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Question
I currently have a payment plan with nationwide credit for a best buy credit card I once had with HSBC bank. I'm basically just wondering if this is legit? I've stopped receiving the harassing telephone calls about collecting my debt for about 6 months now. I pay them $40 a month until December 2010 and then I have to either extend my payment plan or pay off my bill at that point. I just wanted to know if I'm doing the right thing or if I'm losing money.
Thanks
Dear Samantha,
If the collection agency is charging interest on the account ( they probably are ) you're losing money. Never negotiate with a debt collector without using a professional company. You're considered a partial payment arrangement (known in the industry as ppa account). They start you off with small payments, keep charging interest, and want you to settle in later months.
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Ontrack Financial Group llc
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