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    Romefalls19's Avatar
    Romefalls19 Posts: 4,739, Reputation: 1130
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    #1

    Mar 17, 2009, 08:51 AM
    Collection Agency went out of business?
    I have an unusual problem, well at least to my fiancé and I. My fiance's ex made far too many purchases on her credit card and it has now went into collections. She has the funds to pay this collection agency for the account and we went to do so by calling the number and it states "this number is no longer in service" when we tried to call the other line it just goes straight into a busy signal.

    My question is, what can we do now to pay this account as they did offer a lower price to settle the amount?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Mar 17, 2009, 08:52 AM

    Do you have an address? I see no choice other than writing a letter. Any arrangement you would make would have to be reduced to writing anyway.
    Romefalls19's Avatar
    Romefalls19 Posts: 4,739, Reputation: 1130
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    #3

    Mar 17, 2009, 08:54 AM

    Thanks, we will try that. It's just frustrating because she wants to work on her credit but this bill in collections is destroying that ability.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Mar 17, 2009, 08:55 AM

    Its possible they went bust. Most likely they sold their assets to another collector and you will just have to wait until they contact you and try to settle with them.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #5

    Mar 17, 2009, 09:16 AM

    I did read that several collection agencies have gone belly up - I supposed the GOOD news is that you didn't send them any money. You could then fight for that money back as well as trying to straighten out the original problem.
    Romefalls19's Avatar
    Romefalls19 Posts: 4,739, Reputation: 1130
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    #6

    Mar 17, 2009, 09:19 AM

    Judy, is there a place where I can find out which companies went belly up?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #7

    Mar 17, 2009, 11:40 AM

    Well the real issue unless you have the settlement in writing it is not real anyway. Most collection companies lie to you on the phone to get as much as they can, they they come back and say you still owe.

    What you really need to do is go back to the original lender.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #8

    Mar 17, 2009, 12:12 PM
    Quote Originally Posted by Romefalls19 View Post
    Judy, is there a place where I can find out which companies went belly up?

    I would start with the State Attorney General and see what sources they suggest.
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