I live in NY and I have a very old outstanding debt that is in collections. I called to settle and they gave me an amount but I first wanted something in writing sent to me then pay debt. They said they would have to settle on the phone and then a letter would go out. Is this the standard way they do business and can I trust them in regards to the settlement payment. NCO Financial Systems has the account. Should I check with BBB ? I am just a little hesistate to do it this way because I have heard horror stories of people making settlement agreements and then the account gets transferred to another collection agency and this information is never past on. Tks .

No, its not standard. They are trolling for cash - and if you make an agreement, that can be construed as accepting the debt as legitimate and be grounds for a lawsuit.

Don't pay anyone anything without it in writing FIRST. You cannot trust them even a little. Not for a second.

Also, do not acknoledge that the debt is real/legit ever.

And don't bother with the BBB. The BBB is essentially useless and has no power or authority and really, is just a little used storage point for public opinion... something that is quite obsolete in the age of the internet.

No, its not standard. They are trolling for cash - and if you make an agreement, that can be construed as accepting the debt as legitmate and be grounds for a lawsuit.

Dont pay anyone anything without it in writing FIRST. You cannot trust them even a little. Not for a second.

Also, do not acknoledge that the debt is real/legit ever.

And dont bother with the BBB. The BBB is essentially useless and has no power or authority and really, is just a little used storage point for public opinion... something that is quite obsolete in the age of the internet.

I do owe this debt and I am the one that called to make settlement. I understand what you are saying but since this is my obligation I want to know how best to handle. This has been on my credit report for at least 4-5 years. Making it hard for a loan. I want to settle and they made me an offer but they said they will take my cc # over phone then send me paper stating it has been paid and report to credit agency. How else can this be handled ? They are firm on this. They will not send me a letter stating settlement amount and then I send payment . Any suggestions ?