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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 35640
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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i renegotiated a CC debt and suddenly they stopped accepting

Customer Question

i renegotiated a CC debt and suddenly they stopped accepting payment. 8 months later it has been assigned to what looks like a legal firm. What are my options? Thank you
Submitted: 9 months ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 9 months ago.
Thank you for your question. Please permit me to assist you with your concerns.

If I may ask, why did they stop accepting payment? Also, is there a judgment out against you, or was this negotiation done without any judgment put in place?
Customer: replied 9 months ago.

A few years ago with all the increase of the CC% increase we simply could not make the payment so I called each CC company to renegotiate. For this one they closed the account and made arrangements for ~$350/ mo payments with 0% then they stopped sending statement, when I called they said it has been reassigned. That was 8 months ago. No judgment or other legal action has occurred yet.

Expert:  Dimitry K., Esq. replied 9 months ago.

Richard,

Thank you for your follow-up. Have you attempted to send further payments to them, or otherwise attempt to get them to take the money, or did you stop attempting to pay within the past 8 months?

Customer: replied 9 months ago.

I called them back in Jan. they said they could not give me further information and it would be reassigned, someone would contact me.

Expert:  Dimitry K., Esq. replied 9 months ago.
Richard,

But then you stopped sending them checks, correct? (I am not trying to be difficult, I am tryng to figure out the other side's potential claims and arguments and how to refute them). Thank you!
Customer: replied 9 months ago.

Yes,


Sorry i'm not clear.


During the original renegotiated period (I believe 2 years) it was assigned to a (credit card owned) collection agency.


 


I set up a agreed amount automatic payment for the (2 year) period and they said to call back to reassess the loan after the period was up.


When I called them back they said they did not own the loan anymore and to call the original CC company.


When I did, (jan 2013)the CC company said someone would contact me and to just wait.


No statements were sent during this period.


 


 


 

Expert:  Dimitry K., Esq. replied 9 months ago.
Richard,

Now I see--you had a 2 year period during which time you made limited payments. Then you had to renegotiate with then holder of the debt, and as the collection agency was no longer assigned to the debt, you didn't know who the holder of the debt was, so you waited to be contacted which didn't happen for 8 months? Do I now understand correctly?
Customer: replied 9 months ago.

Pheww... Yes sir :) You make it sound so much better :) That is the situation.


Thanks for your patience.


 

Expert:  Dimitry K., Esq. replied 9 months ago.

Richard,

No problem :) Sometimes it is just a question of semantics. Speaking of semantics, that claim above should be the means by which you contact the new law firm. Typically you remain liable for the debt, regardless as to whether or not you are in touch with the creditor or not. Here, since you did reach out and were told to wait, that could be a reasonable assumption which means that the lender could not demand interest during that period of time as they themselves failed to pursue the debt. This is also why I was asking if you were making payment or attempting to--that would go toward claiming that you were attempting to act in good faith even if they weren't available.

You obviously still have a duty to pay, but you can contact the law firm and offer an another payment plan as before, point to the fact you paid it faithfully, and would have continued to do so if the terms did not cease. Or you can offer them a request to pay off the debt in full by offering them a lump sum payoff. You can offer them 40 cents on the dollar, and negotiate up. I have seen payments at 30% but typically lump sum payments are granted at around 60-70% of the full balance.

Hope that helps!

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