Anyone familiar with " Weltman, Weinberg & Reis Co., L.P.A.,"

[Anonymous]

I have a credit card with Chase Bank. Being self employed. I've had some late paying customers which in turn caused me to get 3 months behind on credit card account with Chase. I am now being contacted by a firm called. Weltman, Weinberg & Reis Co., L.P.A.,. The agent I spoke with is wanting payment in full 18,000 now. If I had my late paying customers paying me I could probably work this out but thats not happening. My score is currently a 577 and would like to not damage it any further. Is anyone familiar with this firm. I could really use some good advice. Thanks

[SmartCookie]

Not familiar with the firm but how old is this debt and what is it showing as on your CRs for both Chase and this CA?

Do know if Chase has sold it? Otherwise you might still be able to get them to make arrangements or settle on it for less and a PFD.

Don't continue to speak with that firm.

[Anonymous]

My credit report states "Credit line closed-grantor request-reported by subscriber" I contacted Chase and they told I had to deal directly with Weltman, Weinberg & Reis Co., L.P.A., on the matter. My report is showing 120 days late. I've had the account with Chase for 6 years. I was 30 days late one other time in the past 2 years.

[SmartCookie]

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cosmo wrote:
My credit report states "Credit line closed-grantor request-reported by subscriber" I contacted Chase and they told I had to deal directly with Weltman, Weinberg & Reis Co., L.P.A., on the matter. My report is showing 120 days late. I've had the account with Chase for 6 years. I was 30 days late one other time in the past 2 years.

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OK so within the past 2 years you had a 30 day late but the 120 happened when?  When did Chase last contact you to try to get an arrangement from you?  I'm trying to guesstimate as to if they might still own the debt, even though they are passing you off Weltman (who yes may own it at this point).  Are both appearing on your CR or just Chase?  List any dates you see on the Chase entry and what they are for.

If Chase still owns it and you get the right person, they may still be willing to work out a payment arrangement on the full or a settlement... which if so, you should grab and do a PFD letter.  If they don't own it, you are going to have to figure out what arrangement or settlement you can do with Weltman in the same fashion and with a PFD.  But again, no talking to Weltman on the phone, only thru CMRRR letters.

[Anonymous]

The reason for falling behind: I was 30 days late in Dec. 06 the raised my interest rate to 29.9%. Not long after that I started having customers stretching paymnet from 30 days to 60 days. I am self employed and do work in the injection molding industry. Which has been hit extremely hard with work being sent to China. The only dates on report are past 2 years payment history. 30 days late in Dec. 06 and the current 120 days late. The only area I see the collection agency is an inquiry on my report. I heard from Chase about a month and a half ago and they never stated any collection actions.

[SmartCookie]

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cosmo wrote:
The reason for falling behind: I was 30 days late in Dec. 06 the raised my interest rate to 29.9%. Not long after that I started having customers stretching paymnet from 30 days to 60 days. I am self employed and do work in the injection molding industry. Which has been hit extremely hard with work being sent to China. The only dates on report are past 2 years payment history. 30 days late in Dec. 06 and the current 120 days late. The only area I see the collection agency is an inquiry on my report. I heard from Chase about a month and a half ago and they never stated any collection actions.

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I'm sorry to hear that and you certainly don't have to explain yourself.  No one is immune from hard times.  Chase was probably calling to try to work out an arrangement and unfortunately, if you don't grab it, the offer may be gone.  Now, this seems recent enough to me to think that they have only assigned that CA and not sold the account yet.  You need to find that out for certain though.  What I suggest is as this is a high amount, I don't think they will settle for all too much less.  What they will do is ask you about your monthly bills and income etc and the reason why you defaulted... which I would explain (to them) simply as being self employed with no current work.  Usually they then will do a calculation and tell you what they will settle for.  Try to have a figure on your head as to how much you could settle for in a lump sum.  If they won't meet you on that, see what other arrangements they can make to pay over time.  Make sure you keep logs of names/departments/dates and what was said. 

