Can I setup monthly payments with CA's

[WOOD1]

I have 3 accounts way overdue, all three with Bank of America. Due to marital problems neither my soon to be X-wife or I claim responsibility to repay. Well, after seeing the destruction to my CR I figure it's time to do something if there is anything I can do. I called one of the BOA accounts and they tell me it's too late to deal with them because it's in the hands of a CA. Now I don't have money to pay the account in full and was wondering if I can work a monthly payment deal and still salvage my CR.? If not, any suggestions would be greatly appreciated.

[gypsie]

You said you called about 1 of the accounts, what about the other 2?. If either one of those are still with BOA- call BOA and ask about a hardship program immediately.

What do your reports say?? Are all three listed in as a CA TL?

As far as dealing with the CA....do a search here and you'll see- many CAs may let you set up a payment plan- but that doesn't mean they will honor it. Several people here- have had experiences where they were making their regular payments with relief of not being sued, and then out of nowhere- the CA sues for the balance in full. Then they end up with not only a CA TL that is more damaging because it's current in the eye's of FICO, (because they've been making payments) but a judgment as well.

Who is the CA?

[Robert Nashville/Savannah]

I feel your pain…I went thorough a lot of the same issues when I divorced…23 years later I can still get angry thinking about those times if I allow myself to do so.

Anyway; yes, you can establish a repayment plan with a Collection Agency but I would have a face-to-face with a your branch manager and explain your situation and ask them to work with you before you do that…even large businesses like BOA have human beings working for them and you may find a little old fashioned human compassion if you ask for it.

You have nothing to loose by asking!

If that doesn’t work out, you can go through the CA but you absolutely need to properly verify some basic, but important, information before you do and you need to get any agreement reduced in writing and SIGNED…any CA not willing to put an agreement in writing should NEVER be dealt with or given money.

If you are wiling to pay you should be able to get a agreement that all negative info will be removed from your bureau reports but you may have to play some hard-ball to get it done. It will depend a lot on how much money you owe and how greedy BOA and this CA are.

However, ever a bad debt made good is better for your bureau history than an open bad debt – your history will never be “good” with those hanging around.

I hope that helps some.

[WOOD1]

Here are the three CA's, Allianceone Receivables Mgmt. and Zenith Aquisition and Collectcorp... Think I should send letters to all of them asking for repayment plan? This is all foreign to me but I really need to work on my CR. Can you negotiate a lower amount even if you are not planning on paying in full right away? Also, it appears that BOA listed each one of these accounts twice on my report, can they do that because it looks like it adds more negative derog numbers? I appreciate you taking the time to help me out.

You said you called about 1 of the accounts, what about the other 2?. If either one of those are still with BOA- call BOA and ask about a hardship program immediately.

What do your reports say?? Are all three listed in as a CA TL?

As far as dealing with the CA....do a search here and you'll see- many CAs may let you set up a payment plan- but that doesn't mean they will honor it. Several people here- have had experiences where they were making their regular payments with relief of not being sued, and then out of nowhere- the CA sues for the balance in full. Then they end up with not only a CA TL that is more damaging because it's current in the eye's of FICO, (because they've been making payments) but a judgment as well.

Who is the CA?

[Robert Nashville/Savannah]

I don’t want to sound mean but did you read my post above??? Did it say anything to lead you to believe that you should just send letters offering to pay???

“Here Mr. Collector (whom I know absolutely nothing about - not even if you really are the collection agency handling this debt); please take my money”.

There are reasons to go through the debt validation process…very good reasons; that is what you need to do before you even consider sending anyone money.

However, before you do anything, please spend some time (I mean hours or even days) reading the posts and info on this board.

[WOOD1]

I did read it and probably should have thought about it more. I will take your advice and have them validate. Thanks for your input.

I don’t want to sound mean but did you read my post above??? Did it say anything to lead you to believe that you should just send letters offering to pay???

“Here Mr. Collector (whom I know absolutely nothing about - not even if you really are the collection agency handling this debt); please take my money”.

There are reasons to go through the debt validation process…very good reasons; that is what you need to do before you even consider sending anyone money.

However, before you do anything, please spend some time (I mean hours or even days) reading the posts and info on this board.

[WOOD1]

[Yes, I see Zenith is on the bad list. It's strange that on the Zenith website they claim to be approved by the American Collection Agency ACA, I wonder why they would approve them, maybe it's bogus.

QUOTE=NASCAR_Devil;867952]All 3 of these CA's are notorious for violtions of the FDCPA. You can read some interesting things about them here:

http://www.budhibbs.com/coll_to_avoid_list.htm

Needless to say. set up payment arrangements at your own risk!