My negotiating strategy, please advise!

[bleucheese38239]

I will be calling the collection agency in a few days, I am preparing and doing my homework. Here is what I have so far.

 

Background: Owned an investment house, foreclosed in a recourse state.

1st lien took house, second lien sold their note to a debt collection agency.

I owe approximately 90k.

Agency has had the note since July and has made no attempt to reach out to me.

I have sent them letters stating I would like to settle for an amount but haven't heard back.

I called earlier and they are ready to negotiate when I am.

 

So, please help me formulate a strategy or a plan of attack.

 

My thoughts are I will tape the call and I will take notes. I will NOT TELL THEM WHERE I WORK OR WHERE I BANK. I will do my best to avoid a payment plan.

 

If it works, I will ask that they list my account be listed as paid in full rather than paid in settlement. I will get proof in writing before I sign anything.

 

Questions:

What should I expect on the call? Will they believe I have little to offer or will they demand proof?

Will they ask for salary, financial statements or job info?

If they ask for this what do I tell them?

What can I do to limit this exposure?

 

Anything else I need to consider?

 

Please let me know what you think. Let me know if this thread already exists.

[dolly1213]

Don't call send a certified letter asking them to prove what you owe. Look in the credit section for letters.

[cinnamngrl]

I will be calling the collection agency in a few days, I am preparing and doing my homework. Here is what I have so far.

 

Background: Owned an investment house, foreclosed in a recourse state.

1st lien took house, second lien sold their note to a debt collection agency.

I owe approximately 90k.

Agency has had the note since July and has made no attempt to reach out to me.

I have sent them letters stating I would like to settle for an amount but haven't heard back.

I called earlier and they are ready to negotiate when I am.

 

So, please help me formulate a strategy or a plan of attack.

 

My thoughts are I will tape the call and I will take notes. I will NOT TELL THEM WHERE I WORK OR WHERE I BANK. I will do my best to avoid a payment plan.

 

If it works, I will ask that they list my account be listed as paid in full rather than paid in settlement. I will get proof in writing before I sign anything.

 

Questions:

What should I expect on the call? Will they believe I have little to offer or will they demand proof?

Will they ask for salary, financial statements or job info?

If they ask for this what do I tell them?

What can I do to limit this exposure?

 

Anything else I need to consider?

 

Please let me know what you think. Let me know if this thread already exists.

I don't think they will ask, they will look for themselves. Do you own a house? They will look for that and and bank accounts in your name. That is pretty elementary. They have your credit report. A quick skip trace should show whether you have a car. Your salary is trickier. Unfortunately, I work for the state so my salary is actually published by the local paper! Of course, taxpayers have a right to know but yikes.

[LadyRelm2]

BC,

 

Dolly is right... You are getting way ahead of yourself. I understand that you are wanting to make this debt right...but there are certain things you need to do FIRST to protect yourself because COLLECTION AGENCIES WILL LIE 100% OF THE TIME.

 

1. You need to send them a Debt Validation letter.

 

Have they reported on your credit report? How do you know they own the note if they have not contacted you?

 

2. Stay off the phone to begin with... There are times when recording a call is appropriate (if/when they call you after a Limited Cease & Desist). Most on here would NOT recommend YOU calling THEM unless you have been on this board for a long time and know what you are getting into. Even then, half the board will say "Don't call!" and the other half will say "go ahead...at your own risk."

 

Before you negotiate a dime, they need to provide validation of the debt. The EXACT amount...and the amount needs to fall in line with what is legal.