What happens when you don't pay full amount to collection agency?
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I owe American Express 13,000. I stopped payments jan. 2007. In jan. I started Credit Solutions. Really bad idea. In March I stopped using Credit Solutions. But American Express already turned my account to a collections agency. The agency calls on a regualar basis and wants me to get a loan to pay it off. I have tried getting a loan but it's hard to get an unsecured loan that high. I will be having a baby girl on May 11th and will go back to work late July. Once I go back to work I will make double payments on this account, like I was before Credit Solutions. But right now it's impossible to make high payments. I have told the agent all this, but she says I have to make at least a $5,000 payment. So if I send the agency an X amount each month until then can they take me to court? What can they do? I went to Credit Solutions to get lower interest rates, but that isn't how it works. I don't really care about my credit score, I just want to pay this.
What happens when you don't pay full amount to collection agency?First of all, do not get a loan.
Secondly, do not talk to the collection agency on the phone. All communication should be in writing and sent by certified return receipt mail only.
Tell them that you will make payments (only pledge what you can afford).
The agent is asking for $5000, because they are trying to get their commission for the pay period and/or they are about to lose the account from Amex and they are trying to show that they can and will collect.
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