Collectors/Attorneys Authority
Submitted by Nonnie on Fri, 09/29/2006 - 1:30am.
Oklahoma
I signed up with a Debt management company. They settled one of my accounts, but I settled 2 of them myself. I have been contacted by an attorney's office for one of the cards that my exhusband used after our divorce. I don't have a problem trying to pay for it. The balance is only $1,400 and they have offered a settlement of $1,040. I have $700 I can pay. They told me they will file a suit and take me to court. It is a Lowe's account. Can they do this or will they settle for the $700. I went through a divorce, had back surgery and just recently, my son had brain surgery. Please advice.
How did this alleged
Submitted by E. Normis Debtor on Fri, 09/29/2006 - 6:03pm.
How did this alleged attorney's office contact you with a settlement offer? Attorneys rarely make collection calls, and they don't make settlement offers right out of the chute. Sounds more like a CA claiming to be an attorney's office which is highly illegal.
It's not uncommon for
It's not uncommon for creditors to settle for 50% of the outstanding balance. However, that is entirely up the creditor (Lowe's). Have you explained to them the hardship you faced that placed you in financial difficulties? It may help to put it in writing and send it certified mail while offering them the $700 to settle the debt.