Like so many before me I found this board later than I would have liked. I've been reading and searching. I promise I'm not asking this because I'm lazy, if it has been answered in a thread and I didn't find it in the last twenty searches I promise it wasn't for lack of trying. If it was answered and you know where, the link would be greatly appreciated! We live in Illinois. My husband made an arrangement over the phone with Pentagroup Financial over a debt with a closed Chase credit card. The CA told him they had a settlement against him and would put a lien on our car if he did not sign up for a payment plan right then and there. They called him while he was at work and he freaked out and agreed. (I can hear the collective groan, I know I went nuts when I found out LOL) Now we know that Chase got the settlement, not the CA - but he didn't know any better and we got a letter in the mail telling us our six payments would auto debit (I hear more groaning) monthly for six months at $250/mo. and then the account would be "revisited." Guess what! It's been six months and I'm trying to figure out what to do next. Should I send the Payment by Deletion letter (I'm getting a newbie error when I try and post the link, but it's in the letters section of the forum) since we already entered into a payment arrangement with them? If so should I use 50% of the original debt minus payments already made as the "fill in" amount on the letter? Or was my payment arrangement only for the six months as stated in the letter? That would mean I should send the verification letters and start the whole thing as if it were from scratch, right? We've paid $1500 on the debt already so I'm sure the CA sees us as the best gravy train ever. We both feel stupid and when we tried to call the CA before the six months was up to find out what "revisited" meant and to figure out our budget, we couldn't get our caseworker on the phone. One person said he was on vacation and the other person said he was in meetings. So we haven't spoken to anyone since the sixth payment has been made. We did try to call Chase and ask if we could pay them directly, but they said once there is a judgment and they give it over to a collection agency they no longer want our money or for us to contact them. Oh, I don't know if this is important but the total amount remaining on the debt is $3250. Thank you in advance for any help or suggestions you can provide, it is truly appreciated.
Just think of a large cow they have permission to milk it for 6 months,however they have your account # so the milk keeps flowing until you shut the udder off.Close your account their drawing from.Wait for them to get in touch with you.You make a settlement offer at 10 cents on the dollar,they will balk stand firm until they come down to a price you want to pay.Or just quite paying
Oh wow. Drastic, yet totally effective solution. I've been meaning to go bank shopping anyhow Even though we have the letter from the company saying they'd only take out six payments they will still take more? Wouldn't that mean I could sue them? Because the more I read - especially about how a paid collection isn't much better than a non-paid collection - I wonder why I've been breaking my budget for six months. Thanks for the input. If there are other suggestions I'll take them, but yours makes sense - do you really think they'll settle for ten cents on the dollar? What I mean is...does that ever actually happen?
Well 10cents is a starting point they might go as low as 30 cents.Remember what they say and what to do is a big difference.The key part of that is revisited the account.Never trust them i would only deal with them via mail.If they think you don't have any money they'll sell it to some one else.Never break your budget or deprive your family only pay what you can live with.All i did was get an answering machine and caller id.Just write the phone numbers down and goolgle them you'll find out who it was.
Is this a collection, or is the collector collecting a judgment which is a matter of public record? If its a judgment, they now have your checking info, and depending on your state's laws they now know where to go and make a money grab. I wouldn't shop too long, and I wouldn't move your money to the bank across the street if its a judgment.
Confusion is a newbie thing According to Chase, Chase got the judgement against me in order to close the file and sell the debt to the CA (Pentagroup Fin.). The CA does not have a judgement against us. I don't understand the part about making a money grab based on my state's laws. Unless that's another way of saying "close your account or they'll take all your money." And they had my checking information already, because we've been making auto-debit payments...I don't know why they'd need the judgement for that information.
I was wondering about that too. Is there an actual judgment or did they just tell you there was a judgment in place or what? I'd like to suggest that if you were actually told there is a judgment you should go to the clerk of the court and ask to see your public record. They will show it to you on a computer screen.
There was an actual judgement, with def. being listed as my husband and plantiff being listed as Chase. Is that judgement transferrable to a CA?
As far as I know (which may be little) an attorney can certainly be hired to collect on a judgment. I would guess collection of judgments can also be passed on to CA. The more important information has already been stated, "Close the bank account."
