Should I give collection agency information?
Asked Jul 13, 2009, 02:24 PM
My ex and I had a court order where he was to be responsible for the balance of a line of credit and was to indemnify and save me harmless of the debt. I already paid my share of the debt. He claimed bankruptcy and the bank does not support the order, therefore making me responsible (I co-signed).
I wrote to the collection agency working on behalf of the bank and made an offer. The debt is around $8400.00 but I could only offer $2000.00 to settle. The collection agency said the bank would need more information in order to consider this amount. They want to know where I work and what my income is. The collection agency said the bank would most likely accept this amount if I proved hardship. I have my own business but it isn't doing well at all and my income tax return will show this but I was told I should not give out this kind of information to a collection agency. I'm worried they will come after me again. They want this information before a settlement offer is agreed upon.
Should I give them the information or should I take the risk that they will take legal action?
And because I have my own business what can they do?
Please help!! I only have 48 hrs. to let them know my decision.