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.
Even if the collection company goes bankrupt, you still owe the bank whatever money you borrowed from them. The bank hires the collection company to get that money, so you still owe them
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
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
Collection is an attempt to get money or property from someone who owes money but has not payed. A hospital might have a collection agency call to attempt to get payment for past medical bills, while a loan company might use a repo company to get back a car that was never paid for.
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!
A collection agency is commissioned to collect money from those who have defaulted on credit card bills or loans. The agency tries to recover as much money as possible.
the collection agency doesn't do that. the federal quarantor and/or the department of education have the only power to place liens or offsets
Once a collection agency sues a person they may have to get an attorney and go to court to settle this. The agency wants you to pay the money you owe them however they can get you to do it.
When You owe money to a collection agency via: bank, credit card, hospital, ect... for not paying them the collection agency will take the money directly from your paycheck if you continue to not pay.
Yes they can.
how to get rid of the money that you owe from collection agency without paying them and become good credit again
You have to contact the collection agency and broker a deal with them. The agency will buy the debt from you for much less than the debt is worth. The agency will then contact the person, and keep any money paid by the person.
If they've sold your case to a collection agency, they have been "paid" for your debt with the money the collection agency gave them for your case, so, no, they can't legally sue you - as far as I know.
When you default on some debt, the original creditor writes it off. When they write it off, they usually sell it to collection agency. Since the collection agency bought it, it becomes theirs. If they try to collect and you don't pay, they can sue you. Learn your rights by reading up on the FDCPA.
In general, a debt collection agency is required to send notice of collection to the person who owes the money. However, simply avoiding the letter or notice does not cancel the debt.
There are a few benefits to using a collection agency for ones business or personal purposes. One benefit to using a collection agency would be being able to avoid having to directly deal with the person who owes money.
They sell the vehicle for what they can, then charge the remainder to you. They usually sell that debt to a collection agency, and the agency starts calling you for that money.
They don't do anything. Failure to pay bills causes credit to be reported badly and your credit score to go down. All a collection agency does is go after you for the money.
A collection agency can report you to the credit bureau for any amount of money. There are agencies that will report for amounts under a hundred dollars.
Put a money order with the amount owed in the envelope.
a license for every state that you are going to do collections with and money for starts
If the agency has filed on the estate, and there is enough money to pay the other filing creditors, then yes.
If the debt was sold to a collection agency and the original creditor accepted payment AFTER the debt was sold, the money does not belong to them. If, however, you paid the debt and it was mistakingly sol after that payment, the collection agency can't try to collect. If you have proof of payment, forward it to the collection agency and deman in writing that they cease trying to collect this debt.