I have a creditor calling me?
I am very bad with these things. I am bad at negotiating.
If they dont accept, how long do I have before they can sue? How can I stop them from lawsuit?
Answer:
Keep negotiating. Do not listen to CrzyMom. Do not send any good faith payments or any money, until you get an agreement, in writing, specifying the terms and amounts to be paid. Also, never, and I mean NEVER, give them your checking account number so they can draft your account for you. They'll screw you. Never give them post dated checks either. The above advice is for collection agencies, not the original creditors.
Yes they could sue. They could even get a judgement againt you. But unless you have good income or assets, they still can't collect. Can't get blood from a turnip. But it will create more havoc in your life. Generally, the older the debt becomes, the more lenient the collectors will be. Unfortunately, this will trash your credit rating.
Also, is it the credit card company themselves contacting you, or some collector the debt has been sold to. If it's been sold, then you can at any time tell the collector to drop dead and never contact you again, or you will sue them according to the Fair Debt Collection Practices Act Tell them in writing by certified mail. This won't help the overall situation, but it will stop them from harrassing you.
I've included a link that discusses the Fair Debt Collection Practices Act so you can be informed of your rights. Also look at the links on the right hand side of that page for advice on coping with collectors, settling the debt, etc.
sending some money shows good faith..when they call say im doing what i can and please do not call me again
If you told them that you can't afford the $7000 with payments of $250 a month and they refused there is not much more that you can do. You made the debt and you are responsible for paying it. Think of the max that you can give them a month and offer that.
Please be careful about accepting a settlement, the creditor can and probably will report the unpaid amount of debt to the IRS as additional income.
You cannot make them do anything. The $2,400 deal was a great deal - you should find some way of honoring it. If you send them a payment of $250 (or anything less than the $800), you'll have to pay the full $7,000. You legally owe the whole $7,000 so the creditor is doing you a favor by offering the $2400. You already owe the money, so the creditor can sue you at any time. You cannot stop a lawsuit.
If you go to court, you'll end up having to pay the entire $7,000 anyway. Going to court might put you in a worse position. The creditor will probably be able to garnish your paycheck in order to have the full $7,000 paid back.
You should take the $2,400 deal if you can. If you can't, you'll just have to pay $250 per month until the entire $7,000 is paid off. I'm sorry, but you incurred the debt and now you have to pay it back.
If you are dealing with the original creditor (such as Visa or Mastercard), stay in touch with them regularly. Let them know your situation and make some regular payments. They may offer to reduce or eliminate your interest charges as long as you make payments.
If you are dealing with a collection firm (they will tell you when they call), the original creditor has already sold your debt to someone else who is trying to collect.
Do a lot of searching on the internet for "debtor rights." Realize that the collectors will do lots to collect but you have rights as well.
Best thing to do is contact the original creditor and work something out.
Good Luck.
DO not be bullied by creditors. They are hourly employees who have to do one thing. Get money from you. I would suggest sending in the money and keep negotiating with one collector! You may have their name( i.e. Mr. Lewis) and ext. but understand this. Now that you have sent the money there is no leverage for them to work with you and lower the amount due. Its a hard game to play but don't feel alone we all went through it at one point in our lives.
If they are willing to discharge the entire debt at 35% of it value, I would do what ever it takes to do it.
If possible, see if you can pay it off with a 0% or low interest credit card. They should do cash advances. Then by $250 a month to the credit card (without charging anything else on it).
SEnd what you can, and if they keep calling, contact the B_B_B and ATTRN.,.GENERALS office. Creditors cant haress a person.About a bill. I know, I am one of those people who they tried to haress,. I fild haressment againmst them, They quit .
Just a thought..
I've never seen many collection agents offer such a sweet deal. How old is this debt, and has the Statute of Limitations run out?
Read the link below about it. If it has run out you may not have to pay them a dime!
And note that many of the responders here are collection agents, and give out terrible advice.
change ur phone number and move on.
I agree with Studly.
For them to offer you such a good deal, I bet if you are not out of the statute of limitations (SOL) you are very close to it.
I looked through your past questions and noticed you had listed a state - the SOL for that state is 3 years for open accounts - credit cards are open accounts.
Check out the first site I've listed, it will show your SOL and the statutes for your state that support it being a 3 year SOL
If you are dealing with a collection agency, send them a debt validation letter - send it certified mail return receipt.
If you are dealing with the original creditor, send them a debt verification letter - send it cert. mail return receipt.
Never, ever deal with the creditor or a collection agency on the phone !
Always deal with them by mail and sent cert. ret. rec.
You might check out the second link I've added and do some reading in the newbie forum and then in the credit forum. Learn your rights in dealing with them - either with making a deal with them to pay, or in sending them a SOL letter.
if its an old debt you might have the statute of limitations working for you. but that was screwed the second you promised them anything.
Whatever you do, make sure that you get the agreement in writing. Maybe even use your own template to get the agreement in writing. I suggest using this website.
http://www.creditmanagementworld.com/for.
http://www.ftc.gov/bcp/conline/edcams/cr. This is the website for the FTC. They have alot of info espcecially on dealing with credit card companies. If they won't settle for 2400 at 250 a month, but will take 250 a month and not add any interest or more fees and extras to 7000, maybe that is the deal you should take. It beats getting sued. As long as you make the payments, because they will reflect that you are making payments on your credit report
there being good to you but you want everything your way.
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