Debt Collector terminated payment arrangement

[Anonymous]

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@Anonymous wrote:

How long till it falls off your report? I mean if they wish to play hardball and not give and take, your giving money, they should at least give you a few days over the due date.  Then I would cross them off my list of debts to pay for now, wait awhile, they will come around. I had a baddie that was sorta playing hardball and wanted 100% payment even after 3 years, so I left it for 2 more years, come around again offered them 40%, they jumped on it like no tomorrow, knowning I really didn't care if they got 40% of something or 100% of nothing in the end.

I'm in no means telling you not to pay, just that you could starve them out if you could wait, otherwise there going to do this second arragment for 1900, you might screw that up half way through, then there going to want more from you.

Most people here don't play hardball, but I do! I'm working with CFW currently, there pretty tough on settlements.

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By defaulting on a payment arrangement, the SOL is now reset. By doing that he could wind up in court with a default judgment and a pile of legal fees on top of the original debt.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

How long till it falls off your report? I mean if they wish to play hardball and not give and take, your giving money, they should at least give you a few days over the due date.  Then I would cross them off my list of debts to pay for now, wait awhile, they will come around. I had a baddie that was sorta playing hardball and wanted 100% payment even after 3 years, so I left it for 2 more years, come around again offered them 40%, they jumped on it like no tomorrow, knowning I really didn't care if they got 40% of something or 100% of nothing in the end.

I'm in no means telling you not to pay, just that you could starve them out if you could wait, otherwise there going to do this second arragment for 1900, you might screw that up half way through, then there going to want more from you.

Most people here don't play hardball, but I do! I'm working with CFW currently, there pretty tough on settlements.

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By defaulting on a payment arrangement, the SOL is now reset. By doing that he could wind up in court with a default judgment and a pile of legal fees on top of the original debt.

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OP, I know you are in California - did you sign a repayment agreement with them?

[Anonymous]

Hmm, yes the SOL reset, that is indeed an oversite, but! I mean you have 1 of two options here realistically. Either pay the new amount, or don't, and risk the latter of the judgments if they seek that. If you can afford to pay then you should, but if your just making ends meet and its a streatch then you probably have no choice but to take the risk. It all comes down to the old mighty dollar, and how many you can spare.

[EW800]

I believe Robert is spot on.  Even one late payment would be considered a default and changes the entire agreement.  I know when I went through a settlement with a credit card company a few years ago, I was on a plan for three consecutive months.  They made it very clear, verbally and in writing, that any late payment, returned payment or basically if the wind blew in the wrong direction, the entire deal would be out the window.  I made sure that every payment arrived well in advance.  I agree with the advice of going through the EO, in hopes that they might consider forgiving the couple of days late.  

[CreditOCDinCali]

It was initially reported back in September of 2012. So I still have some years left :-( I really wanted it off because it's the highest debt on my report. I guess I'll just wait it out until they decided to settle again; but as you stated they may ding me again.

[CreditOCDinCali]

Oh No! I definitely don't want that. I also can't afford to pay the $1900 in 5 payments either. I did the $100 per month because it worked with my budget. I don't want to end up in court. Are you sure I have reset the SOL? I'm in California

[Anonymous]

Very likely reset SOL. If they're offering $1900 over 5 payments, they'd likely go low as $800 ($500 paid + $800 = $1300; worth a try) to $1500 for one lumpsum payment. If there's any way at all for you to raise the funds, better to settle now than be dealing with this for years, and possibly being sued for many thousands.

[fishbjc]

I feel your pain.  I understand the 'torture' you feel inside.  Stomach churning, no where to turn. 

You're a human being and can only DO so much.  Sit down and take a quick breath.  Do you have any other way to raise funds?  Anything to sell?  Do you have an insurance policy that you can take a loan against?  Can you sign a small signature loan?  Even if you get a co-signer?  Can you borrow from a parent or sibling? 

And I AGREE 100%....this STINKS!

[Anonymous]

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@CreditOCDinCali wrote:
Oh No! I definitely don't want that. I also can't afford to pay the $1900 in 5 payments either. I did the $100 per month because it worked with my budget. I don't want to end up in court. Are you sure I have reset the SOL? I'm in California

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California is one of the states that requires a written and signed repayment agreement to reset the SOL.

[Anonymous]

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@fishbjc wrote:

I feel your pain.  I understand the 'torture' you feel inside.  Stomach churning, no where to turn. 

You're a human being and can only DO so much.  Sit down and take a quick breath.  Do you have any other way to raise funds?  Anything to sell?  Do you have an insurance policy that you can take a loan against?  Can you sign a small signature loan?  Even if you get a co-signer?  Can you borrow from a parent or sibling? 

And I AGREE 100%....this STINKS!

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401K plan you can borrow from?