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I am dealing with Creditors Financial and before reading about them and doing a little homework I have agreed to pay them $923. I offered $300 then $750 (even though that was a little much) but they declined my offer and said if we didn't pay at least $923 that we would be sued!

Not knowing anything about the company OR about what they can and can't do I agreed to pay them money. I authorized payment for this Thursday, 7/31. I was extremely stressed after talking with my rep and her telling me "Bascially, you're going to loose everything you have!" Oh...that was after her telling me that she was going to sue us for all we've got! (which isn't a whole lot!!!)

My question is....after agreeing to pay that money can I call them back now and tell them they need to make the payment less? I really would like to pay what I originally offered b/c I am BROKE and really can't afford to make that large payment right now!

Oh...few other things:
This account is in my husbands name...I'm not even listed!
The reason I called them was because they called both my mother and father telling them they were going to be suing my husband and I if they didn't receive a call back within 24 hours.

Help!? Any suggestions? This is stressing me OUT!

I wouldn't agree to pay them a cent until I mailed thema DV notice along with a limited CD letter.

Sub: #1 posted on Mon, 07/28/2008 - 22:21


Fist of all, calm down. Either close your acct or contact the bank and have a hard debit block put on it. Have you received anything in the mail about this?? Do you know the acct? When was the last time you paid on it? Are you still w/in SOL for your state? Collectors are hoping for the exact response you gave them but before you do anything else, you need to get the players straight. Answer these questions so we can better assist you.

Sub: #2 posted on Tue, 07/29/2008 - 00:40

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

Have your husband contact the bank and stop the payment as not being authorized. Since you are not on the account you do not have the authority to approve a deduction.

Sub: #3 posted on Tue, 07/29/2008 - 09:54


I know that in this situations we get very scared and it is hard to think straight. That is exactly what the creditor wants to happen. I would agree with the above - you need to get something in writing stating that they own the debt and that you owe the money. We will read over and over again on this site that you should never do anything over the phone. Everything needs to be in writing.

Take a deep breath and take the time to think this though. If they sue it would not be the following day anyways. That will give you time to think and clear your head.

Let us know how things are going.

Sub: #4 posted on Tue, 07/29/2008 - 18:24

spatterson_40 spatterson_40

(Posts: 400 | Credits: 55.28)

further, if they really intended to sue ( as a legit agency) they would not have issued the threats to that effect. what they are doing is harrassment/intimidation under the fdcpa and not only illegal, highly unethical. As the others suggest, stop the payment, do not pay anything until you have time to work through it. just keep aksing for help and we weill do our best to assist

Sub: #5 posted on Tue, 07/29/2008 - 19:55

jj jj
(Posts: 1057 | Credits: 107.78)

I do know the account, it's my husbands old best buy card. The last time he paid was in August on 07 so it's almost been a year. We have received a couple things in the mail. Thanks for the help everybody. This has just really worn me out!

Sub: #6 posted on Thu, 07/31/2008 - 19:06


Oh, and I have no idea what a SOL is so I'm going to see what that is. Thanks:)

Sub: #7 posted on Thu, 07/31/2008 - 19:08


What state do you live in?

Sub: #8 posted on Thu, 07/31/2008 - 19:10

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

8/07 to 7/08 is not even a year yet so the SOL. If you already gave them access to your checking account then it will be more difficult to stop that electronic payment. You will probably have to go into your bank and speak with the manager about blocking all transaction coming from that company which might be very difficult to do. It may mean that you have to close your account and block all ACH transactions which will affect other things you have going on like direct deposit and other bills that you might have set up to be paid out of your account.

Since the account is almost a year old I would first DV them to establish their credibility. I would then try to settle the account at around 50% of the amount owed. You will have to negotiate with them to get this. I would start the negotiation over the phone by giving them maybe 5 minutes max to discuss it. Once they become harassing I would then hang up and deal with them via mail only.

Sub: #9 posted on Thu, 07/31/2008 - 21:03

Moderators Cum Industry Expert
(Posts: 1078 | Credits: 137.97)

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