Expert: Ontrack Financial Group llc - 6/2/2008

Question
I have a credit card with a balance due of $3400.00.  I was paying more than the
amount due up until 7 months ago.  I stopped paying because the amount was not
decreasing.  I was contacted by Mann Brackin Attorney who told me I had to come
up with $1000.00 and pay $160 per month.  I was unsuccessful in coming up with
the $1000. I told them I could come up with $500.00.  They informed me the
payments would be $161.  In reality I only have $250.00 and I can only afford to
pay $100 per month. They want me to call them today and give them my bank
information so they can draft the money from my account.  Please advise me on
how to handle this.  I do not want to give them my bank information.  How can I
convince them to take the $250 with the $100 per month payment.  They are
calling me on my job.  Please HELP!  

Answer
Rene',

Mann Brackin is probably not an attorney.  He's a debt collector who is breaking the law ( stating he is a debt collector ).  Debt collectors are under a lot of pressure to perform, requiring a large sum as a down payment, then offering small payments until the balance of the debt is resolved.  This allows them to increase their bonus checks.   

Do not give your banking information to the debt collector.   In matter of fact don't speak with the debt collector.  It's wise to hire professional assistance to resolve this matter for you.  If you would like our help in dealing with the debt collector or attorney please contact us.


Ontrack Financial Group

www.ontfg.com

1-888-686-6834