• Report: #767316

Complaint Review: ARM

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  • Submitted: Fri, August 19, 2011
  • Updated: Fri, August 19, 2011

  • Reported By: consumer — Carrollton Georgia United States of America
ARM
P. O. Box 129 Thorofare, New Jersey United States of America

ARM Accounts Receivable Mamagement, Inc. ARM does not respond to settlement offer. Thorofare, New Jersey

*Consumer Comment: Wait...Don't Do A Thing

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I received a collection letter from ARM in July for collection of a  $152.32 debt that I owe Bank Of America. Part of the amount is overlimit charges.
The date on the letter was July 11, 2011. I mailed them a settlement offer on July 18, 2011.

It has been thirty days and I have not heard from them whether they accept the offer or not. I will contact Bank of America and send them a settlement offer.

This report was posted on Ripoff Report on 08/19/2011 03:26 PM and is a permanent record located here: http://www.ripoffreport.com/r/ARM/Thorofare-New-Jersey-/ARM-Accounts-Receivable-Mamagement-Inc-ARM-does-not-respond-to-settlement-offer-Thorofa-767316. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Wait...Don't Do A Thing

AUTHOR: Jim - (U.S.A.)

For starters, if a collection agent sent you a letter.....the worst thing you can do is quickly respond to it.  You need to consider a couple of things:

1.  How old are the charges?  When do they date back to?  If you don't know, by no means do you do anything until you know.

2.  You need to consider whether the overlimit fees are consistent with the dates of the BofA Class Action Settlement for ordering transactions??  If they are, you can probably have the debt waived.  Normally I don't indicate anyone google anything, but in this case I would look up the information on the internet and see if you (a) qualify, and (b) have the documents needed to cash in.

You need to do some research before you consider doing anything rash like a written letter.  If they want a response, by all means don't commit to a partial settlement; by the time the debt got down to guys like this, the agency bought the debt for pennies on the dollar hoping to find a sucker.  You need to now send a letter rescinding the previously made offer, and indicate the debt is not yours, or indicate the debt is covered under the BofA lawsuit and is therefore void.  Use words like "harassment" a lot when you talk to them.

Once you waive this, this debt is now on your credit reports.  Write to all 3 agencies and have them remove the item immediately, as this is causing your credit score to go down.  Best of luck to you!!
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