About Melissa Douros Expertise I am able to answer questions relating to dealing with collection agencies, starting collection agencies, starting businesses, and networking for business matters. I cannot answer questions on how will something improve my credit score.
Experience I have eight years in the collections industry including owning my own collection agency. I am also agent represented in two books on the subject matter.
Publications Helium, FastCompany, and Ezine.
Education/Credentials I have a Bachelor's Degree in French and Communication, eight years in the collections industry and currently own a collection agency.
Question Melissa: I recently had my two cars repossessed due to a very large pay decrease by 75 pecent at work. I am currently trying to decide which course of action I should take. They sent me a summons on complaint three days ago to let me know i had 28 days to answer. I personally called the bank and talked to the loan dept (this is a small local bank). They agreed to take 300 a month on the 16th of every month. We ended the conversation friday morning the 11-21-2009. She said she would contact the attorney on the summons i got. Well, I recieved a letter saturday from banks attorney..Settlement agreement letter...wanting me to sign. It stated that they were happy i agreed upon a 300 a month payment to pay them back and that i needed to pay 300.00 to the bank before the end of this month and all subsequent payments of 300.00 on or before the 15th of each month. Melissa, this is not what i agreed upon. The banks attorney wants me to sign this and return. Also, the letter is very vague. What happens if i miss a payment? What happens if there is a loss or cut in income? What happens then. This is so confusing to me and i dont know if i should contact an attorney. Should i try to get them to lower the judgement? The total amount is going to be around 19,000.00. What is your advice?
thanks
patty
Answer Patty, I would call them and explain your previous conversation. It honestly could be simple error on their part.
If you come to the issue where you would not be able to pay them due to a salary decrease, call them. Creditors like to be stayed in contact with and they will see that you have faithfully made the past payments. If there is any change, just stay in contact with them to re-work out a payment arrangement.
