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.
