Legal Question in Credit and Debt Law in Texas

I had a vehicle repossed and the company charged off the debt on my credit report. i now have a collection agency trying to collect. they told me that the company would settle for 2500.00 if i made payment arrangements before the month was over. i offered to pay 50.00 a month and they accepted. i than received a statement from the collection agency that my payment would be deducted from my checking account but it showed i owed 5300.00. this is not what was agreed to so i stopped the payment. now the are plain rude to me on the phone. what would be the best way to handle this?


Asked on 5/18/10, 8:27 am

1 Answer from Attorneys
Mark Dunn Mark D. Dunn

1. First, realize that you are in the driver's seat, not them.

2. Stop talking to them on the phone. If they call you, tell them that they have already lied to you once, and from now on, everything has to be in writing. Give them your address. Ask for THEIR mailing address.

3. No matter what, stop talking to them on the phone. Hang up on them if you have to.

4. You want a WRITTEN PAYMENT AGREEMENT that you can take to a lawyer. It should describe the original debt; it should clearly state what the terms of repayment are; and it should require them to show the debt PAID IN FULL if you comply with the agreement. It should require them to report the debt paid in full to the credit bureaus.

5. Do NOT give them any access to your bank account.

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Answered on 5/23/10, 11:19 am


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