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NCO Financial Systems Complaint

Help! - Available Options

Posted By: overmyhead on 2/16/2005

I was contacted by NCO regarding a $16,000 debt to Citicard, which I had been paying on - but not the full amount. What are my options with NCO? I want to set up a payment plan, but they want a big lump sum down, which I don't have. Thanks for any help you can give me.

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DebtorBasher

(02/16/2005)

The only time they can request (not demand) one lump sum is if they are offering you a settlement on the account. Even then, it can be divided into a two part payment. Other than that, they can not demand you to pay in one lump sum, if you are only able to make monthly payments, then that is all you need to do.

DebtorBasher

(02/16/2005)

Check out my blog...I responded to your question on there.

LegalCollector (02/17/2005)

How do ring up 16 grand on one card is a better question.

dbtcllctr (02/24/2005)

Unfortunately Debtorbasher is not correct. If you default on a credit card or other installment plan you have broken your end of the agreement and the amount owed becomes due in full, so they can demand (not request) that the amount be paid now. However...if you have limited income, like most, then you can do a payment plan. Pay as much as you can, just make sure you pay something each and every month. Good luck...NCO is one relentless collection agency.

DebtorBasher

(02/24/2005)

Excuse you...but Debtorbasher is not wrong! An agreement when someone applies for credit is between the creditor and the customer. Once the account is turned over to NCO, we are able to offer many more payment options,programs,finance fee removals,late fee removals, extensions,etc. The only payment option when a payment in full is not possible that NCO "requests" a lump sum payment is, as I correctly stated before, is when an agreement for a settlement is made..and even then, it can be made in two payments. I don't know what agency dbtclltr works for, but this account is with NCO, and that's the way it is!

dbtcllctr (02/25/2005)

My apologies to Basher. My comments were not meant to offend and I possibly could have worded what I said a little differently to avoid any hostile intent. I was simply trying to point out a fact that for a collector to call someone and demand them to pay what they owe in full due to default on their part is standard practice. Most contracts for credit do make note of the fact that should you default all payment arrangements are void and said balance will be due in full immediately. Most collection agencies do have the authority to waive fees and set up special payment arrangements as most individuals, if they had the full amount, would n... more >>

DebtorBasher

(02/25/2005)

Apology accepted.

Mad Eye Moody

(03/07/2005)

YEAH! How you like, Basher NOW?! All collectors think they are all right. Corporate Christmas parties must be a blast after everyone has tossed back a few.

DebtorBasher

(03/11/2005)

Maddy...I've invited you to one of our parties before...I asked for you to pop out of a cake and your chickened out and broke my heart...but I just want you to know, the offer still stands!

jeannep (07/27/2005)

has any one been sued by NCO?

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