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error made by collection agency

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Subject: error made by collection agency
Posted on Fri Apr 09, 2010 4:39 am  

I owed a bank a balance of $8,000 and it went into collections. However, I worked out a settlement with the collection agency for $4000 over a 5 month period. Made payments of $800 for 5 months. However, the final payment of $800 didn't process on time. So I called the agency, and informed them of this error. However, the collection agent informed me that everything will be fine. So the bank drafted the final payment in next month. So I followed up with the agency to get a settlement letter because I had already made the final payment. Shockingly the agent told me that the settlement was no longer valid because the final payment was not made as agreed.

I then received a call from another collections company wanting to settle the same debt for $4000. I talked to him of the situation and he told me that he would get it reviewed and call back. He called and said that the bank will honor the original settlement if i would make 2 payments of $800. So I provided my account information for the payment to be processed. Next day the agent called again and informed that there was an error and my bank will not honour the offer because I missed a payment on the first settlement. They want to settle for $4000. The issue is that the bank has already pulled the payment for $800 and I don't have a settlement letter showing the agreement that was made, but I did record the call having the collections agent giving me the verbal settlement. Can I file a compliant under the FDCPA?


Joined: 08 Feb 2010
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Subject: error made by collection agency
Posted on Fri Apr 09, 2010 6:17 am  

Hi Tahoma,

Can you tell me if you have the proof of your payment and the first settlement agreement? If so, you can easily dispute this with the credit bureaus. Moreover, as you have given your account information to the collection agency, you can close that account and open a new one somewhere else.

You can send the collection agency a "debt validation letter" . You will get a sample letter at . Send this letter through certified mail, requesting a return receipt. You will then be able to retain the proof that you had sent the letter. If the agency doesn't validate your debt, they won;'t be able to collect from you. You can then easily dispute this item off your report.

As for the bank, you can yourself talk to the bank about this.

Hope this helps.


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Posted on Fri Apr 09, 2010 6:26 pm  

who is the bank?
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Joined: 10 Mar 2010
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Posted on Sat Apr 10, 2010 5:50 am  

You can only use the recording if one way taping is allowed, otherwise, most states require that you notify the other party that you are recording, that way they have the option to discontinue the call. You need to check on that first.

You could of also check to see if restrictive endorsement is allowed in your state, that is where you write on the check that by them cashing it they are agreeing that the account will be paid in full, and that you will no longer be contacted to pay this debt.

They should of sent you a 1099-C for earned income tax to be paid by you next tax period. That would prevent them from further collections.
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Subject: EvTPBsvnFB
Posted on Sat Aug 31, 2013 4:37 pm  

I am in the process of deaicrlng bankruptcy bc I signed up to run a franchise that was a total rip off. But deaicrlng bankruptcy is awsome bc I don't have to pay anyone! wohoo. I aslo have 3 business right now and I am going to start up a solar power busines this comming summer and i'm also starting up 3 busineses online. How do I get my money? with my painting business. Also tricks at the bank (not illegal tricks..all legal) Right now I have 3 businesses and starting 3 other ones this comming year. I am also only 21 yrs old and my last year in college. you do not need loans to start a business. Look for investors and such. If you are going to the bank to get loans that is saying you do not know anything about starting a business. Google up ways to make money fast and ways to get money. Google up how other businesses started up with out money. There are countless entrepreneur stories that tell you how they became rich starting a business with out money.

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