fishwater Posted September 27, 2008 Report Share Posted September 27, 2008 With all this high finance going down and the government seizing and buying banks, what about the collections agencys? Will all this make them settle for less??? I owe several collection agencies and a few credit card companies somewhere in the neighborhood of $50,000 according to them. All of these debt are from 3 to 5 years old. Several are for around $5000 and a few are higher. I have made less than $30,000 in the last 4 years, and have no way of paying them off. I did get a good job this year, but due to the enonomic crisis, I only have a few months left of employment.You think some of these collectors would settle for 15-20%? I am sure they have all bought in for less than 10 cents on the dollar... Great site you guys have here, thanks in advance for any comments Link to comment Share on other sites More sharing options...
momof5 Posted September 27, 2008 Report Share Posted September 27, 2008 Honestly, with your situation (about to lose a job), I would KEEP all the money I could.I would only see collection agencies 'taking whatever they could get' happening when their monthly revenues and commissions tank. Currently, unemployment is up, but it is still a modest level of unemployment. If it bounces over 10%, then I would see that the CAs income would be more adversely affected.With your debts being 3 - 5 yrs old, I would sock what I could into a savings account and start looking for that new job now. When you get that new job, I would reconsider my financial position based on the current value of the savings..... You have no idea how long you could potentially be unemployed. Link to comment Share on other sites More sharing options...
fishwater Posted September 27, 2008 Author Report Share Posted September 27, 2008 you say put it in savings account... cant they get my money there? or only from checking account? I have two judgments, one 3 years old and one this year... Link to comment Share on other sites More sharing options...
fishwater Posted September 27, 2008 Author Report Share Posted September 27, 2008 Date Updated: 06/2008 Original Creditor: 08 CIT Pay Status: >Collection Account< Account Type: Open Account Responsibility: Individual Account Loan Type: Collection Agency Attorney Remark: >Placed for collection<Date placed for collection: [ 03/2007] Estimated date that this item will be removed: 12/2008 How did they update this??? I have had no contact with them.... Link to comment Share on other sites More sharing options...
cap1kid Posted September 28, 2008 Report Share Posted September 28, 2008 Be careful about putting in such detailed info- believe it or not- debt collectors browse websites like these and have even used information obtained in court cases- I would edit ASAP. Link to comment Share on other sites More sharing options...
cap1kid Posted September 28, 2008 Report Share Posted September 28, 2008 What is the date of first delinquency? If its scheduled fall off at the end of this year it is at least 61/2 years old-it may be a SOL defense depending on your state. Link to comment Share on other sites More sharing options...
smurfette in nyc Posted September 28, 2008 Report Share Posted September 28, 2008 Estimated date that this item will be removed: 12/2008 How did they update this??? I have had no contact with them....The CA can update without needing to have any contact with you. But, if this tradeline will be deleted in only 3 months, you're sitting pretty and should forget about it. I'm assuming this debt must be old, no longer in SOL? Link to comment Share on other sites More sharing options...
momof5 Posted September 29, 2008 Report Share Posted September 29, 2008 you say put it in savings account... cant they get my money there? or only from checking account? I have two judgments, one 3 years old and one this year...Your subsequent post showed a CA listing not a judgment. Are you sure that you have judgments out there?Yes, they can get your savings account in addition to a checking if your state laws do not prevent it, but only if they have a valid judgment.I know on some CRA reports CA accounts are listed in the judgment section when they are not truly judgments. Link to comment Share on other sites More sharing options...
Jackie2 Posted September 29, 2008 Report Share Posted September 29, 2008 If I was in your shoes, I would buy a fire proof combination safe and mount it to the floor in my house. I wouldn't bother placing money in a standard savings where is won't make didley on interest and be at risk of seizure from a judgment.I would mount it in a discrete location where no one sees it. Actually bolt it to the floor, make sure it has a good lock on it so if you're broken into no crook could get it open or take it with him. Also place household important documents in the safe along with anything valuable. Link to comment Share on other sites More sharing options...
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