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Monarch recovery collection agency – Are they good to work with?

Unregistered
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I called them up because i have a citibank card that i had not paid in about 10 months. I offered a 50% settlement and they wanted 66%, i countered for 55% and they accepted it. I know they are the collection agency because i was given their number by citi and they had all of my info when i just gave them my name. I can pay this, but am wondering if I should wait them out and get a better deal when the account is sold to another agency. The rep told me the account was placed in their company in February of this year. The balance on the account is $21,000




Peter Simon
Posts: 60
Credits: 1124.3

Sub: #1 monarch recovery collection agency
Fri, 04/30/2010 - 11:04

Since, when this account is delinquent? Its true, more the account get delinquent more good settlement offers you can get. Now the point is, this account is in collection which is a part of Citibank only. Once the account get sold to the 3rd party collection agency then you can get a good offer as well. Any how you got an offer of 55%, so you can wait for another couple of months to get a good offer from them.




SOAPLADY


Debt Samaritan
Posts: 17188
Credits: 474436.63869987

Sub: #2 Citibank probably has not sold this account...simply placed. Mos
Fri, 04/30/2010 - 12:14

Citibank probably has not sold this account...simply placed. Most of their early defaults are placed as contingency placements. First placements get the lowest settlement approvals as a general rule. I would wait it out.




bmungo7
Posts: 37
Credits: 1082.3

Sub: #3 monarch recovery collection agency
Fri, 04/30/2010 - 12:43

I just spoke with Monarch with regards to my Moms Sears Card with Citi... I offerred 30%, they came back with 40%. I went back with 35%, but they stayed at 40... they said they couldn't go below... I accepted. The rep I talked to within Monarch was actually pretty easy to talk to and helpful!!




Unregistered

Sub: #4 I hope it wasn't Kathy Craft...............RUDE LADY
Wed, 06/09/2010 - 11:22

I hope it wasn't Kathy Craft...............RUDE LADY




Unregistered

Sub: #5 I was contacted by a great guy, my balance had grown to $23,400
Mon, 07/12/2010 - 17:46

I was contacted by a great guy, my balance had grown to $23,400 after a little interest of course, so I spoke with him politely and I was very eager to pay which made him want to work with me more. I flat out told him that I had just graduated college and I was having money troubles with a low paying job and they seemed to understand. They agreed to Settle for 3 payments of $1470, which equates to $4410. I am more than satisfied with an 18.8% agreement.




Unregistered

Sub: #6 HELP, They're not nice to me...
Fri, 07/30/2010 - 13:18

Quote:
Originally Posted byAnonymous
I was contacted by a great guy, my balance had grown to $23,400 after a little interest of course, so I spoke with him politely and I was very eager to pay which made him want to work with me more. I flat out told him that I had just graduated college and I was having money troubles with a low paying job and they seemed to understand. They agreed to Settle for 3 payments of $1470, which equates to $4410. I am more than satisfied with an 18.8% agreement.


QUESTION: What's the great guy's name there cause I've been dealing with the worst. I'm at 25% with no option of 3 payments and I have 2 accounts with them over 20K each. I would be tickled pink to get 18.8% and 3 payments... You are lucky




Unregistered

Sub: #7 monarch recovery collection agency
Mon, 08/09/2010 - 21:31

Help is here. Jst reply this thread with ur monarch file number along with the last 4 digits of ur phone number and the % of settlement you are looking for. May be i can help you.




Unregistered

Sub: #8 monarch recovery collection agency
Wed, 08/11/2010 - 12:42

This company has been demanding $5K more than the actual debt that I incurred. They told me that if I required them to validate the debt I would forfeit my right to settle. Any settlement would be based on their inflated figure, not the figure I have a record of defaulting on. They also told me that they could not settle for less than $10K, even though I had received previous, lower settlement offers from another company. When I outlined what I could afford to settle for and why (at about 25% of the original default over 8 months), they tried to make me feel guilty (it's the usual tactic). They always ask if you think you should not pay. That is not even the issue anymore. In practical terms, my circumstances leave me UNABLE to pay the kinds of up front amounts they are demanding. They claimed that they could not settle for less than $10K because the original creditor, Citibank, had given them strict rules about how low they could settle. I contacted the president's office at Citibank. They actually called me back! They confirmed that they had completely sold off the debt and had no control over it. I have written to the FTC, Citibank and Monarch, demanding that Monarch explain the terms under which they are working for Citibank. I told them to communicate with me in writing. Amazingly, the phone calls stopped! Still waiting fort them to accept my offer to settle this debt and move on with my life.




Unregistered

Sub: #9 People
Tue, 10/05/2010 - 17:43

Do you care that "somebody" has to pay your debt even if YOU dont??? My husband and I have worked hard, been thrifty, and saved all our lives. His job was eliminated the first of the year and we have struggled to pay everyone we owe, including paying $15,000 to sell our home of 10 years. Were you raised this way, to be dishonest? Is your mom proud of you? What ever happened to morality? Doing what is right just because it is right? Yes you could steal candy from a child, but that would not make it right. This debt is "YOUR" debt.... do the responsible thing and PAY IT!!! Our country is falling apart due to people not taking responsibility for their own actions:( God bless what is left of America.




paulmergel


Posts: 15508
Credits: 135761.15272958

Sub: #10 Quote:Originally Posted by AnonymousDo you care that "somebody"
Wed, 10/06/2010 - 06:27

Quote:
Originally Posted byAnonymous
Do you care that "somebody" has to pay your debt even if YOU dont??? My husband and I have worked hard, been thrifty, and saved all our lives. His job was eliminated the first of the year and we have struggled to pay everyone we owe, including paying $15,000 to sell our home of 10 years. Were you raised this way, to be dishonest? Is your mom proud of you? What ever happened to morality? Doing what is right just because it is right? Yes you could steal candy from a child, but that would not make it right. This debt is "YOUR" debt.... do the responsible thing and PAY IT!!! Our country is falling apart due to people not taking responsibility for their own actions:( God bless what is left of America.


more idiocy.take the PAY YOUR BILLS line and scram!!!!!!!!.i don't believe this for a second as shills don't own homes.more than likely someone had to sell their home because your bottomfeeder scammed them.as for the topic of marality.you have none so don't speak of it.




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