What recourse do debt collectors have if I send them less than they want?

Question

What recourse do debt collectors have if I send them less than they want?

Answer 1

If you are dealing with a collector, that means you have defaulted on your original agreement.  This means your whole debt is now due in full.  Collectors do not have to accept whatever small amount you want to send.  They can take that payment and simply sue you anyway.

It is a very bad idea to send any money to a collection agency unless you have a written agreement.   And if you do negotiate a settlement agreement, be sure to abide by the terms.

In most states, sending a payment will restart the Statute of Limitations (SOL), the timeframe to bring lawsuit.  

However, payment DOES NOT restart the 7 year reporting period.  This is governed by the  FCRA.  Derogatory items age off your credit file 7-1/2 years from the date of first deficiency.  NOTHING restarts that clock.

The first response has confused/merged the SOL and the reporting period.  A very common mistake.  They are two completely different things.

Answer 2

They can sue you. Although depending on

the amount it might not be worth it.

But if you do, make an arrangement to

(pay to delete) this means that they have

to send you a letter saying that they have

been paid in full and will remove any

negative info from credit reports. That

way youre protected and in case not

removed you have proof to send to the

3 major credit bureaus.

Answer 3

if your not going to pay it off then i would save my money and not send them nothing.

  

Im pretty sure they will work with you on payments that fit your budget ,if your trying to pay  

all they can do is score your credit

  all they ever do is score your credit , unless you own a home or a business

Answer 4

Anjell is correct, I couldn't have said it better.

Answer 5

Well by sending the payment you're

1. acknowledging the debt, this will restart the 7 year reporting period

2. since you acknowledged the debt they can demand payment in full because you didn't keep your payment agreement.

3. they can request a judgement against you if they feel you're not meeting their demands - you'll get a summons to appear in court

4. if and once a judgement is issed - wage garnishment will likely being and may also include reposession if it's a vehicle, house or tangible asset.

I'd ask for a 'pay for delete' agreement from them and be sure to get it in writing.