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#1
11-08-2005, 04:36 PM
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Collection Agencies
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.) 
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#2
11-08-2005, 04:42 PM
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Re: Collection Agencies
$1500 on red
and don't tip the spinner
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#5
11-08-2005, 04:48 PM
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Re: Collection Agencies
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.
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#7
11-08-2005, 04:51 PM
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Re: Collection Agencies
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.
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#8
11-08-2005, 04:57 PM
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Re: Collection Agencies
[ 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.
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#9
11-08-2005, 05:01 PM
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Re: Collection Agencies
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!
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#10
11-08-2005, 05:07 PM
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Re: Collection Agencies
[ 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?
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