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How much should I pay the collection agency ?

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    How much should I pay the collection agency ?

    I have 3 credit card accounts on the collection with collection agencies. Midland Funding ( $3760), Portfolio Recovery ($8331) and The Bureaus ($4701). The accounts have been in the collection for some time.

    I have saved some money and like to pay these folks. Question

    1. What percentage I should bargain for. I understand many people pay like 50% and settle.
    2. One the payment is made, will the entry go away from my credit report and my score go up?

    Most of these accounts were open in 2013, will they ever drop off at some point?

    Thanks

    Jay

    #2
    These are not collection agencies. Collection agencies are hired to collect debts on behalf of another entity. All 3 of your debts are currently owned by junk debt buyers--companies which purchase bundles of defaulted debts for pennies on the dollar. Of course, the fact that the JDB paid pennies on the dollar does not prevent them from pursuing a debtor for the full amount, plus interest, fees, court costs, etc.

    My advice is to do nothing, do not communicate with any of these companies, and let the debts age off your credit reports (which should happen in a year or so). Nothing good can come from contacting these people or attempting to settle. If you let on that you have money, you will likely find yourself served with a lawsuit. The JDB business model is to go after anyone who appears to be a good target for a collection lawsuit, and to resell the debts owed by people who appear to be unlikely to pay a judgment.

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      #3
      I agree do nothing unless they take you to court also expect them to go to the lowest of low. I defaulted on just over 20.000 in debit with citi bank in 2009 statue in ga is 6 years mines been sold 4 times. last week one company left me a voice mail said i failed to show up for a court summons ( not true) said if i didn't contact them they would get a bench warrant and suspend my driver's license. just to be safe I went to the courthouse website there have been no hearings. called themselves county services mediations group. out of ohio, i live in Georgia. these people are bottom feeders and will claim anything to get you to pay give them nothing.
      Last edited by josephga; 08-17-2019, 05:36 PM.

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        #4
        Jay It has been some time since you posted and I hope you have not paid any collections. Please google all 3 collectors and you will find you do not have to pay a dime. If you pay it still remains on your report. First, collections should not be reporting. Second, you do not have to pay and does not help your score. Three, there is a SOL google that about the debt expiring. They cannot collect after certain time depending where you reside.

        Other two replies are good but don't get sued.

        If you get letters, write back to request verify. They will go away and be sold over and over. Only worry if you get a letter from an atty in YOUR state and then you are on the verge of being sued but you can beat it. Even if you are served, you can fight and win.

        Yes very bad with scare tactics. By the way, the worst states are Texas, GA and Hawaii for being sued.

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