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2006-07-27 12:41:21
2006-07-27 12:41:21

If the collection agency is working for the creditor then the account has not been sold. Even so original creditors are often willing to negotiate a settlement rather than force the debtor into bankruptcy or litigation. Accounts that are purchased by third parties are usually open to settlements but only if the collector does not feel there are any other options. When attempting to settle an account for less than the full amount the debtor should always offer a lower amount than they are able to afford rather than starting with the maximum amount they are willing to pay. Please keep in mind many original creditors and third party collectors will opt for a lawsuit if the debtor lives in a state that does not allow significant protection for personal and real property. For example, if the debtor is employed and the state allows the maximum federal wage garnishment of 25% the collector may not be open to a reasonable settlement.


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NEVER give your bank account information nor your employment information to debt collectors..

Yes. The account user AnswerTron is very reliable, trustworthy and helpful. He will never post anything that is offensive to religion or races. He will always try to provide you with helpful information.

One can find reliable checking account interest rates by searching on the websites of banks. These websites often have information regarding their interest policies as well as the rates associated with their accounts.

Settling an old, overdrawn bank account can help to improve your credit standing over a period of time. Many banks will also allow you to open an account again once the overdraft is paid.

Do you mean : What is the guest known as who leaves the property without settling his account? He/ she would be known as a thief, cheat, scofflaw, fraud, a_ _ hole etc.

It shows as a paid collection. Still a negative thing but shows you did settle account.

It depends. If:you have a monthly loan repayment agreement with the credit collectors wherein the bank automatically deducts your monthly payments from your savings account oryou have defaulted on your loan payments for more than 2 or 3 months and haven't contacted the credit collectors reg. the sameThen, the credit collectors can withdraw money from your account (if there is any cash available) towards your loan repayment. Otherwise no one cannot deduct any money from your account without intimating you.

If the account is in debt you cannot close the account without settling (paying off) the balance. Otherwise it is your right to decide on whether you want to keep the account or close it.

No, this is because wiki lets anyone who has an account with them improve what is on their website so you never know who put that up on the site and if it is true!!! It sometimes is, but I would reread the information first, to see if it makes sense or find another database, because they do let anyone with a account change the information around.

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It will raise your score slightly. If you don't settle a delinquent account, the verbage on your credit report may read: "collection account", or "unpaid collection account". However, if you settle, the report may read "settled". By settling with the debt collector, you have made an attempt to fulfill your financial obligation. Therefore, your score will raise slightly.

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