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How does a collection agency determine how much money they will settle a debt for?
a collection agency will usually take up to 30% off a debt but only if it is over $500 i once owed $5,300 on a returned vehicle and they were willing to take $3,100 but you can hustle your amount owed. all they want is some of the money anyway. There is no specific set amount. You must negotiate with the collection agency. They will settle for whatever they can get in many circumstances.
If you owe a company money and it is placed in collections can you pay the original company or do u have to pay the collection agencies?
You have to pay the collection agency. The original company has a signed contract with the collection agency and they pay the collection agency a % of what they collect from you. That's how they make their $$. The original company did not want to have the outstanding balance on their books.
Do collection agencies usually garnish wages?
Collection agencies are usually retained by the establishment that you owe the defaulted debt to, if the borrower ( person in debt) does not want to work with the collection agency handling their debt, the collection agency will then document the account as a refusal then send the account back to the original lender then they will garnish your wages until the life of the loan is paid off.
What information does a collection agency need from a creditor for them to legally go after you?
When your account is turned over to a collection agency all the infornmation goes with it. In other words, whatever you put on the original application for the card. Home and work #s, home address, name and address of employer, income, etc. The collection agency does just that collects (or tries to). They cannot sue you without the consent of the original creditor. If that happens, your account is referred to an attorney who specializes in collection. Lenders do not want to sue. It is time consuming and expensive and the majority of suits are uncollectable. They are almost always willing to negotiate terms you can afford. Know your rights as a consumer and stand up for them.
Can a debt collection agency call your work?
No. Once the party involved has informed the collector that they do not want them calling their place of employment the calls must end. Some collectors however simply will not listen and continue to break FDCPA laws. If this is the case the collection agency should be reported to the office of the state's Attorney General. This can be done by phone, but it is best to follow up in a letter. Keep a log of any calls received after the request has been made.
Is it legitimate if a collection agency sent you a letter stating that their client would settle for a certain amount if paid by a certain date and they want you to fax the letter to them?
Before making any commitments to a collection agency, you should get confirmatio from the original creditor that the collection agency has legal authority to collect at settle the debt.
Can you settle for less in a collection agency?
Yes, sometimes a collection agency will let you settle for less than the total amount owed on the debt. Most times this means they will want all the money in one, two, or three large payments.
How does a collection agency determine how much money they will settle a debt for?
a collection agency will usually take up to 30% off a debt but only if it is over $500 i once owed $5,300 on a returned vehicle and they were willing to take $3,100 but you can hustle your amount owed. all they want is some of the money anyway. There is no specific set amount. You must negotiate with the collection agency. They will settle for whatever they can get in many circumstances.
If you are willing to make payments on a debt can a collection agency refuse the payments and continue to harass you?
A collection agency is not hired to get the amount paid in payments they are paid to get the amount in full. At this point the place you originally owed the money to and did not pay may or may not be willing to take payments being that they have now hired the collection agency to get the money from you. YOu can call the original creditor and tell them you are willing to pay and if they say no then you must pay the collection agency, I have never heard of any of them taking payments. When they get hired they try to collect as much as possible of the owed amount so they can get a higher commission. They dont want payments they want money in full....
If you owe a company money and it is placed in collections can you pay the original company or do u have to pay the collection agencies?
You have to pay the collection agency. The original company has a signed contract with the collection agency and they pay the collection agency a % of what they collect from you. That's how they make their $$. The original company did not want to have the outstanding balance on their books.
How do you print out your monthly amount?
To print out a monthly amount, you can do so by looking at a bank statement. You want to look at income and outgoing money. Print it all out on one page.
Do you have to deal with a collection agency to resolve a debt?
NO. Once you enter into an agreement with a collection agency no one else can collect against that debt. If you have other debts outstanding not covered in the agreement then another agency may be authorized to try and collect those debts. Collections agencies do not sue people. They can ask the courts to award a judgment or wage garnishment in order to help collect bad debt.
Should i send a collection agency proof of payment of debt?
with out a doubt. you would want them to update your CRA.
Can a collection agency refuse monthly payments on a repossessed car?
YES, they can refuse. Its their money and they can demand it any way way they want to. However, they only get it like YOU give it to them. LOL Fin comp never gave oppor to pay back. ???? What do they have to do to be giving you 'opportunity"??
Do collection agencies usually garnish wages?
Collection agencies are usually retained by the establishment that you owe the defaulted debt to, if the borrower ( person in debt) does not want to work with the collection agency handling their debt, the collection agency will then document the account as a refusal then send the account back to the original lender then they will garnish your wages until the life of the loan is paid off.
Is it legal for a collection agency to try to collect on a debt that was released in bankruptcy and then sold to the collection agency by the original creditor bank?
Legal or not, this happens every day. Inform the collection agency and the original lender that this was included in the bankruptcy. The collection agency may want to see proof but usually the original lender will call and request that - that particular account be sent back. Make sure you get something in writing from the original lender--and that the collection agency REMOVES their account off your credit report--check your report 3 to 6 months later, to make sure this has been done. If you don't want to wait--send a copy of the signed letter on the lender's letterhead to all 3 collection agencies and wait for their response. Even though it will take about 30 days--this is the quickest way.
What is the maximum amount that the IRS can take from your Social Security payments monthly?
They can take as much as they want.
