quote:
OP: Take the original principal balance you owed at the time they bought the debt. Offer 10% of it. They paid PENNIES on the dollar so swallow your pride. You don't know these jokers. Stick to 10%. If they keep countering tell them you've got zero reason to pay this off. Tell them you've got a letter from the dean of the college your degree is in, and you've got copies of your transcript. If it comes to verifying your education professionally, you don't have to pay them in order to do it. Especially at [insert their amount offered here]. Tell them basically you can live without a physical copy of your degree. Period. Stick by 10%. Don't waver. Let them know they have <0 leverage against you. This is a wanna have, not a need to have for you. Wait for them to sink down to 25%-35%...It will work.

Only question is - what if they threaten to sue me?

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Posted by EA6B

Member since Dec 2012

14754 posts

Posted on 3/9/17 at 11:44 am to Bluegrass_Cat

They won't sue for 10 grand, they will threaten, but actually doing it will cost them more money than they paid for the debt. They know if you didn't have the money to pay the debt to begin with it is unlikely you can pay a lawsuit settlement, and they want money up front not long term wage garnishment. After a period of time they will just give up and sell your debt to yet another collection agency who will start the process all over again.

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Posted by Bard

Definitely NOT an admin

Member since Oct 2008

51816 posts

Posted on 3/9/17 at 11:59 am to Bluegrass_Cat

quote:
Only question is - what if they threaten to sue me?

Oh they'll definitely THREATEN to sue you. The problem, from their aspect, is that if you don't have the money already then suing you is going to do nothing for them except cause them to spend money in court. I'm not saying they absolutely won't, just that they most likely won't.

I have a co-worker who takes out loans from time to time and always puts the work number as his main number. I've gotten the call a few times and enjoy telling them I won't pass along the message for him to call them back.

My favorites thus far have been the guy that stated he was "Investigator" so-and-so and another guy who got all pissed and told me he was sending the cops over (to which he got the old "I. fricking. Dare. You." response

).

This has gone on (off and on) for years now and not a single thing has happened (he hasn't been sued, no cops showed up, etc).

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Posted by GFunk

Denham Springs

Member since Feb 2011

14966 posts

Posted on 3/10/17 at 10:39 am to Bluegrass_Cat

quote:
Bluegrass_Cat

quote:
Only question is - what if they threaten to sue me?

Judging from some subsequent responses, this has been a multi-year saga that may have changed hands multiple times. There is <0 chance they have your information so well documented that they can take legal action against you, much less small claims court.

If has been handled by a few different entities, you'll be fine. I'm sure you have been threatened a few times already by these yokels. Don't let them scare you one bit.

Like I said...Just stick to 10%. Don't let them see you sweat, and don't negotiate with their alleged leverage points in mind. Let them know there is ZERO reason for you to pay this off if you haven't done so already (Hit them with the DL Hughley, "What you gonna do, staple some sh!t to my credit report?") and stick to your guns.

They'll meet you and chances are they may even make money on it if this is the 2nd or 3rd outfit that's bought this debt.

Ultimately this isn't for the faint of heart and while you'll be avoiding-literally-a large portion of your original balance you rightfully owed in exchange for your education for that semester, I wouldn't recommend you do this moving forward.

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