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  • debtfee
    replied
    Ok I hear you. So then how would you approach it? Iíll be saving as much as possible these next 10months. Would you come in at what 50-60% hoping theyíd settle at 70-80%?

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  • disneysteve
    replied
    Originally posted by debtfee View Post
    So I JUST hear back from the school again and they're saying that the account was not sold. They said that they have a contractual relationship in which they collect balances on the school's behalf.
    Thatís what I was assuming. That makes more sense. In that case, they may not be willing to settle for a lot less since they didnít acquire the debt at a greatly reduced rate, but you can still try.

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  • debtfee
    replied
    So I JUST hear back from the school again and they're saying that the account was not sold. They said that they have a contractual relationship in which they collect balances on the school's behalf.

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  • GoodSteward
    replied
    Originally posted by riverwed070707 View Post
    If the collection agency has already purchased the debt from the school, how do you know that paying them off will result in the release of your diploma? It isn't as if the collection agency got your diplomas with the debt. I'd be more inclined to call the school and try to work something out with them directly.
    I was sorta wondering the same thing. How does this play into your diploma being released? Technically, the school has no affiliation to your debt anymore. You don't legally owe them anything. I would want to see something in writing that the ability for you to get the diploma is based on you paying this debt. Don't assume they will release it. Get it all in writing to be sure this is all clear.

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  • riverwed070707
    replied
    If the collection agency has already purchased the debt from the school, how do you know that paying them off will result in the release of your diploma? It isn't as if the collection agency got your diplomas with the debt. I'd be more inclined to call the school and try to work something out with them directly.

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  • debtfee
    replied
    @creditcardfree , i couldnít agree more. I have no intention to attempt to walk away from this. And I donít think thatís what was being suggested either. Considering what Iíve read here I think I will save up as much I can these next 10 months. And THEN contact the collections place to begin negotiating at 25-35 cents on the dollar.

    I was was about ready to contact them to start 10 month payment plan. Lol

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  • disneysteve
    replied
    Originally posted by creditcardfree View Post
    Overall, I don't disagree with the suggestions above, however, if you ever want to return to the US, I would think paying your debt accrued here would be important. I think I would call the collections and find out what your balance is and how you can pay. I might not give them my contact information and I definitely would not give them access to a bank account that had money in it that I didn't want them to have. I might put $X in that account for easy payment but only the amount agreed to in writing. Always get the information in writing. This is a legitimate debt you took on, and it is right to pay them.
    I totally agree. You need to settle this. I certainly don't mean to suggest otherwise. But I would reiterate not to contact them until you are prepared to make a reasonable offer because if they say yes, you can't say, "Well I won't have that money for a few months." You need to do the negotiating when you actually have the cash in hand.

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  • creditcardfree
    replied
    Overall, I don't disagree with the suggestions above, however, if you ever want to return to the US, I would think paying your debt accrued here would be important. I think I would call the collections and find out what your balance is and how you can pay. I might not give them my contact information and I definitely would not give them access to a bank account that had money in it that I didn't want them to have. I might put $X in that account for easy payment but only the amount agreed to in writing. Always get the information in writing. This is a legitimate debt you took on, and it is right to pay them.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by debtfee View Post

    So what you're saying basically is to the save up the money. Do NOT contact them. And when they do offer them 25-30 cents on the dollar. Man I wanted this thing done by the end of these 10 months. What if I saved it up and then contact them, with and offer towards the end of the year. Thing is with me being out of the country I'm pretty sure they won't contact me. AND the school won't release my diploma until I settle with them. Kinda need that MBA Diploma lol
    I suppose you can contact them once you have the money to offer them. The withholding of the diploma is a complicating factor here.

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  • debtfee
    replied
    Originally posted by disneysteve View Post
    DO NOT contact the collection agency! Let them contact you. When they do, yes, try to settle for 25 or 30 cents on the dollar, but only when you are actually prepared to pay that amount in a lump sum. Don't try to negotiate a payment plan. You want this done all at once and not until you have IN WRITING that the payment will satisfy the debt in full.
    So what you're saying basically is to the save up the money. Do NOT contact them. And when they do offer them 25-30 cents on the dollar. Man I wanted this thing done by the end of these 10 months. What if I saved it up and then contact them, with and offer towards the end of the year. Thing is with me being out of the country I'm pretty sure they won't contact me. AND the school won't release my diploma until I settle with them. Kinda need that MBA Diploma lol

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  • disneysteve
    replied
    Once you have negotiated a settlement amount, pay by money order or cashiers check. Do not give them electronic access to your account in any way.

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  • disneysteve
    replied
    DO NOT contact the collection agency! Let them contact you. When they do, yes, try to settle for 25 or 30 cents on the dollar, but only when you are actually prepared to pay that amount in a lump sum. Don't try to negotiate a payment plan. You want this done all at once and not until you have IN WRITING that the payment will satisfy the debt in full.

    Leave a comment:


  • debtfee
    replied
    Well, the university has my contact info. I've been in e-mail contact with them fairly regularly during the past year and a half since I left the U.S. Now, the Collection Agency MIGHT not have my New Number. But they must at least have my e-mail. I want to get the debt out of the way as we want to move on from it. I'm just debating on HOW I contact the Collection agency as I doubt they will be reaching out. Everyone I know in the U.S is telling us to offer well below 50% of whatever the balance is now with the collection ( after fees).Especially since they probably bought over the balance from the University for pennies on the dollar. Like do I call them and be like " Oh Hi, The balance is 17000? The best I can do is 6000-7000 over 9-10 months" ....

    And like i said, we are moving in with Family next month, for 10 months during which time we want to clear this thing.

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  • disneysteve
    replied
    Originally posted by bjl584 View Post
    It's odd that no one has contacted you at all assuming they have the correct contact info for you.
    I thought that too but I wonder if the fact that they are out of the country has something to do with it.

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  • bjl584
    replied
    I wouldn't pay anything unless I got something in writing showing the exact amount owed, and some form of confirmation once the debt is settled. It's odd that no one has contacted you at all assuming they have the correct contact info for you. That seems fishy. Collection agencies are normally all over people with delinquent debt.

    Leave a comment:

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