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Help negotiating settlement

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iamabutterbee

Joined: 25 Aug 2008
iamabutterbee's page
Posts: 4

191 Magic Points

Subject: Help negotiating settlement

Mon Aug 25, 2008 8:20 am

I have been served with papers from Frederick J. Hanna and Associates for an amount around 4000 dollars, 2800 of which is the original debt. I am a total mess when dealing with these kinds of people, but I want to settle and it would be great to get to 50% which I know some people will do. I have heard these guys are tough though, so I'm not sure what I should do. I got a letter recently and it said I could contact them through e-mail to discuss it. Is that a good idea? I figured I would tell them that I have 50% in cash (which I do) and that I could pay it to them immediately after I receive a letter stating that would fulfill my obligations, and if they refuse tell them that I will have to pay payments of about 50 dollars a month from now until eternity. What do you think?

fireyone

Joined: 26 Feb 2008
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Posts: 2871

2197 Magic Points

Mon Aug 25, 2008 1:03 pm

We will need some questions answered first. How old is this debt? Have you asked for debt validation? Are they working for the original creditor. By letting us know a little more on this debt we can help protect you better.

iamabutterbee

Joined: 25 Aug 2008
iamabutterbee's page
Posts: 4

191 Magic Points

Mon Aug 25, 2008 2:25 pm

The debt is probably around 4 years old, SOL is not up if it is based on where I lived when the account started (indiana - 6 yrs), the company suing me is asset acceptance, a collection agency. I haven't asked for validation. I am planning on answering the complaint today and sending a letter along asking for validation. I'm sending a response that says I ". Lack knowledge about the truth and therefore deny the statements" they made in the summons, I'm not sure if that's the right move since I know the debt is mine and i want to settle but everything I've read so far says not to confirm that the debt is mine.

goodnatured

Joined: 03 Nov 2007
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Posts: 3139

5345 Magic Points

Mon Aug 25, 2008 2:34 pm

They are a collection agency, you did not have the original contract with them, you are not obligated to them, you are obligated to the original company that you had the account with.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

iamabutterbee

Joined: 25 Aug 2008
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Posts: 4

191 Magic Points

Mon Aug 25, 2008 2:44 pm

will that hold up in court? I thought that collection agencies sued all the time :/

Justin

Justin

Joined: 17 Jul 2006
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Posts: 417

10874 Magic Points

Tue Aug 26, 2008 5:56 am

Hi
Since the SOL in your state has not expired, I think that you should try and pay it off. This is because if you do not pay off the debt, the creditor can sue to to the court and can even bring judgments against you to garnish your wages. Most collection agencies agree to settle between 60% to 80% of your total debt. So you need to negotiate with them. If you find that you are unable to pay the full amount immediately, try to come to a repayment agreement.
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Best Wishes
Justin

Mary

Joined: 06 Jul 2006
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Posts: 324

8704 Magic Points

Tue Aug 26, 2008 6:19 am

Hi iamabutterbee
Yes, most collection agencies agree to settle for 80% of the total debt. But before you go for negotiation, you should send a DV letter to the CA to be sure whether the debt has been sold off to Frederick J. Hanna and Associates or not. However, if they sue you to the court without validating your debt, the judgment will be in your favor.
_________________
Where there's a will, there's a way !!

fireyone

Joined: 26 Feb 2008
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Posts: 2871

2197 Magic Points

Tue Aug 26, 2008 8:15 pm

Right Mary. Never pay a debt before you have them validate it. You should send the debt validation letter certified so you can prove they got it. Most of these compaies will buy old debts by the truck load and not get any documentation along with it. Just be sure to start by getting the debt validated. If they can validate then try to work out a settlement.

anthony

anthony

Joined: 31 Jul 2006
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Posts: 493

12319 Magic Points

Wed Aug 27, 2008 11:34 am

I too agree with Mary on this point. Debt validation letter is an important instrument against the collection agencies to stop harassing you from collection debt which you do not owe to them. If the CAs still harass you without validating the debt, you can send them a cease and desist letter and make a complaint against them to the FTC and the State AGs office.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com

fireyone

Joined: 26 Feb 2008
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Posts: 2871

2197 Magic Points

Wed Aug 27, 2008 11:38 am

It is also a good instrument even if the debt is yours. Soemtimes these junk debt collectors buy sooo much old debt and do not get the paperwork to go with them. There fore they can not validate and you shouldn't pay unless they can.

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fireyone

Joined: 26 Feb 2008
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Posts: 2871

2197 Magic Points

Fri Aug 29, 2008 1:22 pm

You may also want to check out the collection agency at www.bbb.com. That is the site for the better business bureau and they have listing on different collection agencies and if they are reputable. Good Luck.


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