ARS Recovery Systems is calling me about outstanding debt and wanting to settle
Country relating to Question: United States
State (if USA): Missouri
Checked with court for judgements filed against me.
Hello and thank you for the question. I am sorry to read of this dilemma.What would you like to know? are you disputing it?
ARS recovery systems called today with ultimatum to settle or get sewed, it is an outstanding debt from 2002.
This was something my ex did long ago and he never paid. My name was on Sears card.
You want to demand proof of debt and proof of their standing to collect.They must provide per the FDCPA.Now if they dont have a judgment, they may be time barred as well, so ask for a copy of the judgment.If they supply all of it and have a judgment, can often settle for a fraction of the balance and a payment plan.
I checked with Jackson County MO cours for judjements, and their is one, here is the result that was filed in 2002. Per ARS they told me that my wages will be garnished if not come to some agreement of payment, how soon can they do that?
That process can take a few weeks. If the debt is correct, consider negotiating a settlement conditioned on no garnishment or other levy.
So, you say typically settlement is for a fraction of the amount. With your experience in a situation of Orig. debt was $3.5K, no with interest and such some rediculous amount of $7k, negotiating settlement is usually for a certain percentage, please advise.
The precise amount varies from case to case but given its age a settlement for 50% of the principal debt would be reasonable in such cases. Begin low and work your way up.
Principle dept means the original debt, now I know how to negotiate, after proof of debt and proof of standing to collect. I will start at $1500, that seems reasonable to me. I will have to take care of this.
Thanks for your help.
Most welcome. Good luck. Kindly click accept for the answer so I may get credit for it.
Licensed attorney helping individuals and businesses
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