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You have two options:
- Do.
- Or don't.
With these two options comes several potentialities.
If you do pay them, they may be able to obtain your asset information from your payments. This makes it easier for them to attach your assets in the event they obtain a judgment for the lender against you. If you pay them and continue to pay them until the debt is satisfied, then the same result occurs as if you had paid the original lender.
But...you do not owe the collection agency. You do owe the lender. You do not have to talk to the collection agency at all. You are not required to make arrangements to them or pay them. You should not give them any information.
If you do not pay the agency and you do not pay the creditor, the agency may eventually process the account for legal action on behalf of the creditor. At this point, their collection engine really goes into gear. They will take any information you have provided to them, and some you did not, and seek to attach your wages, your bank accounts, your stocks, your bonds, your certificates of deposit, your state tax returns, or any other liquid assets they can (and will) find.
If you pay the creditor and ignore the agency, you will hurt the feeling of the agency employees. They may even become angry, but as long as you continue to pay the creditor, there is little they can do. Just be certain to pay the balance as quickly as possible and keep record of every payment you make. In the event the agency files for judgment you want to have these records handy to be able to steal their thunder in court.
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Can a collection agency Garnish if paying not full amount?
no
If you settle an old credit card debt with a collection agency paying the negotiated price in full will the collection agency remove the collection from your credit report?
No the collection will not be removed from the credit report. They will show it paid in full.
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
What if a collection agency is trying to collect a debt that is in dispute?
Paying a collection agency may not be the best way to repair your credit or protect your privacy. There are situation that you may find your self in and have to pay a collection agency to to accomplish a short term goal such as buying or refinancing a home. If you are just in general collection agency hell then paying may do you more harm than good. While I would NEVER PAY A COLLECTION AGENCY. How you wish to handle your individual situation is a personal choice. If you do need to pay them off make sure you do it in a way to not cost you future heart ache and pain...
Is it better to pay original creditor who still owns account or debt collection agency who is collecting for original creditor?
Paying the collection agency will clear up your account much quicker and some creditors will return the payment to you if you send it directly to them. Most creditors sign a contract with a collection agency and cannot discuss the debt with the debtor once they place it with the agency, they must refer all correspondence, communications and payments to the agency for the life of that contract.
Can a collection agency Garnish if paying not full amount?
no
How do you get rid of the money that you owe from collection agency without paying them and become good credit again?
how to get rid of the money that you owe from collection agency without paying them and become good credit again
Is a collection agency obligated to remove debt from your credit report?
No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.
If you settle an old credit card debt with a collection agency paying the negotiated price in full will the collection agency remove the collection from your credit report?
No the collection will not be removed from the credit report. They will show it paid in full.
What are your options if you are unable to pay the full debt amount to the 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
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
What if a collection agency is trying to collect a debt that is in dispute?
Paying a collection agency may not be the best way to repair your credit or protect your privacy. There are situation that you may find your self in and have to pay a collection agency to to accomplish a short term goal such as buying or refinancing a home. If you are just in general collection agency hell then paying may do you more harm than good. While I would NEVER PAY A COLLECTION AGENCY. How you wish to handle your individual situation is a personal choice. If you do need to pay them off make sure you do it in a way to not cost you future heart ache and pain...
Can a hospital turn you over to a collection agency after a year even if you have been paying on it and not missing any payments?
yes
What is collection agency?
A Commercial Collection Agency is and agency that collects debt on behalf of their clients, same as a consumer collection agency, but a commercial collection agency collects business to business.
How do you satisfy an unsatisfied judgment after another collection agency bought the account from the first collection agency that originated the judgment?
you "satisfy" a judgment by paying balance in full or settlement. but understand that once a judgment has been issued by a court then there can be no one else that does this.
Once a debt is given to a collection agency can you get the creditor to take it out of the creditor's hands?
Once a debt is handed over to a collection agency, it's typically out of the original creditor's hands. However, it may be possible to negotiate with the creditor to recall the debt from the collection agency, but this process can be challenging and may require convincing the creditor of your ability to repay the debt directly. It's advisable to communicate directly with both the creditor and the collection agency to explore your options and find a resolution.
If vehicle was repossessed in 2004 but ex spouse stopped paying consistently in 1999 What date must the collection agency report to the credit bureau?
The collection agency typically does not report to the credit bureaus, the original lender does. Lenders report to the bureaus, collection agencies collect on delinquent debt.
