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Accounts ready to go to Collections..whats next?


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Hello everyone!

I am so glad I found this board...when you out there with about 30k in dept you think you are on an Island...at least that's what Collection Agencies want to make you feel. But I have you guys :D that makes me feel better.

I am determent not to file BK..as a matter went through a consultation and I only can file for BK 13...not a good idea.

So, my original plan was to negotiate my debt before it will be CO by the Bank/Credit Card...but I still don't have enough money to offer for the settlement. So now one by one with go to collection:cry:

I have not answered my phone to any number that looks like Collection or Creditor for 7 Month...I am not ready to speak to anyone only when I am ready to settle my debt. I don't want to hear any BS story

So, my question is this...

When I am finally ready to handle one account by one account is there any good book or link that helps you how to talk to Collection agency?

And, is it still possible to settle you Debt with the original Bank/Creditor after it is in Collection?

What is the likely hood that a Collection Agency sues you?

Basically I want to know everything about collection agency how they work etc.

Thanks so much for taking time to answer my questions.

More power to ALL of us fighting getting out of debt the smart way!!!


Deal or no Deal

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If the accounts haven't gone to collections yet, it's in your best interest to

negotiate today, right now, with the Original Creditor (OC).

Stop Procrastinating and pick up the phone...

Tell them your situation and work a deal with them ( and, of course, keep to your new agreement)... many will work with you, as they lose money to send you to collections.

One caveat.... Make sure that they begin to report you as "paying as agreed" and "current" after you stick the new deal..... Sometimes, they may strick a deal with you and still report you as late since you aren't following the terms of the old agreement.

Good Luck ... I wish I knew 4 years ago what I know now and I would have followed this advice. :-)

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Yeah, the best part of these boards (for me anyway) is just reading and seeing I'm not alone and that we have power, when obviously the CAs want you to feel the opposite.

I'm pretty new, so my advice is slim. The main thing is to read, read, read on these forums.

Work with the OCs. The CAs, I have heard over and over, you don't want to talk to at all. Everything with them should be in writing, sent CMRRR so you have proof. (Not that you shouldn't get certain things in writing from the OCs as well.)

But yes, do get in touch with the OCs as otherwise things will almost surely go to collections, while if they at least hear from you, you have a better chance. They will treat you like a human probably, while the CAs, not so much.

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You are in a good place to negotiate with the OC's. They are nicer to deal with and if its close to Charge-Off they can work out a settlement that you can make payments on. I think BofA will let you make payments on your settlement up to 12 months. Others will only allow 3-6 months and some will not allow anything so you have to call them and see what you can negotiate. Good luck to you I hope you do well.

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Hi again...

I had talked to one Bank and learned that March 31st is when my 2nd CC (Chase Bank) account with them will go to Collection/or sold. Anyway, I would have settled this account with them, but I don't have the cash to settle right now and they did not gave me a payment plan on the settle amount. I would have done this for shure but I can't make payments on the full balance with all the fees etc.

I want to avoid a payment plan because of the SOL in Florida which is 4 Years. I am hoping to lay low for as long as I can.

Anyway, I will learn more about how to fight my financial freedom.


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