Re: Wolpoff & Abramson

Posted by Roger (66.91.144.122) on December 22, 2003 at 17:07:15:

In Reply to: Wolpoff & Abramson posted by Need Advice on December 22, 2003 at 14:07:51:

Try calling MBNA and see whether they will still work with you. MBNA is a little easier to work with than W&A. MBNA will probably tell you they can't do anything now that the account has been transferred to W&A but it's worth a try anyway.

W&A will file for arbitration and get a judgment. It will then try to enforce the judgment in a court in your county. Then they will garnish your bank accounts etc.

If you contact W&A before they request arbitration, they will try and get you on some monthly payment plan in return for not going to arbitration etc. This may delay action against you until your business improves. You can still negotiate a lower payoff amount at a later date - usually W&A will accept 70-80 cents on the dollar of the outstanding amount at the time you negotiate. That amount keeps growing because of interest charges.

You can also go through the debt validation process that have been mentioned in this forum. It works sometimes. I haven't seen a post showing that it works with W&A but maybe worth trying to delay things for you. Good luck.

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