Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
ganandorf

2 Contributions
0 People Helped
Ive countered my collection agency to 30%. What is the best tactic to combat?
I had a monthly installment plan in which I missed two months. I am now settling for a reduced price.They claim I can not get the 30% intill I make those two missed payments. Is that true? Also, they claim that they are on behalf of the bank's collection agency so its regulated by them. Does that mean they dont own the debt I ll have a harder time negotiating a fairer term? Thank you.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1131 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

They do not have to settle. They can demand the full amount. That said, they call the shots on the deal and can demand that you pay the two payments in addition to the settlement amount. All you can do is try to negotiate the best deal that you can, but remember, they don't HAVE to do anything.

Reply by
ganandorf

2 Contributions
0 People Helped

Thx mate. Appreciate your input.

2 Contributions
0 People Helped

question

I guess my question if i am settling shouldnt it be based on the remaining principal or balance and not have to do with any structured deals in the past? Is it neccessary to make those payments?

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.