So i owe the bank some money.....??

Question

i owe them about 1000 dollars but it has already gone to collections and the collection agency wants 1000 in fees. do u think the bank will make a deal with me?

Answer 1

plain and simply.. your not the smartest person in the world.. but your not alone either. Many of times, depending on the bank itself, they will try to work something out. Especially if it is a smaller branch, however if your bank is one of the larger ones, chances are they won't even bother to talk to you about it, that's what the pay the collection agency for. 1000 isn't a lot of money to a bank that has assets mounting a couple billion if not more,  but the small ones would rather have the money so they are more inclined to work with you. Your best option, raise the money somehow, family, friends and sign your name to a payback plan with them. PAY THE MONEY BACK .. it will just hurt you and haunt you until you do.  

Answer 2

For your information if you can prove that it was not you that took the funds out of your account you would not be the one that the bank is coming after.

With the amount being as high as it is why weren't the police contacted?  I has some one steal $400.00 out of my account and they went to jail for it. They had to pay it back not me.

But since this amount has already gone to collections it is too late to make an agreement with the bank. You had your chance.

Answer 3

Did you file a legal claim?  

Answer 4

why do people get credit and they cant pay them.  i dont understand.  

Answer 5

There's a lot of mis-information in these responses.  There are two type of collection agencies.  The first type simply act on behalf of the original creditor to collect the debt for them.  The other type are usually called "junk debt buyers".  These guys buy and own the debt.  When this happens, it's true you cannot pay the original creditor, but just because a collection agency is contacting you does not mean they bought the debt from the bank.

When a debt is sold, the average sale price is between 5 and 10 cents on the dollar.  A bank will want to try everything they can to get you to pay them before selling off the debt at a significant loss.  Collection agencies are professional collectors, are more efficient and have more resources at their disposal for collecting past due accounts than may be the case with a bank.   In fact, most banks use collection agencies to collect the debt for them long before they sell the debt for this reason.

Since the debt was incurred with the bank, you want to do everything you can to get the money directly to them and bypass the collection agency completely.  Call the bank and ask them what's going on and if they will accept payment.

Whether the bank accepts payment directly or not, you need to send a letter to the collection agency notifying them that you dispute their claims to the debt.  Chances are they will violate the Fair Debt Collection Practices Act, but you need to dispute this debt with 30 days of their first contact with you in order to protect your disputing rights, so get your letter in the mail to them ASAP.

You said they tacked on $1000 in fees.  This may be illegal and is usually determined by your state laws.  In AZ, for example, no fees or interest may be added to the debt that are not explicitly stated by the original agreement.  This means the paperwork you got when you opened your account would determine if collection agencies would be allowed to add on collection fees and interest.  Of course, your state law may vary, so you should certainly look into it.

Answer 6

Once it went to collection agency the bank has nothing to do with it anymore, the collection agency bought you account from the bank and paid them.  

If someone used your account, did you report it to the police?  If so did you take a copy of the police report to the bank?  Only you could have corrected the error.  How was the bank to know you didn't authorize the charges?  

It is not too late to file a police report and try to get your money back.  

Answer 7

If it has already been sent to a collection agency, that's who you need to deal with, not the bank.  Collection agencies will usually accept settlements or payment plans.  Make sure you get any agreements in writing.