Collection agency

Hi! I have one credit card that dropped me to a collection agency. the amount has grown to $17K. I got a letter stating that “as per our agreement” they would settle for $12+K if I paid that amount in a few day. I have never spoken to them nor done an “as per our agreement” with them. could I still request a lower pay-off amount? for example can I say I only have $10K and will they accept this as a payoff amount. I actually don’t have the money but could try to borrow it from my BIL. What do you think? thanks!

Don’t be in such a hurry they bought the debt for about 50% or 8500 dollars so they are looking to make a quick deal and pull in 3500 in profit right away. Ask about a payment plan try to get them under 10% . I negotiated JCPenney to 0% on 3000 and Mastercard to 3.25% on 31000. I negotiated Citicard to 10% on 8000 and I am making substantial progress on all of them. Discover made no rectifying offers just enslavement at 18%. i have not paid them in 80 days and told them put it in the hands of a collection agency. Dumb or not dumb I am in the drivers seat because “I HAVE THEIR MONEY”.

I’ll be glad to pay them when the % comes to terms that are not going to get them thrown out of the Temple as the “moneychangers they are”. PS I was left holding this bag by an uncaring spouse who is now being divorced for selling me into slavery.
PS. they can not seize your retirement funds. Safeguard money in a 401k or another retirement plan.Possibly you can borrow from that to pay debt and then pay yourself back.

My experience with the two collection agencies I’ve dealt with is that if you communicate with them, they’ll generally work with you. Be nice but be firm, and offer some kind of payment plan. Don’t give any of your information over the phone (like bank account numbers or SS#) and if they get “salty” with you just ask to speak to a supervisor.

Usually, they’re pretty happy if they just have some money coming in, and you don’t have to pay everything at once. I’ve even heard of people settling the collection amount for less! Anyway, there may be some legal issues I’m not aware of, and others in the group might have some more knowledge.