You will be more likely to have this PFD'd off of your reports if you give them a decent lump sum.  Once you have come to an agreement, ask them to send you it in writing including that this will be considered settled in full and all information on regarding this either thru Chase or any CA will be removed from your CR.  If the letter you get (should things go so smoothly...) not clearly state all of this, do not pay... write them back and explain what they need to fix and advise them you will pay once you recieve it.

BTW please do all of your homework in the sticky posts up on top of the main forum page... the Start Here, Frequently requesteds and such.  There is no one right way to do many things.

Now, should they refuse to work with you or have sold the debt... you will have to deal with the CA.  In this case, I would suggest a settlement offer once you are able to do so (sooner rather than later but no negotiating with them before you are able to pay) and ONLY with a PFD agreement which you will send to them CMRRR.  If they don't take it, they don't get paid.  If it goes on longer, you can up your offer a bit.  They will settle for less than full, but of course they aren't going to offer you that off the bat.  It's really a negotiation, sort of like buying a car... so don't let them intimidate you and don't immediately take what settlement they will offer... push for less telling them you just don't and won't have it and that you have $X now if they will settle but if not, you have another bill to pay with it etc.

[Anonymous]

I'm familiar with them.  They were handling a judgment against my husband.  They are jerks.  For some reason, they passed it on to another law firm, and we settled it over a month ago, and now they have not even updated it with the court and are refusing to send us a letter any less vague than "We have agreed to these settlement terms and providing your check clears, the settlement will be upheld" or something like that, and doesn't even reference the account.  (Kind of important since we're trying to get a mortgage!)  I would first see if they will accept a settlement, and if not, set up payment arrangements.  Just tell them there is no way you can come up with that money right now, but you can pay x amount this often.  They obviously aren't required to accept that, but most will work with you.

[SmartCookie]

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djactenaz wrote:

I'm familiar with them.  They were handling a judgment against my husband.  They are jerks.  For some reason, they passed it on to another law firm, and we settled it over a month ago, and now they have not even updated it with the court and are refusing to send us a letter any less vague than "We have agreed to these settlement terms and providing your check clears, the settlement will be upheld" or something like that, and doesn't even reference the account.  (Kind of important since we're trying to get a mortgage!)  I would first see if they will accept a settlement, and if not, set up payment arrangements.  Just tell them there is no way you can come up with that money right now, but you can pay x amount this often.  They obviously aren't required to accept that, but most will work with you.

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Eww not encouraging...  very sorry to hear about that headache.

Cosmo, this should stress to try EVERY avenue to settle with Chase quickly if they have not actualy sold the debt.  And IMHO it sounds like payment arrangements with Weltman are not a good idea.  If it comes to settling with them I hope you are able to offer a lump sum and again, ONLY with a PFD agreement as it is apparent that they are one of the more troublesome CAs to deal with as you can see from what djactenaz is having to deal with.

[buckeye74]

I am familiar with the firm WWR.  It is out of columbus ohio.  i actually worked there in the mailroom in college.  Horrible place.  Don't mess with them.  They will garnish your wages, file judgements and the like to get their money.  i've seen them file judgements against people who only owe like $800.  if possible, try to work with Chase and avoid any contact w/WWR.  if not possible, be very careful and get everything in writing and do not give them any personal info (which is true of any ca).  Luckily, i personally have not had any of my co's through wwr, but as i mentioned, i've seen far too many people taken to court by them.

[Anonymous]

this may sound silly, but why not just try to pay Chase the 3 months you are behind? if they accept it then you are no longer past due and there is no reason to have this CA involved anymore. if you just mail them a payment with one of your old bills, or better yet, go online and pay, how would that work? if you go around the phone reps who are programmed to tell you "deal with WWR" then perhaps you can wiggle out of this under the radar (assuming it hasn't been sold). couldn't hurt right? or am i wrong?