I had one of those creditor/ collection agency call last

I had one of those creditor/collection agency call last night and left a very threatening message. I did NOT return his call. Today he somehow got my cell phone and I answered. I told him he left a very threatening message and he said he stay within guidelines. Any ways I was at work – very hectic job and ended up agreeing to monthly payments – he would not send me any thing in writing and these will be auto withdrawal which I know I should not have agreed to but was just put under the gun and trying to work. Typical tactics. Also the payments are more than I really feel comfortable with. Is it not a law I have 3 days to rescind a contract?

Can I call and send a written letter saying I will gladly pay a monthly payment but not for that much and will issue the myself?

First you have to rescind the auto withdrawal possibility. Go to your bank and sign papers to stop any ACH transfers of funds to them. You could also put your money in another account or bank, but I wouldn’t give them the chance to just take it while you’re attempting to work out the details.

You do not have to talk to them, On your cell phone say, this is my cell phone number you are costing me money do not call it agian **hang up**, at work say: you are calling me at my job I could lose my job do not call me here again *Hang UP* You do not have to talk to them, remember their only job is to get you to agree to pay them anything, and as we can see from what happened they are very good at their job. Keep track of date/time/who called.

If you don’t talk to them it may elevate it. It may help to know what you can pay for how long and write a letter. Read some past post on how to do that. Don’t forget to breath, and remember they are only words they speak and those only hurt if you let them.

When you sign up for this type of service – and it is planned out over a five year period…is this defenite?

And, what if you get some extra money (taxes, bonus at work – just anything extra) – can you apply it to the amount and pay it off early?

Most banks (the ones I’ve worked for) require minimum 72 hours notice to stop an ACH. Also, you usually have to give an amount. If whoever is trying debit your account changes the amount by even 1 penny, the transaction could go thru.

Try and get the bank to stop all ACH’s from the particular company. The company could get around it by sending the ACH with a different company name/code. I don’t mean to be a downer but ACH transactions can be very difficult to stop.