I sent a piece of machinery back to the lack of work. They show it being voluntarily released. But, there is nothing showing it was corporate debt and the amount showing owed is more than the amount requested by the collection co. The collection co. will not send me anything in writing to show what I am actually paying for. I told them I want to settle this but I needd something in writing.
Also, if I pay this account off and it showed as settled will it change my credit score significantly? They have not moved to judgement yet, I am just concerned that if I pay this off, I have nothing in writing or email to protect myself.

Hello m:

You're confused. Let me see if I can straighten it out. IF you had a corporation that contracted for the piece of machinery, then the debt isn't even yours. If that's not the case, I don't know what a corporation has to do with it or not. If you decide to settle, and you have cash in your hand, they'll talk to you. If you make a deal with them, I wouldn't send anything until you have the deal in writing... Unfortunately, a paid off collection is hardly better than a NON paid collection... But, it's better than a judgment, and you're liable to get one of those if we can't straighten this out.

excon

I'm not exactly sure what the situation is. You returned the machinery and it was never credited to your account? It was credited but there were additional fees - perhaps restocking charges - ?

It's showing as your personal debt but you are incorporated?

No one ever sent you anything and now a collection company has contacted you?

If you want to pay it off, get an agreement in writing.

I don't understand how/why you have no idea what amount of money is involved. How long ago did this happen?

The extra money could very well be legal fees, interest, something else. What does the original purchase offer/contract say?

Thanks for responding, I did sign a personal guarantee. My question is, Do I fight the incorrect amounts on my credit? I gave them the machine in June 2010 and proir to that they sent me papers showing I needed to sell it to one of my other contractor buddies, I told them I was going to send it to auction, they told me that they had dealers that would pay more for it, so I released it to them. My credit report shows I owed a payoff of 19600 and they sold it for $15400. The collection agency tells me the payoff amount was 15400, plus 7500 for residual, plus 4000 in misc. fees and 5400 for collection agency fees. Take away the 15400 leaves abalance of 17400. The collect. Agenc. Will settle for 13000. I tried to contact US Bank since they reported to the credit bureaus, the would only senfd me a payment history statement. The collection agency will not email me anything in writing , will only tells me figures over the phone and are threatening that I pay this by 10/25/10 to keep it from going to collections along with additional interest fees. Since the collection is already involved I fear they will report it as a settled judgement after I pay them. This took my credit from 700 to 608, will payong this off get me into the 620's?

They CANNOT legally - and if they do you can protest - list this as a settled judgment unless it IS a settled judgment - and at the moment, there is NO judgment.

If the debt is yours (and it appears it is) I'd take the settlement offer IN WRITING.

No telling what this will do to your credit rating.

Quote:

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Originally Posted by maxexc

... The collection agency ... are threatening that I pay this by 10/25/10 to keep it from going to collections ...

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If you are dealing with the collection agency on this it has gone "to collections".