Collections – need advice please

[Anonymous]

Been a lurker for a decade, never thought I’d have to make a thread...but the time has unfortunately come where I urgently need some help and advice. Please!

Situation: 2 leases that are non-cancellable

Lease length: 48 months

Lease remaining: 36 months

Monthly payment: $250 each

Last payment paid: September, 2019

Am I stupid: Yes, I’m stuck and need help to put this behind me.

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Multiple letters received from: Hunter Warfield I believe is the CA.

Letter states:

Date: December 4th, 2019

Creditor: First Data Global Leasing

Account #: …

Creditor Account #: …

Total due: $7,500 per lease, so 15k total

We have attempted to work with you in resolving the delinquent account referenced above. This balance remains unpaid, despite proper demand.

At this point, we have recommended further actions to be taken on your company's account. The account meets the guidelines for legal action set by the creditor.

As a result, the creditor has asked that we contact you one last time in an attempt to resolve this account. Your company is eligible to take advantage of an offer to resolve this account at a reduced rate if paid within 10 days from the date of this letter after which it may expire. We are not obligated to renew this offer. If more than 10 days have passed, please contact our office to see if the offer is still valid. If we do not hear from you within 10 days, the creditor may refer this account to an attorney to review their ability to recover the unpaid balance through litigation. If an action is commenced and a judgment is sought, you will be given notice and the opportunity to raise a legal defense.

If you contact our office within the 10 day period, you can resolve your account for the reduced amount of $4,875.00.

This is approximately a 35% SAVINGS and will be full and final resolution of this account.

*PLEASE NOTE: THIS NOTE IS A FORMAL RESOLUTION OFFER ON BEHALF OF THE CREDITOR* 

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My questions are:

Should I settle for the 35% discount? If so how? If not, what should I do?

If I pay up the 65%, will they still report to all 3 bureaus?

[FireMedic1]

If they will take a settlement that low to whats owed and will take a payment plan. I'd go for it. This will keep it as a collections account and not have legal implications added to it. Along with attorney fees and court costs added on top of it.

[Girlzilla88]

I would reply via email or phone stating you would pay that 35% discounted amount in full as long as after payment they will remove it from all 3 CB's.     And let them know you will need that in writing (if possible via email so you will receive that faster).      If they agree pay it and make sure they keep up their end up the bargain.    I got the email a few minutes after I paid and it fell off all 3 within 1-3 months after like they had promised.    With my Collection (that was medical) not with the same person you have.     Just speaking from my experience that worked.

[Anonymous]

Thank you for the replies! Nothing has been reported to any CB's, do you think it would? I will definitely ask about it via email when I reach out tomorrow.

[FireMedic1]

If they havent sent it to the CRA's yet. Work something out soon as possible before they decide to do it to get you to pay.

[gdale6]

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@Anonymous wrote:

Thank you for the replies! Nothing has been reported to any CB's, do you think it would? I will definitely ask about it via email when I reach out tomorrow.

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Always possible they will, you want to make a deal to settle in exchange for it not reporting.