I have a credit card that was originally charged off for around $1700. This is clearly stated in the most recent copy of my credit report.
However, the first collection agency that bought the debt was trying to get 2,700+ out of me. I never answered or responded to their letters. They sold it to another agency and they now want 3,800+ with a settlement offer of 2,700+.
I read that Federal Trade Commision doesn't allow for fees and interest to be added on after a charge off and that they can only collect on the orginal amount, in my case 1,700.
How do I go about letting the collection agency know that I will only negotiate on the amount I originally owe? I'm thinking that validation WILL NOT give me the original amount. Any advice?