under the minimum. you may desire to deliver in under the minimum volume however the value gets rejected so which you relatively made no value in any respect. the way the regulation works is that in the event that they settle for under the minimum they are able to't fee you a penalty fee.
2016-12-11 15:57:23 · answer #5 · answered by ? 4 · 0⤊ 0⤋