USAA Collections (Portfolio recovery?) Contacted

USAA Collections (Portfolio recovery?) Contacted me again and I offered $4k on a 24.5K debt 8 ,months old. they countered with 6100. Should I hold out for my 4K? I really want it as low as possible due to other debts that I am trying to settle. (all or nothing) They state it will be "settled in Full" thats where I don't don't know how to protect myself from future collections!

5 Answers

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Then your settlement will be with the collection agency. If you go forward, make sure they fax/e-mail you the settlement letter before you pay them.

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When I called USAA they said USAA owned the account and don't sell their accounts. So I assume this collector is hiered by USAA to collect on their accounts.

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If this is USAA\'s collections offering you the settlement, then you wouldn\'t have to validate it. I would jump on the settlement before they change their mind. At the time you accept they will give you the info on the 1099. If it\'s a collection agency, in order to avoid losing the settlement, you could call USAA and verify that the collection agency has your account.

That\'s what I did with one of my accounts and I settled with the collectors for 25%.

If they are willing to word the settlement as \"settled in full\" that\'s great. Usually they will state \"settled for less than amount owed\", but I didn\'t let that affect my settling. Just wanted to get rid of the debt and start with a clean slate.

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I agree it's decent. I'm just not sure how to settle on the wording for the settlement. SHould I be verifying they own the debt or just a collector and that the debt will not be collected upon (the writeoff amount) Plus they never mentioned doing a 1099, which is odd!

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They are offering you a 25% settlement. I'd run with it because if it goes to court you will owe the full amount plus attorney fees. That is a decent offer.

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