Help Please !!!
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Posted by Manny Lee on March 15, 2002 at 13:27:59:
I am trying to help my destitute niece (who moves from friend to friend like every other week) to settle an outstanding debt to Amex which now stands at $1,359 including penalty and interest, thru the Amex lawyers / Collection Agency (calling themselves Schwartz & Schwartz and also Coldata). My niece had paid them $250 last September and then another $250 last month. Now she is absolutely broke and does not even have $20 in her name. She approached me for help and I called the CA to offer $0.70 per dollar to wipe off the debt completely. The account manager was extremely rude and said it she would take it up with her boss for approval but that it might take weeks before she could get back to me. We got into an argument and she hung up. I then faxed her a Validation letter today. I don't want a negative report for my niece, since I am also trying to help her find a home plus a good and decent job. Questions are: 1) Am I approching this the correct way?
2) if the CA accepts my offer, does that still ruin my niece's credit?
3) I want this out of the way since this is taking up too much of my time. What is the best way to pay pennies on every dollar owed (one time payment) while making sure that my niece's credit does not get permanently ruined.
4)I somehow suspect that they are delaying the acceptance of my offer so they can continue to tack on interest and penalty fees. do interest and penalty fees accrue after a validation letter has been sent? Is it legal for the CA to keep on posting interest and penalty fees? Quick responses will be truly appreciated.
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