Hello. I am a resident of CT, and was hoping someone would be kind enough to take a moment and answer a few things for me.
I have a debt collector after me for an old unpaid CC acct. The acct is mine, and I do actually owe the money. Although I am not looking to create a sob story, I fell on hard times, and was unable to make pymts on the CC acct.
The debt collector has called my house several times, and have also notified me by mail. They claim they have purchased the debt from the CC co. (no reason to not believe them). It is well within the statute of limitations, and they are licensed to do business in my state (have checked).
I would like to settle with them, and have two basic questions.
1. Am I entitled to see what the debt was owed at the time they purchased?
2. Am I entitled to know how much they purchased the debt for?
#2 is important, as that will enable me to make a solid offer. My understanding is that they typically purchase accts for pennies on the dollar. So if the dollar amount that I owe is $5k (which it is), and I know they purchased the acct for $500, I don't want to be paying them anywhere near $5k. But I understand they have to make a profit, so I think the best way to go is offer them $750 - paid in full immediately, and if they try and up the amount, I can do that a bit.
And of course, I will happy to hear any advice and opinions anyone might have. Thank you!
I have a debt collector after me for an old unpaid CC acct. The acct is mine, and I do actually owe the money. Although I am not looking to create a sob story, I fell on hard times, and was unable to make pymts on the CC acct.
The debt collector has called my house several times, and have also notified me by mail. They claim they have purchased the debt from the CC co. (no reason to not believe them). It is well within the statute of limitations, and they are licensed to do business in my state (have checked).
I would like to settle with them, and have two basic questions.
1. Am I entitled to see what the debt was owed at the time they purchased?
2. Am I entitled to know how much they purchased the debt for?
#2 is important, as that will enable me to make a solid offer. My understanding is that they typically purchase accts for pennies on the dollar. So if the dollar amount that I owe is $5k (which it is), and I know they purchased the acct for $500, I don't want to be paying them anywhere near $5k. But I understand they have to make a profit, so I think the best way to go is offer them $750 - paid in full immediately, and if they try and up the amount, I can do that a bit.
And of course, I will happy to hear any advice and opinions anyone might have. Thank you!