Settlement advice I learned from CA!

[kylemac]

Believe it or not, not everyone who works for a CA is scum... most, but not all.

While trying to get Portfolio Recovery off my back back in July 2004, I crafted a settlement over the phone on the 20th, but never heard from them.

On about the 3rd or 4th of August, I called them back to ask "what happened?"

Of course, the collections jerk I talked with was a real tool. She said the settlement was being taken off the table and that I was screwed. I wish I would have had taped the telephone call, because I'd have $1,000 for the abuse I took (cussing, shouting, insults).

I was so angry I hung up. I called back and got the run around from her manager (likely her co-worker) and finally called the business office. There I talked to a nice lady who gave me the real scoop.

When the CA calls you early in the month, they're willing to work with you. However, they get paid based on the number of accounts they settle every month. Late in the month -- likely on the 25th -- they start to get worried... after all how will they pay there bills if they're not bringing in any money.

That's when debtors have the best luck. It's been said the CA needs us more than we need them. They want our money, so late in the month offer a ridiculous amount to settle the account.

I took the nice employee's advice and waited until late in the month to call back.

On a $750 account with PR (If I recall), the moron CA rep took $125. Earlier, they wouldn't take anything less than $500.

And considering how much they bought the account for (likely 10 cents on the dollar) they still made money.

I suggest anyone who wants to settle -- only after disputing or DVing the account -- should heed this woman's advice. Settle late in the month!

Kyle

[Valkyrine]

Wow... I never would of thought of that. I suppose it make sense in that collection-agency kind of way (such as it is).

Thanks for the info. I'll keep it in mind for my future settlements.

Val

[flacorps]

If you offer certified funds (cashier's check or money order) by overnight carrier, they know they'll be able to book it by the end of the month ... it could help even more.

[momof5]

Hmmmm, wonder if this would work for PFD's?????

Tell them you will pay in full, but they have to fax you agreement to delete on Company Letterhead by COB so you can get to FedEx in time! LOL

[ghacorp]

PRA usually acquires accounts for one to five cents on the dollar! A decage ago the banks would have simply charged off the account against loan loss reserves and given up on collection efforts.