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Hello,
I am making payments on a charged off credit card; to a collection agency. I was planning to pay it off in lumpsum, but then recently learned of "pay for delete".
Also, I read somewhere that I do NOT have to pay a collection agency a cent more than what I was to pay the original creditor.
I owe $460 to the original creditor but the collection agency wants me to pay almost double that. They say its because of the late fees and interest.
Any answer would be appreciated.
charge off
Hi Abella,
Yes, you can request the collection agency to agree to a "Pay for delete" agreement. Send the letter through certified mail requesting a return receipt.
I owe $460 to the original creditor but the collection agency wants me to pay almost double that. They say its because of the late fees and interest.
The interest rate and other fees can get added to the debt amount even after the debt gets sold off to a collection agency. The interests and fees will go on accruing according to the original contract.
Thanks,
Aaron
Send a letter stating that you want to know exactly how this balance was calculated. explain that the OC asked you for 460. BY CMRRR. state regulates how much a CA can add on. usually only interest.