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Hi all,
Like many I went through a tough patch a year or so ago which resulted in me defaulting on an Amex card. Like lightening Amex passed the debt onto a collections agency. The collections agency got very heavy very quickly. I eventually made them an offer of a lump sum followed fixed monthly payment for a period of 48 months. Over the period I would have paid off the entire debt as it was in Sept 2009 plus an amount to cover interest.
The agreement reached was a verbal one which I confirmed in writing on two separate occasions. After six months the DCA decided that they were going to change things and that the monthly payment would increase. I didn't accept this and insisted that they provide me with transcripts of the telephone calls and copies of all correspondence that they held on file as had an agreement in place that they were breaking.
After a few weeks they wrote to me acknowledging that an agreement had been made and that things could continue as they were on an ongoing basis.
My worry is this. Firstly, I have a default notice against my name that is showing as unsatisfied for the full amount. And secondly, perhaps more importantly the DCA seem to be a right bunch who are quite happy to lie and mislead in order to make a buck. It wouldn't surprise me that when the agreement comes to an end they will insist on me paying a whole load of extra money. In short, despite them acknowledging and confirming my offer of a one off payment followed by 48 payments as full settlement I don't trust them to honour our agreement.
Can anyone give me advice on how I should handle this going forward and what my rights are.
Many thanks.....
Like many I went through a tough patch a year or so ago which resulted in me defaulting on an Amex card. Like lightening Amex passed the debt onto a collections agency. The collections agency got very heavy very quickly. I eventually made them an offer of a lump sum followed fixed monthly payment for a period of 48 months. Over the period I would have paid off the entire debt as it was in Sept 2009 plus an amount to cover interest.
The agreement reached was a verbal one which I confirmed in writing on two separate occasions. After six months the DCA decided that they were going to change things and that the monthly payment would increase. I didn't accept this and insisted that they provide me with transcripts of the telephone calls and copies of all correspondence that they held on file as had an agreement in place that they were breaking.
After a few weeks they wrote to me acknowledging that an agreement had been made and that things could continue as they were on an ongoing basis.
My worry is this. Firstly, I have a default notice against my name that is showing as unsatisfied for the full amount. And secondly, perhaps more importantly the DCA seem to be a right bunch who are quite happy to lie and mislead in order to make a buck. It wouldn't surprise me that when the agreement comes to an end they will insist on me paying a whole load of extra money. In short, despite them acknowledging and confirming my offer of a one off payment followed by 48 payments as full settlement I don't trust them to honour our agreement.
Can anyone give me advice on how I should handle this going forward and what my rights are.
Many thanks.....
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