Should I settle my RISE loan with NCB Management?

I defaulted on a Rise Loan around 10/2015 which is now about $6300. It was charged off and bought by NCB which has called me and now sent me a letter asking for a full payoff at 45% of total or payments of roughly $235 which is about 35% the total (somewhere around $2300-$2500).
Does this letter constitute an agreement? It has all the pertinent info.
I have not spoken to them yet. I was thinking about sending them a letter offering a $900 one time payoff as I don`t have much money or the means right now.
Does NCB usually sue? Also there is an arbitration clause however not sure I like this since I would probably lose.
I have read bad things about NCB Management Services and I am reluctant to enter a payment plan.

If you cannot afford the lump sum settlement offer from NCB right now, how long will it take you to raise the money? If you can pull the money together in the next several weeks, I would suggest calling in to make a counter offer on the phone.

Negotiating with NCB Management Services.

Be prepared to answer a short set of income and expense questions. Debt collectors, and debt buyers like NCB Management Services, will be looking to:

  1. Get answers to questions that suggest to them that they hold out for more money (in your case stick to the original mailed offer).
  2. Learn if you qualify for a better settlement deal based on internal parameters and policies unique to each collection agency.

If you share with NCB that you are on a fixed income, and your situation is such that you will probably always be limited to that, you can sometimes negotiate a better outcome because they have a policy of making room for that.

If you slip up and share information with the collector that suggests your finances have improved since stopping payments to RISE Credit, your efforts with negotiating a lower payoff can hit a wall.

Being sued or arbitration filed on your RISE Credit loan.

Our courts are clogged up with all manner of lawsuits. Far too many of the cases filed in courts daily are from debt buyers like NCB. And while NCB may not sue as much as other debt buyers, there is always the risk you can be sued for collection (if your debt has not passed the SOL that limits how long collectors can access the courts in your state).

If you want to eliminate that risk you should look to negotiate an affordable lump sum settlement with NCB (I am with you on avoiding monthly payments).

If you simply cannot come up with the money needed to fund a lump sum offer, or need more time to save up, but are sued in the interim, you can also negotiate the debt with the attorney NCB hires. The deal may not be as good as it is now, or that you can call and negotiate before being sued, but you can still resolve the debt without a judgment.

I would not anticipate NCB filing for arbitration if that was allowed for in your original loan contract with Rise Credit. I doubt RISE would file for arbitration if they still owned your account. Most arbitration clauses these days are there to prevent class action lawsuits, and are not there as a useful collection mechanism.

How is your RISE loan appearing on your credit reports?

Is NCB Management appearing on your credit?

Anyone with questions or concerns about resolving debts with NCB, or dealing with unpaid RISE Credit loans, can post in the comments below for feedback.

This article by Consumer Recovery network first appeared here and was distributed by the Personal Finance Syndication Network.

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