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  • Who do I contact first - new debt

    I received a notice in the mail about a debt I apparently have. A company by the name of Enhanced Recovery Corp. (ERC) , contacted me and said I owe a debt from M&T Bank. It's about a $85 debt which they will settle for $75 within 30 days.

    This money isn't a problem for me to pay but this is the first I'm hearing about this debt. I did have an M&T bank account which I closed about 3 years ago. I'm not sure what kind of fees or penalties could have accumulated to this sized debt and I was never contacted by M&T prior to this ERC letter. I had only a debit card as checking account so it couldn't be a past credit card balance.

    I've heard horror stories about harassing phone calls when talking to debt collectors but I have to make sure this is a real debt before I pay. Who do I contact first,M&T or ERC? Also, I imagine this is on my credit report as a debt collector is contacting me so how can I get this off my report?
    Thanks all

  • #2
    I'd call the bank first and see if they can verify the debt. If not, the collection agency needs to do so.

    As long as the debt is legit, pay it and be done with it. Do not do anything to give them electronic access to your account, though.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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    • #3
      Don't pay it over the phone, could be a scam. If they're legit you will get a letter in the mail
      retired in 2009 at the age of 39 with less than 300K total net worth

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      • #4
        Originally posted by disneysteve View Post
        I'd call the bank first and see if they can verify the debt. If not, the collection agency needs to do so.

        As long as the debt is legit, pay it and be done with it. Do not do anything to give them electronic access to your account, though.



        Update: I called M&T bank they said it is a real debt but they don't have the debt any longer and it's in collections at this other company. So I know it's a legitimate attempt to collect from these other people. However M&T kept telling me they don't have info on the debt, the lady I spoke with wouldn't tell me how it accumulated and what I did wrong to incur the debt. Is that typical? Should I call back and try to get more answers or once the debt is sold does M&T not have access to that info?

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        • #5
          Originally posted by Jimmyjim View Post
          Update: I called M&T bank they said it is a real debt but they don't have the debt any longer and it's in collections at this other company. So I know it's a legitimate attempt to collect from these other people. However M&T kept telling me they don't have info on the debt, the lady I spoke with wouldn't tell me how it accumulated and what I did wrong to incur the debt. Is that typical? Should I call back and try to get more answers or once the debt is sold does M&T not have access to that info?
          That sounds pretty typical. The collection agency wouldn't know what the debt was for. And the bank would wipe the debt off their records after they sold it to the agency.

          Pay the bill and be done with it.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

          Comment


          • #6
            I had ssimilar happened to me long time ago. I moved to a new place but had incurred a credit card annual fee or $30 that eventually ballooned to $75 few years later after a collector got a hold of me me. It was legit bill so I just paid it off. End of story.
            Got debt?
            www.mo-moneyman.com

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            • #7
              You will want to send a letter to the collection agency immediately... not admitting to the debt; rather, asking them to verify it and confirm they have permission to act on the debt. You can Google sample letters. If they are not the rightful owners, they will go away. If they can confirm proof, they will give you a way to pay. Do not just ask them over the phone - put everything in writing and capture tracking #s from USPS.

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              • #8
                Originally posted by disneysteve View Post
                That sounds pretty typical. The collection agency wouldn't know what the debt was for. And the bank would wipe the debt off their records after they sold it to the agency.

                Pay the bill and be done with it.
                they sent a "settlement opportunity" letter in the mail to me. It says in part "upon receipt and clearance of $75, your account will be closed and collection efforts will cease". It is an $88 debt they & are offering a settlement amount of $75.

                They will let me pay on their website, phone or mail. Which way should I pay, credit card? Check? Money order?

                If it matters this particular agency ERC, has the BBB logo on this bill.

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                • #9
                  Originally posted by tripods68 View Post
                  I had ssimilar happened to me long time ago. I moved to a new place but had incurred a credit card annual fee or $30 that eventually ballooned to $75 few years later after a collector got a hold of me me. It was legit bill so I just paid it off. End of story.
                  Ty
                  I will too

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                  • #10
                    Originally posted by Jimmyjim View Post
                    Which way should I pay, credit card? Check? Money order?
                    I think the safest way to pay a collection agency is in a way that in no way gives them your personal account information. So a money order would be a safe choice. Absolutely don't authorize them to electronically pull the payment from your account.
                    Steve

                    * Despite the high cost of living, it remains very popular.
                    * Why should I pay for my daughter's education when she already knows everything?
                    * There are no shortcuts to anywhere worth going.

                    Comment


                    • #11
                      verify it first

                      Originally posted by Jimmyjim View Post
                      I received a notice in the mail about a debt I apparently have. A company by the name of Enhanced Recovery Corp. (ERC) , contacted me and said I owe a debt from M&T Bank. It's about a $85 debt which they will settle for $75 within 30 days.

                      This money isn't a problem for me to pay but this is the first I'm hearing about this debt. I did have an M&T bank account which I closed about 3 years ago. I'm not sure what kind of fees or penalties could have accumulated to this sized debt and I was never contacted by M&T prior to this ERC letter. I had only a debit card as checking account so it couldn't be a past credit card balance.

                      I've heard horror stories about harassing phone calls when talking to debt collectors but I have to make sure this is a real debt before I pay. Who do I contact first,M&T or ERC? Also, I imagine this is on my credit report as a debt collector is contacting me so how can I get this off my report?
                      Thanks all
                      It's best to verify this debt at M&T bank. Ask for proof or anything that will make you see if the debt is real. Ask also for the amount of debt if you have.

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