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Debt Collector Demands Bank Information – Ezi

Creditor sent out debt to collectors in april. Just until now I can come up with payment. We agreed on the phone to a one-time payment but now they won’t send it in writing or accept certified checks. They are telling me that if I send a money order or a check they will take that amount as a partial deposit for the full amount but I’m scared they might want to take more money in the future.

How can I effectively make them put it in writting? I thought of opening a new bak account with just the amount agreed upon and as soon as they have the money go ahead and close it. In case they came back for more, can this hurt me in anyway??

Ezi

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Damon Day

    Hello Ezi,

    In my opinion you should never send a debt collector money unless whatever you are agreeing to is in writing. They always hassle consumers over this, why I am still not sure. Maybe just to be a pain in the butt. However, the risks to taking a deal and sending money with only a verbal agreement are that they simply apply the payment to the previous balance. Without a new written agreement in place, you are still bound by the old one.

    Play hardball. Remember, they want you to send them money more than you want to send it. They earn a living by collecting money. Ask them to put the agreement in writing and fax it over. If they won’t, tell them that you appreciate the offer, but you can’t agree to it unless you have it in writing. Ask them what happens if a mistake is made and another collector comes along later to try and collect more. Ask the person on the phone if they where in your position would they send money without an agreement. If they say yes, ask them what they would do if they were later sued by someone else.

    In my experience they will always cave and send something to you. If they don’t, then it might not have been an offer they planned on sticking with.

    Of course this is general advice and remember, if you are in default of the original agreement, there is always a chance that they could escalate the matter, so this stance is not without risk, but neither is making a payment with no written agreement.

  • http://DamonDay.com Damon Day

    Hello Ezi,

    In my opinion you should never send a debt collector money unless whatever you are agreeing to is in writing. They always hassle consumers over this, why I am still not sure. Maybe just to be a pain in the butt. However, the risks to taking a deal and sending money with only a verbal agreement are that they simply apply the payment to the previous balance. Without a new written agreement in place, you are still bound by the old one.

    Play hardball. Remember, they want you to send them money more than you want to send it. They earn a living by collecting money. Ask them to put the agreement in writing and fax it over. If they won’t, tell them that you appreciate the offer, but you can’t agree to it unless you have it in writing. Ask them what happens if a mistake is made and another collector comes along later to try and collect more. Ask the person on the phone if they where in your position would they send money without an agreement. If they say yes, ask them what they would do if they were later sued by someone else.

    In my experience they will always cave and send something to you. If they don’t, then it might not have been an offer they planned on sticking with.

    Of course this is general advice and remember, if you are in default of the original agreement, there is always a chance that they could escalate the matter, so this stance is not without risk, but neither is making a payment with no written agreement.

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