Collection agency requesting post dated checks
Mon Nov 10, 2008 12:11PM | By Tony
See more in Debt Relief | Permalink | Email | Comments (0)

Q: I am in process of settling with debt collection agency for $2,100 payment on what used to be a $6,900 plus credit card debt. The collection agency wants me to send 7 post dated checks for $300 each to withdraw from checking account every 3 weeks. I refused, they say at the very least to keep this settlement, I should send them the latest statement so they can verify I have funds. Should I do that?
A: No. Don't send them anything but a money order. Post dated check is a sure way into trouble, and any bank account statement isn't far behind. Such checks are always cashed by debt collectors too early and often, resulting in such a grief, it won't be funny. You can end up paying more than you originally settled for, and then, try to get your money back. So you are absolutely right on not giving them post dated checks. Do not send any account information, period. They are simply trying to scare you. They will take the settlement, believe me. Tell this collection agency, it is money orders only or nothing.
Helpful Links
Recent Entries
- Make it 2-for-2, BCA is at Carnival of Real Estate...
- BCA is at Carnival of Personal Finance again...
- Is cosigning a car loan any different from cosigning other loans?...
- How much equity do I have in my house...
- How much equity do you need to refinance to get best mortgage rate?...
- Airline stocks are ready to go up...
- Credit repair books? Not that you need any ......
- Statute of limitations on debt - New York State...
- Should you refinance now or do loan modification...
- Should I refinance my mortgage - interest rates are lowest since the 1960s...
Recommended
Archives
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
- July 2006
- June 2006
- May 2006
- April 2006
- March 2006
- February 2006
- January 2006
Syndicate