Re: debt collector problem

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On 9/29/06, ME wrote:
> NEVER talk to a debt collector! STAY OFF THE PHONE!
>
> http://www.creditboards.com
>
> On 9/29/06, NICOLE wrote:
>> I recently set up a payment plan with a Debt Collector and
>> after I made my first payment I received a letter
>> stating "Interest is presently charged at an Annual
>> Percentate Rate of 2&37;. You may avoid paying additional
>> interest by paying the New Balance". I'm confused...What
>> does that mean? Are they going to charge me 2&37; every
> time
>> I make a payment if I don't pay the balance? If so, can
>> they do that if you already set up a payment plan with
>> them. Please Help!!!!
>>
>>
basicly what u did when u agreed to make payments was
reactivate the debt at which time the debt collector can hold
u to the orginal terms of ur contract which includes the
addition of intrest charges to any unpaid balance. ur best bet
is try to get them to agree to a settelment of say 50% of the
balance.