Can Debt Collectors Reject Your Payment Posts
Questions and Answers
Can debt collectors reject a payment plan option? we have a debt ofjust under $14000. we have cotact the collection agency and they have told us to pay it in full. They won't except any other payment options. We have continued to make small payments and now they are telling us they will proceed with legal action. We want to pay them butcan only afford small payments. What can we do?
the crusader replied: "The debt collectors have become even bigger bullies over the past few years because they don't want to negotiate anymore. The only thing that I can tell you is that you really should speak to an attorney. They'll be able to negotiate for you. Or, you can still send them your affordable payments every month and see if they are really going to take any kind of action against you. Just don't stop making payments. If it does ever go to trial, the judge will look favorably upon you if you've been paying something every month."
Jim C replied: "Once they started accepting payments I dont think they can really do anything about it.They will tell you they can and try to bully you but just keep sending and do not miss a payment because then they can demand to be paid in full."
mac replied: "Contact the original owner of the debt- be it the credit card company, whatever, ask for the business manager in their collection department-- if he tells you that they "charged off" that debt, that means it is no longer in their hands, they will not be getting the money you send to the collection agency but sold your debt to the collection agency and are using your debt as a write off-- which will also show as such on your credit report. Get your credit report online *one a year is free- and see how they listed it--if it is indeed a charged off account-- that will be on your credit report for 7 years- from the date of your last payment to the collection agency. Your best bet would be to NOT PAY the collection company a dime and let it charge completely off your credit report in 7 years otherwise that charge off will ruin your credit until the 14000. is completely paid and since it is going to a different company, you will have to fight with the original lender to get it off your report......we have a consumer protection and debt collection agency in our town- it is nonprofit and run by the government- I would make an appointment to see them and bring all your papers from that debt collector and a pulled copy o f your credit report and see if they can give you some more insight on this---if you do not need to buy a home or anything else big in 7 years, your best bet is to wait and let it fall off your credit report..............good luck"
chuck829 replied: "They have that right. But try Consumer Credit Counseling Services, Inc. The debt collector may be more willing to work with them. Most companys are willing to work with them because it is in many cases the last step one takes before bankruptcy. Bankruptcy will screw them out of some or all of their money unless you make a ton of money. You could also threaten them with that. If they get a judgment against you, you will have to file bankruptcy so they can't garnish you."
datdude replied: "The collection agency is not required to accept monthly installments and most don't, because depending on the contract you signed, they may be entitled to 10% interest on your balance. Then they will file a judgement and let the interest and attorneys fees add up, then they will garnish your wages. Most collection agencies will settle for a fraction of the debt, but it varies by company. I would save $7,000, call them and offer them that to settle, they will probably make a counter offer but tell them thats all you have! If they still say no, tell them you are going to call one of your other creditors who will settle for 50%. Whatever you do, be extremely careful with debt management companies!"
tryinthis2 replied: "check out the fdcpa...fair debt collection practices act. they cannot threaten legal action w/o doing it. they're bullying you ....depending on your state, you can get your debt zero'd out if they break that law. if a coll agency owns your debt they paid pennies on the dollar for that debt in order to "try" to collect it. if they're going to be jerks, change your number and if they find out yoru new # tell them they got the wrong number, if they mail you something write "return to sender not at this addy" on it and then after a couple months call them and say how if they want to work with you then that's fine otherwise, they wont be able to find you to collect it. they have one up on you by having your telephone number. most collectors spend hours daily finding you number. but remember they dont eat if they dont collect."
Debt collectors returned my payments! Now what? Here's the situation.
I have a credit card debt with Bank of America. The account was sent to NCO financial systems. I sent them a payment on the debt only to have it returned to me. I was then notified that the account had been sent to a new creditor.
The new creditor was NES Enterprise systems. I got their information and proceeded to make a payment to them on my debt. It hadn't even been two months before I found out that NES had closed my account and rejected the payment. Confused, I called and asked about the status of my account.
They told me that the account was closed and had been returned to the original client (Bank of America).
During all this bouncing around the debt has incurred more fees and interest - all while I was TRYING to make payments only to get rejected.
Is there ANYTHING I can do about this? They've refused payment twice now and how am I supposed to keep up with them when they keep moving my account??
Is this against the law?
Kasey C replied: "While it's not against the law, it's definitely bad customer service on their part.
I would try to find BofA's collections department, and refer to it by the ORIGINAL account number, and you basically state that you are perfectly willing to pay out the ORIGINAL amount, plus a reasonable interest and penalty, no more than the first attempt you tried to pay, and explain why, and do this in WRITING. Even if you got a promise over the phone, write a letter as backup, and enclose your check, and write a letter to indicate that if you do not hear from them in 21 days after the check was deposited (and it will show in your account) you consider this matter closed. Send copies certified.
They want money out of you, and they will be happy to get some. You just need to find the right people to accept them. They are empowered to settle for less than the full amount, though they will try their darnest to get you to pay every extra penny you could."
wakebug2002 replied: "I have personally dealt with NCO, to no avail. I was making payments to them, on time, for about six months, and then they suddenly stopped accepting them. I called, sent letters, etc. for months, and nothing ever happened. Now, I have no idea who has the debt or what's going on with it. It's been over two years since I have heard anything about that particular debt, and my credit report is not helping.
While it seems like they're doing something illegal, they're not. Unfortunately, consumers are not protected very well under current consumer protection laws. If you hit bad times and have trouble making your payments, you're out of luck. It's very hard to turn your credit back around, and normally it just takes a lot of time and hard work. It doesn't help that your accounts can move around five times in the same month without your knowledge. Good luck with it all!"
stweetyjohnston replied: "I'M NOT SURE WHERE YOU ARE BUT IF YOU SENT A PAYMENT AND THEY REFUSED IT THE ACCOUNT SHOULD BE CONSIDERED "PAID IN FULL". YOU ATTEMPTED TO PAY AND THEY REFUSED. THAT IS HOW IT WORKS IN OHIO"
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