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What happens if you miss several payments with the collection agency?
Wiki User
∙ 11y ago
They stop collecting
Wiki User
∙ 11y ago
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What happens in Florida if you quit making credit card payments?
after 180 days of non payment your account will be charged off and turned over to collection agency
What happens after six months of failing to make any further credit card payments?
After 180 days of non payment they will close and charge off the account and most likely farm it out to a collection agency
Is it better to settle an account in collections or pay it in full via monthly payments?
Personally speaking, it is better to settle with a collection agency rather than making monthly payments. Theres only one ceveat....you must pay the collection agency in full. Example, lets say you owe $1000 to a credit card company. A collection agency will say, pay $600 NOW and this will settle the balance. So, if you dont have $600, its a 'catch-22'. You are better off making the monthly payments until the $1000 is paid.
Will a collection agency or the original creditor accept monthly payments to pay off a debt that is in collections?
Most of the time a collection agency will accept 2-3 equal payments to pay off the balance.As of right now no they will not accept payment and will not work with consumer credit counciling programs. Once it has went to collections, you are not suppose to contact the original debtor. It confusses the situation. You aren't suppose to contact the original creditor once it goes into collections but the Collection agency will accept payments. They are happy to get any money they can. (they get 50% of what they collect)I used a collection agency for a tenant who wouldn't pay for months who I had to evict(went to court) and I received a couple of small payments until the person ran away and hid again. Both the collection agency and I were glad to get any money possible. Unfortunatly, this will show up on your credit report whether you pay or not........... But it is ALWAYS better to pay if in your future creditors eyes (fico score)
Can a debt collector take legal action when you are making regular payments and they have ceased accepting installments?
If you have a written agreement from the collection agency specifying the terms of your repayment plan and you have fulfilled (and are fulfilling) those terms as specified in the agreement, they probably cannot. If the collection agency is empowered by the original creditor to file suit and you do NOT have a written agreement from the collection agency as specified in paragraph one (1) above, they probably can. The laws of your state will prevail.
Can a collection agency garnish VA disability payments?
No
What happens in Florida if you quit making credit card payments?
after 180 days of non payment your account will be charged off and turned over to collection agency
If you are willing to make payments on a debt can a collection agency refuse the payments and continue to harass you?
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....
What happens if you do not pay a collection agency?
if a collection agency isn't paid, the debt can be put on a persons credit report. The collection agency can also choose to garnish a persons paycheck.
How come a monthly statement is not sent by the collection agency when making monthly payments?
Because they don't. It is a lot of agency's policies.
If you are making sporadic payments to a collection agency and they cash them can they still sue the cosigner?
Unless you have a specific repayment plan that the collection agency agreed to, there is no legal reason that cannot sue the cosigner.
Can a debt be classified as a judgment if you made a payment and the collection agency contacted you and you showed proof of payment and are paying the remaining balance?
if collection agency is not from your lender, but third party, then you need to fax them proof of your payments to your lender or financial insitution and have them send you a letter stating that they will not report you to credit bureau. and also have them contact the collection agency you are making payments. asian623 http://www.myspace.com/scionturboracing
Can a collection agency report you to the credit bureau if you are making monthly payments on your medical bill?
If the debt was properly assigned by the original creditor, yes. If you are making payments to the Original creditor than ask them to pull it back from there Collection agency, then dispute with the CRA's and when they update it should delete
You were turned over to a collection agency by a hospital after they accepted three payments you are on disability?
Most hospitals farm out collection accounts after 90 days of nonpayment to outside collection agencies.
What happens after six months of failing to make any further credit card payments?
After 180 days of non payment they will close and charge off the account and most likely farm it out to a collection agency
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 a Derogatory public record or collection?
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.
