Hello,

While I have since learned all about how to maintain good credit, how to budget and all that good stuff, the fact remains that currently I have bad credit. Now what puzzles me is I tried to work with a collection agency to pay them off "settlement" but they refused to accept my offer unless I give them bank account information. I refused. So I really want to pay this off to help (maybe) improve my credit rating. Is it essential to have to give bank account information in exchange to pay off a collection? Any ideas on how else to save/improve myself in this situation??

 Thanks for any ideas.

The bank may want to set up something with you, otherwise, you are probably receiving annoying phone calls and letters. I'm not sure if you need to give out your banking info, but again go see your bank. I have never received any calls from creditors but my husband has and they can not call you at your place of work you can sue them for harrasement. Hope this helps a little. prayers to all BD

Dave Ramsey says to never give out acct info as the collection agency will clean you out.

I would not give out bank info in your case.  A lot of times also collection agency's will sell your account to another collection agency and so on.  This in my opionion is one to many people that will see and handle ALL of your information.  Creditors can be some of the rudest people on earth and can talk a fast game and before you know it you have given out your information.  Don't buckle under that kind of pressure, if they are really willing to work with you, you could always have transactions done by western union for a small fee or a money order, certified check, etc.  Also if you don't mind my asking what were some of your strategies for pulling your finances back together and getting back on track.

Jenn

Don't give them your banking information. I did to a creditor and I was lucky, they actually took only the monthly payment they were supposed to. But after I did it I was worried sick every month because I'd read a lot of horror stories about them cleaning out people's accounts. Even many financial advisors say not to do this.  Offer to wire money via Western Union instead if they say a check will take to long.

I agree--don't give out account information. Call your attorney general's office consumer protection division or find out who regulates and licenses collection agencies in your state (our Secretary of State does in Nebraska). You can file a report stating you are willing to pay your settlement but are being refused and harassed by the collection agency. Good luck!

 To try to get my finances back on track, I have paid off one "smaller" bill off my credit report, and some money owed to the IRS thanks to my ex. Now I currently owe a medical bill and I have set up a payment plan to pay that back so that doesn't get out of hand.

Hi Becky, Ive actually gone through this before. DO NOT give them your account info. You can ask them if you can westren union it. Creditors can be horrible about reducing the debt. All I wanted was for them to take off the late fees and the certain ones still wouldnt work with me. What you can do is get caller ID if you dont know the number do not answer or set up a specific time for family and friends to call. Talk to them on your terms or send a certified letter requesting help on paying the bill such as a repayment plan or reduction in the percentage. Make sure you keep a copy of it for yourself. The creditors that wont work with you will sell off your debt to another collection agency after a while and they might be more willing to work with you. I still have two debts that the companies refuse to work with me so I sen in what I can, when I can (my husband is diabled and hasnt been able to work for over two years.) Do not let them harrass you it is against the law for them to make threats or call you at work. I've even paid off a debt with a company with a repayment plan that they agreed to (I have the letter from them and everything) and they still will not take it off my credit report. I just added a note to my credit report to say the debt has been paid and I can provide proof. Keep trying I know its stressful and hard..Good Luck.