Re: Bad Debt Charge off

Posted by Defaults R' US on October 17, 2000 at 03:47:14:

In Reply to: Bad Debt Charge off posted by Jeannie on October 17, 2000 at 03:45:59:

: In 1996 we had a bad debt charge off in the
: amount of $4000.00. Had not heard from anyone
: until approximately 2 years ago when the bank
: had sold off the bad debt to a collection
: agency, who is claiming we now owe almost
: $8000.00. I sent a letter for them to not
: contact us again, now they have turned it
: over to a law firm who states we have to
: respond with payment within 30 days. What
: are our choices in this matter.

You can write a letter and have them cease
further communication with you. You could
offer to settle for a small percentage
of the amount owed. File for bankruptcy. Or
just ignore the debt all together.

Remember that debt collectors (lawyers included)
cannot threaten an action they do not intend
to take. If you get a letter stating that
unless you make payment within 30days, the
law office will continue collection efforts and
may use all legally prescribed means to collect
the debt, it is safe to ignore the letter. But
if you get court papers or a letter stating
that you *WILL* be sued if the debt is not settled,
it would be wise to consult with your own attorney.

Read the Collection Agency Frequently Asked Questions FAQ

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