By federal law and most collection agencies' policies, partial payments are not manditorily accpeted. Collection agencies are not required by law to accept anything less than payment in full. If the agency has refused 25% monthly of the full amount to be paid in full in four months, I reommend sending the payment with an explanation of this to the original creditor. Chances are your payment and arrangements will be accepted.
Pay what you can/want- $5.00/month- If the debt is large enough, they may take you to court over it, but not likely. They will use all kinds of scare tactics, though. Once a debt goes into default, the entire balance is due. The original payment terms no longer apply. A collection agency, junk debt buyer, factoring company or any other creditor no longer has to accept payment of any kind. If they do, it is within their own discretion. There are also interest charges allowable under state law and well as the contract that orignally established the debt. Should a collection agency agree to accept partial payment(s) on the debt, such a decision would be based on business/profit considerations. Sorry to disagree, The CA will not accept a $5.00 payment, never happen. Any agreement should be in written form, signed by both parties.
Yes. They are under no obligation to accept anything but payment in full. There are agencies that will accept a payment plan rather than use legal procedures. Especially if the state of residency does not allow creditors to recover legal expenses involved in a lawsuit.
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)
Absolutely not. A collection agency can only demand payment of you. If you think the collection agency with which you're dealing is acting unethically, you should check out the Fair Debt Collection Act. You can file a formal complaint and the agency can be fined. * Legally they cannot "demand" anything, they can request, they can debate, they can negotiate, assuming the debtor wants to spend the time engaging in such, but they cannot "demand". The debtor always has the option of hanging up the phone and refusing to communicate with a collector or creditor, as there is no U.S. law that requires the debtor to do accept nor particpate in collection calls.
Some collection agencies are authorized by their clients to make payment arrangements. Some agency actually purchase the debt and will or won't make arrangements. It is up to the individual agencies and their policies. Your best option is to contact the original creditor, explain why you fell behind, be very apologetic, and ask for payment arrangements. Legally, they are not required to accept payments once you fall delinquent. They do not even have to accept partial payments.
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.
No.
Sure would like to know myself ... just got a call from a collection agency telling me that i owe 95.00 from June of 1999... no info about patient...only a date. not even a doctors name. They are rude and relentless ... what do i do ???? help me !! Jane
If the bill was late enough to be sent to a collection agency, the collection of that bill has been turned over to that collection agency as well.
Generally any payment you send will be applied to your account. However if you are trying to send less than what you owe and marking it as "payment in full" or something similar it will more than likely be returned to you.
A collection agency/creditor does not have to accept any payment amount rendered unless the terms were included in a written contract. The refusal of the agency to accept the payment does not invalidate the debt the full amount is still owed by the borrower/debtor. Call them and get more information as to why it was not accepted. Keep asking until you fully understand what the issue is. Be sure you get a paid receipt for your files once you get it resolved.
Yes, you can negotiate a payment plan with a debt collection agency for a medical bill in NY. Contact the agency to discuss your financial situation and propose a payment arrangement that works for you. Make sure to get the agreement in writing and stick to the payment plan to avoid any further collection actions.
No pay the vendor. If you pay the collection agency they will extract a fee from the payment and you will still owe the vendor
Have the collection agency send a written agreement accepting the settlement or payment amount agreed upon BEFORE rendering any payment(s).
Pay what you can/want- $5.00/month- If the debt is large enough, they may take you to court over it, but not likely. They will use all kinds of scare tactics, though. Once a debt goes into default, the entire balance is due. The original payment terms no longer apply. A collection agency, junk debt buyer, factoring company or any other creditor no longer has to accept payment of any kind. If they do, it is within their own discretion. There are also interest charges allowable under state law and well as the contract that orignally established the debt. Should a collection agency agree to accept partial payment(s) on the debt, such a decision would be based on business/profit considerations. Sorry to disagree, The CA will not accept a $5.00 payment, never happen. Any agreement should be in written form, signed by both parties.
The payment percentage is negotiated but is commonly thirty to fifty percent. Fifty percent generally reserved for legal collections or older debt. Some types of debt are commonly collected for as low as 15% The easier the collection the lower the percentage.