Try following the link http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm It should answer many of your questions regarding debt collection. If the link doesn't work, check out the Federal Trade Commission's website at www.ftc.gov and search for the Fair Debt Collection Practices Act, which governs what debt collectors can and cannot do.
Put a money order with the amount owed in the envelope.
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.
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.
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....
Yes! If your student loans are with a collection agency they are in default. When student loans are in default the dept. of ed gives the collection agencies "CARTE BLANCHE" to collect the money by any means necessary. Wage garnishnent is only one.
A second party collection agency is an agency trying to collect a debt that is owed to someone else. If for example, you owe on a store credit card from ABC store, they may turn the debt over to another agency that has nothing to do with them. This is a second party collection agency.
Do NOT pay any money to a collection agency.......send your money to the debtor, the person you owe it to. Send it in the form of a check or money order. NEVER PAY A COLLECTION AGENCY
It all depends on the amount owed and the company owed to.
no
Yes, Collection agency can do that. But contact a good collection agency like Guardian Credit Services, they know will how to deal with customers to get money
If it is a purchased debt then yes, the money is owed to a different creditor...there fore the new hit on your report.
When a collection agency takes on a bad debt, in many cases they are "puchasing" the debt from the original creditor. When you then pay off the collection agency, your money will stay with that collection agency. This is the most common scenario, but some companies do have their own internal collection agencies (Capital One, for example, has their own collection subsidiary in Idaho - the Westmoreland Agency). Hope this helps!