What you ran into with the CCC

CCCs, Collection agency

What you ran into with the CCC is a common experience and one of the chief complaints that are levied against this industry. But as you say that is water under the bridge.

What you need to realize is the collection agency is trying to find out what your hot button is so that they then can exploit it.

When a collection agency claims that they are taking legal action against you it does not mean what your mind is telling you. It just means that they are going to be following what the law tells they can do, which is usually just more phone calls, writing letters, etc. It does not mean they are going to sue you.

If they were you would get a professional letter in the mail from an attorney. Law suits are NEVER done over the phone. SO the threat is just that a threat. They only wanted to create the effect that they did, which is to put the fear of God into you so that you pay up.

SO the first thing that you need to do (with your husband) is to take a deep breath and research and study before acting. You have pleanty of time…they don’t.

They want something that you have…YOUR MONEY.

I hope that this helps in some way.

Chase credit card acct sold to a collection agency? Now what?

Collection agency, Credit cards

I did post my situation to another blog about a month ago..when I first joined, but for some reason there was extremely little activity on this group and I only got one reply. Since the group has been so busy lately, I thought I’d ask again, plus I have new info.

I have come to learn this was a bad choice on my part… but at the time I was convinced it was the best solution. I was current on all of my accounts 04/29/12 when I signed up with Preferred Financial Solutions aka Enrolled Customer Trust (aka Enrolled Members Trust). Although some cards had high interest, I thought I would benefit from debt consolidation assistance but somehow got tied up with Preferred Financial as they advertised that I “as the client would honorably remove my existing debt from my shoulders through payment of the negotiated amount to the creditor,” instead of having to deal with collection agencies. Perhaps I should have tried to negotiate a hardship case with each company separately. Water over the dam…

At this point I don’t know how to handle this last debt. Here’s the story:

I have paid $14,145 via ECT, the original debts totaled $17,709 when I signed up with this company, 3.5 years ago.

Over the past 3 years I have paid all the debts via Enrolled Customer Trust except this last one, which was the Chase account. On and off I have had very stern and often nasty people call from at least 2 collection agencies (one called “The Bureaus”, and one called “Zwicker and Assoc.”) perhaps a 3rd but didn’t get the name.

So recently they have stepped up the calls and demands and they refused to deal with ECT. I explained I had almost $2,000 paid in to ECT and could afford $290 per month, which is the amount I was paying to ECT, but the rep wanted none of that. He was threatening to take the ‘next step’ whatever that might be, I don’t know. The original debt with Chase was $4350 as of May 2002, now it is double that amount. At one point about a month ago, I panicked from the pressure, and called ECT and they finally admitted that Chase was very difficult to deal with and that that was why they were the last ones to be paid!

(Isn’t that stupid? Shouldn’t they have tried to settle Chase first, then?) I said that maybe ECT should refund my account balance back to me, and they agreed right away! I said ok, then worried that I was making a mistake. I called them and told them to do nothing until I spoke with my husband, and we would call them back, but within about a week, ECT refunded my $1933! We haven’t cashed that check yet… My husband looked over the contract and despite the fact that I was supposed to pay in $290 per month (including their $39.95 monthly fee) for 36 months…he said there was no guarantee in the paperwork that it would be over at that point and that the debts would all be settled.

Currently, Zwicker insists I owe them about $8700 (or something close to this..) – double the original debt. $1933 is presently saved in the settlement account, Well..now it’s an uncashed check in my possession)

This original debt was just*MY* credit card debt from when I started my small business, and then the economy crash after 9-1-1…. My husband’s name was not on these cards, so thus far, he was not involved in this.

The latest has been these calls from Zwicker & Ass. 😉 – my husband called the number once after getting the automated recording and they discussed everything with him. After discussing it with me, he offered to help me settle this, and twice he offered the Zwicker guy the original debt of $4350…

One rep, (he’s actually quite pleasant, at least when he speaks to Jerry) said he would make the offer to his company, and contact us. That was nearly 10 days ago and we’ve heard nothing from him, and the automated calls are starting again, and they are from this same guy.

Do we just wait now? What can we expect?