by Hayden31 » Sun Oct 23, 2011 06:12:17 PM
I'd surely appreciate some pointers or helpful hints if anyone has any to offer with regards to my current dealings with a collection agency.
I've been paying off a bad debt for 20 months now. The original amount was 27k, and the balance remaining is currently 19k. I've been making monthly payments without fail of $300/month and my repayment agreement was $300/month for 3 years. I recognize that $300 a month won't pay off the amount in full but it was agreed that I would pay off the balance in full at the end of that 3-year term. (Only a verbal agreement because they absolutely refused to put anything in writing 20 months ago).
So, I've been doing this for over a year and a half, and I suddenly get a letter from this collection agency saying the monthly payments need to be renegotiated to something more satisfactory and to contact their office.
So my question is this...why now? I've told them they're getting the amount repaid in full. They just need to sit tight for 16 more months.
I wrote them back saying I'm the sole support provider for my family of 3 and that $300/month will have to suffice. I re-iterated that I am on track to pay the amount off in full as per the originally agreed upon repayment terms.
So what can I expect? Are they just testing the waters to see if I'll freak out and fold and do whatever they ask? They're getting money, so why are they suddenly "not satisfied"??? What's the collection agency up to and should I be worried or just keep sending them the same letter stating the same facts mentioned above?