Expert: Ontrack Financial Group llc - 3/31/2009

Question
A collection agency wants my daughter's bank information to collect an overdue bill.  I am lending the money for this and am not comfortable with this.  i prefer to send the agency a certified check by registered mail.  Is this practice usual?  Do you have any comments or suggestions?  

Answer
Dear Joanie,

Thank you for your question.


It's common practice for collection agencies to request checks over the phone.

However you're 100% correct with wanting to send certified funds   (western union is another method to send funds).  Never give your banking information to a debt collector.

Great job and stick to your guns.  Today's the last day of the month and the debt collector is probably in commission.  This means 25% of money you're sending is probably going into his / her pocket.  Tell the debt collector to cut you a settlement and you'll send the money western union.  If the deal is struck make sure to get everything in writing.

Warm Regards,

Ontrack Financial Group llc