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Old 02-05-09, 07:48 PM
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DannoXYZ 
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Originally Posted by Pheard View Post
what can the collection agency do if I decide I won't pay, I just talked to them and told the lady it was BOA fault and I don't feel I should have to pay it, she goes "ok thank you jon", and I hung up. Can they file criminal charges or anything? I know my credit can/is going to be ruined. It's been a few months since they've been calling, each time they call they say it hasn't began to affect my credit. I think it's a line of bullcrap.
Well... the collection agencies are near the bottom of the list of creetin' OK? Somewhere in between used-car salesmen and ambulance-chasing lawyers. ALL that they have the power to do is put a bad-mark on your credit-report. That's it. They can't file criminal charges against you, they can't garnish your wages or levy your bank-accounts. Only government agencies can do that.

At this moment, a black mark on your credit-report isn't going to hurt anything. However, a couple years down the line when you want to buy a new car or a house, it may come back to haunt you. At which point, you'll want to call up the agency's that's listed on your credit-report. Most likely that bad-debt BoA sold will have been re-sold numerous times. You can negotiate with them to remove that mark from your credit-report by paying some or all of the charges. However... whatever you do, make sure you get the deal confirmed IN WRITING from them before you send them any money. And if you make a deal for less than the full amount, make sure they state that this payment is settlement for the ENTIRE debt. And get it writing that they'll remove the entry from your credit-report. Otherwise, they'll just take your money and sell the remaining balance to yet another collection-agency which will put yet another mark on your credit-report.

I had a friend that had her identity forged to commit some credit-card fraud. It's been over 10-years and she'll still fighting to get her credit cleaned up.
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