Past Due Accounts that have been turned over to a colelction agency

by Katie
(Benton, AR USA)

I had a past due account. and they called maybe twice i never recieved a bill. and then they turned it over to a collection agency. But isn't it true that in order for them to turn it over to a collection agency that there must be some type of disclaimer on the paper that was signed that if it goes unpaid we have the right to turn it over to a collection agency?

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Sep 18, 2010
 Past due accounts turned over to agency
by: Mary & Gerri

Thanks for submitting your debt collection question on our Q&A page.

We are not aware of any such disclaimer requirement. When you incur a debt and do not pay it, the risk you take is that it will be turned over to collections. We suggest that you figure out if there is a way for you to resolve your debt -- can you afford to pay it in full, can you afford to pay it in installments over time, is the collector willing to let you settle the debt in full for an amount that is less than what you owe on it? The risk you take if you do not pay your debt is that depending on the amount of the debt, you may eventually be sued for the money and if you lose the lawsuit, the judgment against you will further damage your credit.

We suggest that you get our ebook Debt Collection Answers. It not only educates you about your debt collection rights and explains your options for dealing with collectors, but also gives you helpful advice about how to negotiate an affordable payment plan with a debt collector. You can read the first chapter of Debt Collection Answers online for free.

Please share what happens with your situation in the comments section for this question. We are very interested in hearing how this turns out for you, and your experience can help others who are struggling with debt collectors.

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