i was in a bad position a few years back and could not pay my credit card debt..credit cards sold them over to collection agencies for pennies on the dollar..collection agencies are pricks and threatened me so i said ok, if you don't want to settle(they would'nt),then go screw. finally after 3 years i was sued. i filled out all the paper work at the court house and contested it so i would not get a default judgement. i filled out the interogatories(carefully) and had my day in court. before court starts,the judge sends you in a room witha lawyer from collection agency and a mediator to work out a deal so it does'nt need to go to trial. i was nice and i expressed they had no "original copies of contract" for credit card application but said i had no money but was willing to offer something. i owed 7k and said i can pay one lump sum of 2500..they said it had to be a bit more but i said its impossible and and understand they could garnish pay and thats fine;i was not working anyway..if they are willing to take 2500,i would send the check in a week. they accepted of course. did this twice. 7k and 6500. both for 2500. everyone is happy. i pay a bit(i understand) and they make a huge fuckin profit. DO NOT NEGOTIATE WITH COLLECTION AGGENCIES. LET THEM TAKE YOU TO COURT. THIS WAY YOU CAN NEGOTIATE AND THEY CANNOT PULL ANY FAST ONES LIKE SAYING THERE WAS FINE PRINT AND ALL THAT BS.
Where the hell does ET fund these people? Really. Say someone takes you advice, takes it to court, and they reject a settlement and your suck owing twice as much money plus attorney fees.
So you're proud of yourself for screwing your creditors out of what you owe them? Nobody held a gun to your head forcing you to put charges on your credit cards. You should take a minute to think about the impact of your actions on the people who made the stuff you bought, or provided a service to you. And if you ever again wonder why credit card fees are so high, and collection agencies are so aggressive, then just look in the mirror. YOU are the problem.
On my way to buy my 60" HDTV, a new airplane, and a brand new BMW motorcycle. F*** em, I'll get it dismissed in court, who cares if I have the money. Hey, that's what my fellow taxpayers are for, to support my stupidity. Don't give me some whine ass story of how you had to feed your family on credit cards etc. As the saying goes, McDonalds is hiring! Work over time and pay your damn bills.
I hear you, but from my perspective, I have no issue with him offering the advice. It's a fist-hand experience. People can take it or leave it, obviously. I believe his intentions are good in sharing the story. Thanks OP
I understand how you would come to that conclusion, but I wonder how much of that $7K that was 'owed' was purely from fees and (egregious) interest. It's black and white one way or the other. I won't say it's the creditors to blame or the OP. In the end, I think it all worked out.
Every time someone tells how they beat the collections guys these people come out of the woodworks screaming about deadbeats and all.... throw tantrums for all I care!!
His story is with the collection agency. Collections agencies are scum, crooks and liars in their own right. Collections agencies deserve whatever grief they get. The OP didn't get a good deal they probably would of taken much less, they are probably laughing at him in the credit collectors forums.