Postpone settlement

[Sebin]

What is the name of your state? North Carolina

Hello,

I agreed to a debt settlement with a collection agency, but then I realized I am unable to pay an installment in the date I was supposed to, and this is an electronic check over the phone, so they will just take it from my bank account on a certain date. I called the collection agency and they told me that once I agreed to the payment, there's no way to take it back. Is this true? I mean, if I withdraw my consent for that payment, and they take the money anyway, wouldn't they be stealing from me and therefore subject to criminal prosecution?

Thanks,

Sebastian Alvarez

 

[Veronica1228]

What is the name of your state? North Carolina

Hello,

I agreed to a debt settlement with a collection agency, but then I realized I am unable to pay an installment in the date I was supposed to, and this is an electronic check over the phone, so they will just take it from my bank account on a certain date. I called the collection agency and they told me that once I agreed to the payment, there's no way to take it back. Is this true? I mean, if I withdraw my consent for that payment, and they take the money anyway, wouldn't they be stealing from me and therefore subject to criminal prosecution?

Thanks,

Sebastian Alvarez

Well, you could ask the bank to place a stop payment on this item, but you will have to pay a stop payment fee. It will probably land you in court also , since you are reneging on the deal you made with the CA.

 

[Sebin]

Well, you could ask the bank to place a stop payment on this item, but you will have to pay a stop payment fee. It will probably land you in court also , since you are reneging on the deal you made with the CA.

Well, actually I wouldn't be reneging the deal, I just need to postpone it for 4 days so the check comes in the 1st of July, because that's when my paycheck gets deposited, and if they try to collect June 27th I wouldn't have enough funds in my bank account. Do you think that they would be stupid enough to sue me oly for a four day difference? After all, they would be getting their money much faster than if they decide to sue.

Sebastian

 

[ablessin]

Call them back, ask to speak to a lead/manager/someone higher up the food chain.

Explain to them about your paycheck direct deposit and maybe if they are in a good mood, they'll extend it a few more days for you.

Debt collectors are mean and once you agree to something, they really hate to go back on it, because they fear losing the $$ all together.

Also, you can put a stop pay on the check, as noted above, but there is a new law out, called Check21 (or something like that) where they payee of the check can put the funds thru via direct debit. So, it would not even post as a check, making your stop payment for check #100 not much good!