What to do about creditor -NCO Financial Services?

First off, this creditor broke the law by telling your father they were sending the Sheriff out. That is a no no. That also tells most likely, this is a junk debt buyer because if this debt is from 2004, it is 6 years old and long past the statute of limitations to sue you. Hopefully, you did NOT admit to owing them a dime, as these shady outfits will twist your words and reset the clock. You should have NEVER called them back, and your father should have sent them a certified letter telling them to stop calling and that they would be sued by him and fined by the FTC for breaking the law.

I hope you didn't screw yourself by calling. I wouldn't agree to ANYthing. I wouldn't give out bank account #s I wouldn't even talk to them. They cannot sue you. They know it, and they are reaching for the dirty tricks in order to scare you into paying.

If you still legally owe the debt depends on a few things. The most important thing is are you past the statue of limitations on your debt. This means the last time you sent money. I would check your states laws. Another thing to consider is did you promise Walmart or NCO any money? If you said yes, you are on the hook from that date until present time.

If the answer is no to both of them and you do not want to pay this there are a few things do to. One send them a Cease & Desist letter. Ask them for proof of the debt, the orginal paperwork, all documents you have signed, all interest, penalities, and legal fees etc. DO NOT SIGN IT, some companies will lift your signature off your letter and place it on a document saying you agreed. Send one copy via fax (you can find the fax number on their web site) and one copy via certified letter.

They will have 30 days to respond to your letter. By law they are allowed to. If after they received the letter and they call you, keep track of each and every call. You may want to record each and every call they give you. As for the calls to you and your father, it is illegal to say a sheriff is going to arrest you or that they are going to garnish your paycheck. You might want to send a letter to the Attorney General in your state, your father's state and NCO's state.

I would be leary about offering them a payement plan. When you do you are then agreeing to your owning them money and their terms. If you offer to pay them the clock on your debt starts over again and you have then agreed to their terms. Do not offer them, make them prove the debt to your first and get everything in writing before you pay dime one. And make sure they send you paperwork with the terms of your payment schedule. DO NOT PROVIDE THEM YOUR BANKING INFORMATION some companies will drain your account. Many companies buy bad loans for pennies on the dollar and try to bully people into paying them. For example on a $100 credit card the company will buy the debt for 5 cents. Then they will try to get upwards of $500 from you. If you resist they will tell you the company will settle for $250. Anything you pay them is pure profit and then the company folds over to a new company and the debt cycle starts all over again.

Finally, if you do not hear from them check your credit rating and check the local courts to make sure you are not being sued. If they sue you GO TO COURT and defend yourself. Tell the judge that the credit card is an open credit, the statue of limitation has expired and that this is a dead loan.

I think the perfect advise would have to come from Dave Ramsey. I listen to his advise every day. He give's step by step instructions on what exactly to to with these scumbags.

He usually tells you to just focus on you necessities first. 1)Food 2)shelter 3)lights 4)transportation. And keep hanging up on the Aholes.

Save up the money and settle the debt with them whenever the WILL acccept it. If they don't then just hang up until someone does accept your offer.

And they have to accept it by sending it to you IN WRITING and you send them a money order. NEVER give them access to you debt card or checking account # because they will take more than they agreed to and cause you to overdraft. (They are all FAT LIARS) And Copy those two things before you send them in and keep them for The Rest Of Your Life!! (so some other scum bag company doesn't buy the debt and make you pay again! they can and will)

It's free you can download his radio podcasts on i tunes or from his website with case by case topics. On top of just solving this problem his book or whatever product you are interested in, will teach you how to win with money. I am way more confident than I was just a year ago. Even if this isn't your favorite answer. You should do yourself the favor and check him out!!

(I know I'm a fanatic, whatever works:)

your card balance might have been 500 but they have been adding interest and fees all these years. the statute of limitations is usually 7 years tops depending on which state you live in and this debt might be on the verge of "ageing out" so that might be why there's so much collection activity now. it's possible they would take you to court but seems unlikely for that amount and you would have a valid counterclaim based on them threatening your dad with the sheriff. i agree that doing nothing is your best bet.