Collection Agencies

[Cunning Linguist]

So I have a collection agency after me for $1500 from an unpaid credit card. Long story cut very short, I accumulated that debt living on my own in my first year of university (debauchery-fest). I had to move back home with my parents after the year was up.

Anyways, I'm still a student and I'm still broke. I can't pay them.
I have no possessions whatsoever.. nothing to repossess except possibly the shirt off my back and a few pairs of boxers.

How do I deal with these people? Anybody have any experience or advice?
(I'll try to make up with this lame thread with a good one later.)

[pokerdirty]

$1500 on red

and don't tip the spinner

[Brom]

Whatever you do, don't get a job. You let them win if you have to work.

[Reef]

learn p***r?

[MrTrik]

You're gonna take a hit on this credit-wize. Talk to them and be cooperative. You aren't in a position to declare bankrupsy so you WILL be paying them back at some point ... with interest and penalties.

Learn from your mistake and move on after you've made good.

[Reef]

[ QUOTE ]
You're gonna take a hit on this credit-wize.

[/ QUOTE ]

good luck getting any kind of loan in the future.. You may also have a difficult time getting a good job. ugh

[4_2_it]

If they have found you, try to work out a payment plan. They get paid a % of what they extract out of you. make sure any program that you agree to will totally wipe out this debt on a going forward basis. For instance, don't agree to pay $1,000 without a full discharge because you will have another agency coming after you for the remainder later on.

Hope you don't plan to buy a house or other big ticket item in the next five years because your credit report will suck. You will still get a loan but at a rate much higher than people with good credit receive.

Your college may even be able to help. Check with student affairs and see what they offer.

Whatever you do, don't ignore it becuase it will not go away.

[Warik]

[ QUOTE ]
How do I deal with these people? Anybody have any experience or advice?

[/ QUOTE ]

ummm...

Step 1) Borrow $1,500 from your parents.
Step 2) Use $1,500 to pay debt and eliminate interest charges.
Step 3) Get a job.
Step 4) Pay your parents $500/mo until you're done.
Step 5) Quit job and send last paycheck to me for my brilliant suggestion.

Based on your use of "university' it doesnt seem as though you are in the states, but if you are and the law applies (FDCPA) and you don't want the calls, simply send each collection agency that calls you in regards to a debt a letter stating you are requesting they "cease and desist" all collection activity by phone...and are to send mail only (unless they are letting you know they are going to sue your broke ass)...it doesnt make the issue go away it simply means, they wont be calling you daily.

And when you do get the means to pay, feel free to request a settlement on the account, they can remove fees etc and cut the bill sometimes down to half.....

...and the only reason I know all this is not just because I'm a deadbet, but I also happen to run a collection agency!

[JordanIB]

[ QUOTE ]
So I have a collection agency after me for $1500 from an unpaid credit card. Long story cut very short, I accumulated that debt living on my own in my first year of university (debauchery-fest). I had to move back home with my parents after the year was up.

Anyways, I'm still a student and I'm still broke. I can't pay them.
I have no possessions whatsoever.. nothing to repossess except possibly the shirt off my back and a few pairs of boxers.

How do I deal with these people? Anybody have any experience or advice?
(I'll try to make up with this lame thread with a good one later.)

[/ QUOTE ]

Why are you spending money you didn't have to spend?

Oh that's right, Private Pyle, don't make any [censored] effort to get to the top of the [censored] obstacle. If God would have wanted you up there He would have miracled your ass up there by now, wouldn't He?

[miajag81]

[ QUOTE ]
Oh that's right, Private Pyle, don't make any [censored] effort to get to the top of the [censored] obstacle. If God would have wanted you up there He would have miracled your ass up there by now, wouldn't He?

[/ QUOTE ]

Why the hell would you choose this of all threads to unveil this gimmick account on?

[lastsamurai]

ASK YOUR PARENTS...tell them you messed up...or get a student loan... and dont use your credit card to play poker!

[4_2_it]

[ QUOTE ]
Oh that's right, Private Pyle, don't make any [censored] effort to get to the top of the [censored] obstacle. If God would have wanted you up there He would have miracled your ass up there by now, wouldn't He?

