I have a 389.00 collection account with them that I have been making monthly payments on. I just called and inquired if I wanted to settle , what it would be. the agent told me $290.00 I said thank you. I called back later and spoke with another agent, she quoted me $275.00. Then she told me that i was just offered a settlement for 290.00. I told them NO, I was calling inquiring the amount just like I was inquiring with here. She told me the agent put in his notes that he made me a offer, which he did not. I was inquiring. First I"m pissed off because 2 diffrent agents gave me 2 different amounts. And then the last agent told me, since I didn't accept the original offer, I would not be offer a settlement again. I 'm LIVID!!!! WTF. I think I may just be broke for two weeks and settle with these A#$%$%holes. But how can there be to settlement amounts????? Just venting.......
Each agent can settle for what they see fit, as long as they make a profit. Its easy for them to just throw numbers at you, since they bought the debt for 2-4 cents on the dollar. They paid about $10 to buy the debt from the original creditor. The more money they can coerce you to pay the better (for them). They still make a huge profit. They suck...
YOu are joking only $10 for a $700 debt. So do you think I can call them and make a firm settlement offer? I'm willing to give them $200 today..
They may take it, but since you are already paying them, they may prefer to wait it out and get the whole amount. Regardless, I would try to settle though for less than the balance, you have nothing to lose. If you tell them this last $200 may be the only money you may have for a while or upcoming circumstances may make future payments difficult (makes them think that they can get $200 now or $0 later), they may be moved to settle.
But isn't a paid in full better than account settled? I'm looking to purchase a home summer of 03. Which gives me ample time to correct my report <hopefully>, but looking at a report you pay on, isn't paid in full better?
With this account, you want to settle for full deletion. Being that Inovision is associated with the collection accounts and charge offs, you would not want that to remain on your report even if they agreed to report a perfect payment history.
Each time I contact CA and inquire about payment for deletion, they act like I'm from Mars. They tell me right away this isn't possible. am I not be forcefull enought. what approach do I use>>>
Do not call, WRITE! They take that more seriously, IMO. Have you checked on accord and satisfaction laws? What state are you in? What state is the collector in?
As others have said, having ANY reference to a collecton agency on your report kills your score and will trigger denials or higher interest rates. The only way this CA should get another dollar from you is if they agree in writing to DELETE the tradeline in exchange for payment. Send them everything in writing, certified return receipt. Don't believe anything they tell you on the phone; they will not honor an oral agreement. You need a paper trail should you need to file complaints or go to court. Finally, it is extremely unlikely that an out-of-state CA is going to go the time and trouble of suing you to collect an approx. $300 debt. Don't be afraid to take a more aggressive stance with them; don't put up with their intimidation tactics. Greg
Settlement for DELETION is the quickest approach for removing this item from your reports and your life. The letter should: 1. State that although you don't acknowledge the debt as yours or the CA records as accurate, you are willing to settle for DELETION. 2. Offer them a fixed sum in certified funds. (Offer slightly less than you are actually willing to pay since they may counter-offer.) (If it comes to actually paying them, I always used money orders so they have no record of checking info.) 3. Demand that the agreement be made in writing on their letterhead prior to sending funds. 4. Threaten to demand full validation of the debt if they refuse the offer. Search this board for "payment for deletion" and you'll find some examples. Greg
