My debt is not unlike many others who posted here. As I tried to dig out of a bad situation without declaring bankruptcy - a credit card account I had with Washington Mutual went to collections in very short order they barely held the debt for any time or I would have been able to work things out with them directly I belive (Ironic that now they find themselves being picked over by someone because of financial trouble!). That first company contracted it to another - then to another - then sold it and sold it again. Each time I tried to contact the company that had the debt to reach a payment plan or settlement amount. I was not trying to duck what I really owed - but I knew a great portion of the amount sought was fees.in the spring of 08 the newest in the string of collectors became Pressler & Pressler on behalf of New Century Financial Services Inc. I also belive that these two entitys (Pressler and New Century) are one and the same - New Century being the front to buy the debts/debtors that Pressler then get's to shake down... I wouldn't be surprised if the offices are down the hall from each other!
Anyway - I know better then to call any company like this - as you will only wind up getting yelled at and threatened. I only correponded with them via mail and always with return receipt so they couldn't say they didn't get it. From the very begining I knew they were sleezy scammers - as they like other have said - could not and would not provide ANY detailed info about the debt - just the original name of the company and the amount. I asked repeatedly and was told point blank that they were not required by law to provide that information which is a blatant lie. I read much of what I could find out about both companies online and was shaken... I spoke to a family friend that is an attorney and to another that helps people clean up their credit - neither had anything good to say about Pressler and told me to continue my letter writing only - and to make settlement offers.
I did this for a few months - explaining how and why I was in the situation I was - and where I saw things going in the future... I made them 2 offers based on the advice of our friends that were fair and reasonable based on what they likely paid for the debt - but every effort was flatly refused - with a letter finally coming stating basically they would only accept full payent and nothing less. So I stopped writing... That was in June.
On December 13 I got a letter from Pressler with an offer to settle for 70% of what they were seeking. I still belive this is more then I owe but to avoid some of the horror I have heard many here tell of I decided to pay it. The letter they sent clearly says that if I pay the amount requested it will be "... Accepted as payment in full..." and that "Payment of the settlement amount will satisfy this debt." Has anyone out there accepted such a settlement and if so - has this in fact been the end of your dealings with these bottom feeders? I am so frightened that this will open the door to some other action by them and that they will never be out of my life. I did not write them a personal check for the amount owed - I got a certified check from the bank which has no reference to my personal bank account numbers... Because I didn't want them to have any access to my account info. I have written a letter to send back with the payment requesting a letter of confirmation stating that the matter is concluded... But I have great doubt that I will get it.
Before I mail this off - can anyone offer any advice - will this be the end of the ordeal? I really just want it to go away... I want to move on with my life... I am doing very well rebuilding my credit and want desperately to avoid winding up in court or with a judgement against me... But if paying this amount may lead me there anyway - then please somebody - tell me now... I don't want to make a mistake!
Thanks!
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