[/ QUOTE ]

Looks like [censored] got another early birthday present.

[wonderwes]

First off, store their number on your cellphone in the caller id. Set the ringer to silent. If you don't pick up, they can't talk to you. Yeah, its low, but what other options you have?

You do need to pay this off. Now this is a small balance, but credit consolidation is big. They will negoitate with the CC company to get a monthy payment plan. You will miss a lot of extra fees/interest the CC slap on there. You should call the credit consolidation only when you have the funds to make a monthly payments. They can setup to be like $80 a month.

Credit raiting is important to keep in the good, but its not the end of the world. You eventually need to pay it off.

Is that Karl Marx as your avatar?

[Randy_Refeld]

go to www.artofcredit.com (http://www.artofcredit.com) and read the stuff there.

edit to add: IF they are typical of colletion agencies they will ignore the law and you can offset at least $1k of your debt with a judgement against them.

[Leo99]

If you simply ignore them or just tell them you are not going to pay the bill. I've done both. Eventually, they will give up and the credit card company will write off your debt as uncollectable. You'll be $1500 richer but your credit score will take a big hit. Your credit score is already low due to the delinquent account. You are a bad credit risk.

[ QUOTE ]
Based on your use of "university' it doesnt seem as though you are in the states, but if you are and the law applies (FDCPA) and you don't want the calls, simply send each collection agency that calls you in regards to a debt a letter stating you are requesting they "cease and desist" all collection activity by phone...and are to send mail only (unless they are letting you know they are going to sue your broke ass)...it doesnt make the issue go away it simply means, they wont be calling you daily.

And when you do get the means to pay, feel free to request a settlement on the account, they can remove fees etc and cut the bill sometimes down to half.....

...and the only reason I know all this is not just because I'm a deadbet, but I also happen to run a collection agency!

[/ QUOTE ]

Yeah, sadly I work for this gordo /images/graemlins/tongue.gif

Anywho like ^^ said. Do that (cease and decist) and IMHO dont be vulgar because everything is noted on your file and the lamer person you are the harder it is to get a good settlement or even a not so huge payment arrangement. Ask for a hardship payment because your a broke ass mofo.

other then that good luck!

[ QUOTE ]
First off, store their number on your cellphone in the caller id. Set the ringer to silent. If you don't pick up, they can't talk to you. Yeah, its low, but what other options you have?

You do need to pay this off. Now this is a small balance, but credit consolidation is big. They will negoitate with the CC company to get a monthy payment plan. You will miss a lot of extra fees/interest the CC slap on there. You should call the credit consolidation only when you have the funds to make a monthly payments. They can setup to be like $80 a month.

Credit raiting is important to keep in the good, but its not the end of the world. You eventually need to pay it off.

[/ QUOTE ]

Most companies will not work with third parties. In other words a debt management or credit cons. will not be an option. They (the debt cons.) might claim otherwise but trust me it is just a simple unwritten law we all abide by.

anything they can get you as far as minimal payment arrangements you can work to get yourself.

just be honest and forthcomeing with all your info and get even like $37 bucks a month.

im sure any part time job can help you afford that if not your parents.

I got taken to a collection agency by my college. Long story short, I owed 14000. They sent a letter, I called them and worked out payments. They won't take any legal action as long as you work something out and make your payments on time.

[vexvelour]

If YOU call THEM, you can usually work something out. It's when they call you that nothing gets done because you're put on the defensive.

What I did was I called the company and asked how much I owed exactly. I had the money at the time to pay, but I told them I couldn't pay the whole $800 and would they take $500 to clear the whole deal from both of our lives? They took the deal and ran. Another option is to work out a 3-or-4 part payment plan. Getting a loan to pay the CC off is also a great idea, but with this blemish on your credit I'm not sure your interest rate on the loan will be much better.

Good luck. If you're still not sure, go to your bank. Ask to speak with the financial officer who handles mutual funds and such. Explain the situation and it'll take him 5 seconds to help you fix it.