What do I do (re NCO)????

Discussion in 'Credit Talk' started by LRM216, Aug 28, 2003.

  1. LRM216

    LRM216 Well-Known Member

    I had a Spiegel charge-off with NCO that I have been paying by their taking $75 a month out of my checking account. The rep I had from NCO was - believe it or not - quite nice to me from the beginning. I began paying this charge off to him prior to my learning of your board and my rights. However, two months ago I received a letter from a different branch of NCO stating that my balance was down to $400 something and if I would send them $225 dollars - they would settle. I called the new branch and was told my account was transferred over to them from the another NCO. I told them I would have to continue paying the $75 per month as I didn't have an extra $225 to give them at that time. He would not take it in 2 payments, so we decided to continue as I had been. Well, that was 2 months ago and they haven't taken anything out of my account in that time. The other NCO used to take it out on the first of each month and send me a letter a week before reminding me they were taking it out. I have heard nothing from NCO and they have yet to withdraw anything. What should I do???
  2. Flyingifr

    Flyingifr Well-Known Member

    Count your blessings?

    Just keep the $$$ in your account in case they wake up.
  3. voodochild

    voodochild Well-Known Member

    Doesn't it bother you that some one, at will, can take your cash? Bravo for taking responsibility for a debt! But if your gonna pay them, do it on your terms. Change your checking account and send those guys money orders.
  4. LRM216

    LRM216 Well-Known Member

    Point being that when I set this monthly debit up with NCO, I was totally unaward of the credit boards and assistance available. Naive? Yes. However, that's done and over with. My problem now is what do I do about the payments NOT being taken out since one NCO branch forwarded the account (for what reason I have no idea) to another NCO branch and after offering me a settlement which I could not make at the time, they consented to continue to take the monthly payments but have not taken anything in 3 months. Do I just let this lie, do I call this NCO (new branch) or what. That's the info I need help with at the present moment, not what I did 1 year ago. Thanks for your assistance.
  5. BrettS

    BrettS Well-Known Member

    Re: Re: What do I do (re NCO)????

    I think the real question is what do *you* want to do? If you want to pay off the debt, then by all means contact NCO and see if you can figure out why your account hasn't been debited. If you've been saving that $75 for the past three months, then you're up to $225 and they may still be willing to settle. Then you'd be done with it. If you do this, definitely get them to agree to delete any negative information on your credit report *before* you settle. A paid charge off is just as bad as an unopaid one and since you've been willing to work with them on this debt they should (hopefully) be willing to work with you on this.

    On the other hand, if you've been reading the boards much you realize that sometimes it's possible to get out of a debt like this because the debt collectors and original creditors don't always keep good records. If ethically you're OK with trying to skip out of this debt, then I would switch checking accounts so that NCO can't wake up and decide to start debiting again. Then send the validation letters and hopefully they won't be able to validate. This may be more difficult because you have been making payments on this... the CA will probably say something like "If you didn't think this account was yours then why were you paying us?". They are still required to valatate, however, whether you've been paying or not, so keep on them. Think about whether you can live with yourself morally if you go this way and prepare yourself for a bit of a fight, but you may be able to get them to go away without paying anything further on this account.

  6. LRM216

    LRM216 Well-Known Member

    Re: Re: What do I do (re NCO)????

    Much thanks for all your suggestions. I think my best route at this point is to call them, and offer the 3 months they haven't collected and try to settle on that with deletion. It's NCO though and they usually real creeps about deletion.

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