topic Re: Should I give the CA my checking info? in Rebuilding Your Credit

Should I give the CA my checking info?

Anonymous — Mon, 09 Feb 2009 19:31:08 GMT

I asked a CA to settle an account (take off the extra fees) and they agreed but they said they need my checking and routing or debit card info today inorder to settle and not put it on my credit report. I listen to Dave Ramsey occasionally and he says never give CAs your checking and routing. I told him I didn't feel comfortable and he said that the call is recorded and I will get a letter stating the terms but he needed everything today and he will post date it. I can't afford for them to pull money that is not there but I also can't afford for it to go on my credit report. What should I do?

PS I'll be saving $300 by settling.

Re: Should I give the CA my checking info?

Ned505 — Mon, 09 Feb 2009 20:00:02 GMT

Never give a CA the authority to dip directly into your account. And I would not give a CA a check from my personal account. Send them a Cashier's check. It is free with most checking accounts.

Re: Should I give the CA my checking info?

Anonymous — Mon, 09 Feb 2009 20:06:01 GMT

Its unneccesary for the CA to have your bank info and can even be dangerous. Use a cashiers check or money order. Be sure to keep a record, (photocopies) of all payments in the event you need them in the future.

Re: Should I give the CA my checking info?

Anonymous — Mon, 09 Feb 2009 20:06:39 GMT

Tell him that you would be willing to overnight a money order today.

Another option would be to go get a prepaid debit card. They cost about $5-10. It will be another $5 to load the card, and maybe a $1 transaction fee.

Re: Should I give the CA my checking info?

Anonymous — Mon, 09 Feb 2009 20:08:10 GMT

I told him that my bank has bill pay and I would send him a copy of my confirmation that it will be paid and he said I could not do that. If I didn't give him my information, they would continue collections.

Re: Should I give the CA my checking info?

Anonymous — Mon, 09 Feb 2009 20:12:00 GMT

@Anonymous wrote:
Tell him that you would be willing to overnight a money order today.

Another option would be to go get a prepaid debit card. They cost about $5-10. It will be another $5 to load the card, and maybe a $1 transaction fee.

That's a great idea I might do the prepaid debit card thing but I am supposed to call him back by 5. it's 3 now. And I won't have the money until next week. I could give him the down payment with a prepaid debit card though I still couldn't do it by 5.

What I don't understand is, if I am willing to pay by March 1st why does he need everything today? That just makes me feel like he is going to pull he whole amount today.

Re: Should I give the CA my checking info?

Ned505 — Mon, 09 Feb 2009 20:18:30 GMT

He (the CA) has a quota to make. A goal of X dollars per day, etc. So they will press you to "act now".

IMO, tell him the cashier's check will be there by March 1st and keep all your records.

Re: Should I give the CA my checking info?

Anonymous — Tue, 10 Feb 2009 02:59:31 GMT

I think they tell you it needs to be done ASAP is because they want your money NOW and they want you to feel as if things are going to get drastically worse and the offer will not be there in a week, 10 days, etc. Tell them what you can give and when you can give it. Stick to your guns. They want your money and as long as you don't cave, they'll take it on your terms.

I had a CA tell me one time that my $100 per month offer was no good and that their "client" would not accept it. She kept telling me they needed more. I wouldn't budge. I finally said "you can either have $100 per month or $0 per month. Which do you think your client is going to take?" We settled on $100 per month.

Good luck!

Re: Should I give the CA my checking info?

Anonymous — Tue, 10 Feb 2009 03:49:52 GMT

Thanks for all the responses. I decided to use a prepaid debit card for the down payment and send a cashier's check for the rest. If he tries to pull more than $100 out he (the CA) will be out of luck. It was well worth the $6 activation fee to know I don't have to worry about my checking account. I just wish the original creditor contacted me first I would've never had to go through this.

Re: Should I give the CA my checking info?

Anonymous — Tue, 10 Feb 2009 04:25:12 GMT

What an AWESOME fantastic idea, hopefully, I won't ever have to use, but, boy am I learning alot on these sights, great info for older kids if ever they need!

Thanks,