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LegalGems, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 9912
Experience:  Research Attorney; Private Practice; Attorney Mentor; Mediator
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I'm wondering who I contact to resolve my credit t?

Customer Question

I'm wondering who I contact to resolve my credit hit?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  LegalGems replied 1 year ago.

Can you provide more details please?

Customer: replied 1 year ago.
Its a 2 year contract with Verizon that I quit paying in April, I've tried resolveing it through there stores and its been put in collection.
Customer: replied 1 year ago.
I no longer have an account with them is what they told me.
Expert:  LegalGems replied 1 year ago.

So you are trying to reach a settlement before they pursue a legal judgment?

Customer: replied 1 year ago.
I moved in the middle of everything, so they no longer have my address.
Expert:  LegalGems replied 1 year ago.

The collection company is the party that typically will negotiate on behalf of the creditor; but it is important to contact the creditor to ensure that the collection company is acting at their direction (some collection companies aren't scrupulous and will fraudulently collect on unauthorized accounts).

Generally a collection company will settle for 50-70% of the bill if the party can pay a lump sum settlement. If a payment plan is required, they will generally only reduce the overall bill by 20%, but will often waive/freeze interest charges.

The fact that one moved does not preclude collections or a legal judgment, as the collection company typically has on retainer investigators who will assist in locating the consumer.

Also, if a person purposefully avoids service of process of a summons, the court can order that person to reimburse the creditor for the additional cost.

If one wishes to settle, they should draft a proposal, and send it certiifed mail, return receipt requested; or via fax. Then no agreed settlement should be paid until the terms are agreed to in writing.

It should also be noted that any waived principal will be chargeable as taxable income to the consumer, because the creditor typically files a 1099c with the irs, so they can write off the discharged amount.

Customer: replied 1 year ago.
I see, so how do I go about finding the collecting agency?
Expert:  LegalGems replied 1 year ago.

If you no longer have prior correspondence, you can contact the original creditor and ask them which collection agency they use- they generally use the same one for all accounts.

Expert:  LegalGems replied 1 year ago.

Did you have any further questions on the above?

Customer: replied 1 year ago.
As creditor, u mean Verizon?
Expert:  LegalGems replied 1 year ago.

Yes, that is correct- they can give you the contact information of the collection agency they use; they typically have one collection agency for all accounts.

Expert:  LegalGems replied 1 year ago.

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