gwbjr25 Posted July 28, 2008 Report Share Posted July 28, 2008 Please help me out here, My wife just recieved arbitration papers from mann bracken. The debt is about 4 years old and it's for 2700, My wife called them offered to settle for half and the person she talked to said best they can do is 85% of what is owed. She was told to pay 1100 this month and 1100 next month, what should we do? I can't believe they will not settle for less than 85% of the balance, the debt is from a Bowflex machine that she purchased before we got married and she lost her job at the time. What happens if we ignore them?Dotheygothrough with the arbitration and garnish her wages? I don't want to see my wife going through this, should I just pay the 2200 or wait for a better offer from them? Link to comment Share on other sites More sharing options...
NYMatt Posted July 29, 2008 Report Share Posted July 29, 2008 If they go through with the arbitration they will win.Its a kangaroo court comprised of retired judges.Who rubber stamp them.When they got their award they still have to have it turned into a judgment in court.Check your states rules for garnishment and levys and such. Link to comment Share on other sites More sharing options...
LadynRed Posted July 29, 2008 Report Share Posted July 29, 2008 TN is not very consumer friendly. They can garnish 25% of your wages and clean out your bank account. However, in TN you can file a motion to pay a garnishment in payments, it's called 'slow pay', and the court decides what your payments would be based in your financial situation -which you must prove to the court. Link to comment Share on other sites More sharing options...
NYMatt Posted July 29, 2008 Report Share Posted July 29, 2008 LadynRed , is that avatar a photo of you ? Link to comment Share on other sites More sharing options...
bubbaboo Posted July 29, 2008 Report Share Posted July 29, 2008 I have a couple collections with Mann Bracken so I read everything I can about them. So far they have not sued me or sent me to arbitration. From what I have read, their normal settlement offer is 75-80%. I have read that a few people say they got offers to settle for 50%.Was your wifes chargeoff sold to MB, or is MB collecting for the original creditor? If MB purchased it, they probably paid little for it and may be willing to go lower. If they are collecting for the OC, they probably have a minimum amount set by the OC. But, all CA's try for a high settlement and will almost always come down. But I have found very few posts as to what the bottom line is for MB.Please keep us posted as to what the final result is. I am still collecting data because I know they will eventually come after me. Some of us here are operating on the theory that MB only goes after people they think have money they can get if they win. We think they usually leave people alone who look like they have no assets. If a person looked at your wifes credit report, does it look like she could pay the debt after a lawsuit or arbitration? Again, I am just looking to gather data for when they come after me.About a month ago, I corresponded with a man from Williamson county who could not get a deal from MB after they sued him. So he went in to court and asked for slow pay from the Judge who gave him something very reasonable. So that is a possibility. Last question - did your arbitration case come out of the Atlanta office, or is someone from the Nashville office handling it? Link to comment Share on other sites More sharing options...
gwbjr25 Posted July 30, 2008 Author Report Share Posted July 30, 2008 Ok, My wife talked to Mann Bracken today and they offered us a settlement amount of 1600. I told my wife to wait a few days and see if they come down more and if not we are going to pay the 1600. That is 60% of what I owed and I feel pretty good about it considering how tough these people are. What do you guys think? Link to comment Share on other sites More sharing options...
fatherof3 Posted July 30, 2008 Report Share Posted July 30, 2008 If it was your account and it did not have a bunch of tumped up charges on it it sounds good. Make sure you get the "paid in full" statement in writing. Check this site for debt settlement process. Good Luck.Fatherof3 Link to comment Share on other sites More sharing options...
bubbaboo Posted July 31, 2008 Report Share Posted July 31, 2008 That is in the ball park. But I agree that waiting a few days to see if they will come down some more. You must get it in writing. Make sure that it is a payment in full and they agree to not sell the unpaid portion to another CA. A lot of times MB does not list the debt on your credit reports. If they have not listed it yet, get them to agree they will not list it after payment. If they have already listed it on the CR's try to get them to agree to delete it. Also, get them to agree to not file a 1099 with the IRS on the forgiven part of the debt.Let us know what happens. A lot of us are in the same boat with MB and want to know how low they will go. Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted August 3, 2008 Report Share Posted August 3, 2008 One other thing IF you go the settlement route.. do NOT pay them from your checking account but cashiers check (from a different bank) or money order.. ALSO make sure that its in writing they can NOT sell the balance to another collector and you will end up with this nightmare again... I have seen this happen a few times.. you can win it in court with the proper paperwork but why put yourself through it.. make sure that settlement closes the case FOR GOOD! Link to comment Share on other sites More sharing options...
Recommended Posts