My wife had a JC Penney card, which she ran up to around $600 last August. She fell behind in payments and a collector called around Christmas. The lady told us that she was authorized to accept a $300 payment and the rest would be written off and the account closed. We gave her our checking account number, which was charged the amount she told us and we thought that was the end of it. The next bill came, no mention of the write off. Calls to customer service were met with denial that they would ever agree to such a write off. Late fees and other penalties continue to accrue on the account. We had to get an unpublished phone number because they called 8-10 times a day. They now call my brothers and other relatives, trying to get ahold of her.
Now, this company uses this deceptive practice to get substantial payments from past due accounts, then continue their "rights" to charge substantial fees and interest, while not losing their right to collect all of them. It is unlikely that many past due debtors would make such a large payment unless promised some form of incentive. Such an offer, IF substantiated, would amount to a legal offer and they would have to honor it. HOWEVER, they know that such a VERBAL offer is simply our word against theirs. We don't record telephone calls, (if we did they would likely file charges for not getting their permission.) Of course, collectors almost universally record their calls, but I am CERTAIN they destroyed any recordings of these "lying" offers they made.
All of this behavior is further indication that they are heading the way of Montgomery Ward. They are desparate for cash in any form.
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