ive worked for a collection agency

cassyjr · 04-15-2007

hi there i live in the uk and worked for a collection agency

they have rules and processes to follow

first instance they will try and collect the full amount
then they will try in a few installments
then they break it down further for you to pay
some companies require going through a financial statement and there is things they will and will not accept they also sometimes as for proof of bills/ benifits

also if another company is dealing for you like a debt management plan
the company has to accept what they offer (the best companies for this are the government plans)

the best thing to do is everything in writing, if they call tell them you will only deal by letter
write to them with your financial statement and put an offer to them for $xx per month

dont let them upset you with legal action if you are paying a smaller agreed amount they can not take action against you

hope this helps

remotay · 04-15-2007

Thanks for the info. KEep in mind the agencies ARE flexible. They ultimately want the money, and if you don't have it on you, they'll setup a system of payments

ltjman22 · 04-16-2007

That's very nice to know, I like the list you set up, I am going to use this as a guide! Hopefully I will never have to use this though!

sood123 · 04-25-2007

What is the name of the company you were working for?

JoseYero · 05-21-2007

We buy the debt and try to get as much as we can. We are all about volume.

tonydnut · 05-21-2007

So when you buy the debt are you told ahead of time how much to compromise on?

laker110 · 05-26-2007

Thats cool, i think . Can i know the name of the company , you are working for?

JoseYero · 05-26-2007

no. we own the debt. some debt can be bought for 10 cents on the dollar by the original creditor. if we get 11 cents we are happy. depends on how old it is.