• Report: #402804
Complaint Review:

Pressler & Pressler - New Century Financial Services

  • Submitted: Thu, December 18, 2008
  • Updated: Thu, December 18, 2008

  • Reported By:Hackettstown New Jersey
Pressler & Pressler - New Century Financial Services
7 Entin Road Parsippany, New Jersey U.S.A.

Pressler & Pressler - New Century Financial Services Help - Settlement Offer Advice Needed - Could it be real? Parsippany New Jersey


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My debt is not unlike many others who posted here. As I tried to dig out of a bad situation without declaring bankruptcy - a credit card account I had with Washington Mutual went to collections in very short order they barely held the debt for any time or I would have been able to work things out with them directly I belive(Ironic that now they find themselves being picked over by someone because of financial trouble!). That first company contracted it to another - then to another - then sold it and sold it again. Each time I tried to contact the company that had the debt to reach a payment plan or settlement amount. I was not trying to duck what I really owed - but I knew a great portion of the amount sought was fees. In the spring of 08 the newest in the string of collectors became Pressler & Pressler on behalf of New Century Financial Services Inc. I also belive that these two entitys (Pressler and New Century) are one and the same - New Century being the front to buy the debts/debtors that Pressler then get's to shake down.... I wouldn't be surprised if the offices are down the hall from each other!

Anyway - I know better then to call any company like this - as you will only wind up getting yelled at and threatened. I only correponded with them via mail and always with return receipt so they couldn't say they didn't get it. From the very begining I knew they were sleezy scammers - as they like other have said - could not and would not provide ANY detailed info about the debt - just the original name of the company and the amount. I asked repeatedly and was told point blank that they were not required by law to provide that information which is a blatant lie. I read much of what I could find out about both companies online and was shaken... I spoke to a family friend that is an attorney and to another that helps people clean up their credit - neither had anything good to say about Pressler and told me to continue my letter writing only - and to make settlement offers.

I did this for a few months - explaining how and why I was in the situation I was - and where I saw things going in the future... I made them 2 offers based on the advice of our friends that were fair and reasonable based on what they likely paid for the debt - but every effort was flatly refused - with a letter finally coming stating basically they would only accept full payent and nothing less. So I stopped writing.... That was in June.

On December 13 I got a letter from Pressler with an offer to settle for 70% of what they were seeking. I still belive this is more then I owe but to avoid some of the horror I have heard many here tell of I decided to pay it. The letter they sent clearly says that if I pay the amount requested it will be "...accepted as payment in full..." and that "Payment of the settlement amount will satisfy this debt." Has anyone out there accepted such a settlement and if so - has this in fact been the end of your dealings with these bottom feeders? I am so frightened that this will open the door to some other action by them and that they will never be out of my life. I did not write them a personal check for the amount owed - I got a certified check from the bank which has no reference to my personal bank account numbers.... because I didn't want them to have any access to my account info. I have written a letter to send back with the payment requesting a letter of confirmation stating that the matter is concluded.... but I have great doubt that I will get it.

Before I mail this off - can anyone offer any advice - will this be the end of the ordeal? I really just want it to go away..... I want to move on with my life.... I am doing very well rebuilding my credit and want desperately to avoid winding up in court or with a judgement against me.... but if paying this amount may lead me there anyway - then please somebody - tell me now.... I don't want to make a mistake!


Hackettstown, New Jersey

This report was posted on Ripoff Report on 12/18/2008 01:57 PM and is a permanent record located here: http://www.ripoffreport.com/reports/pressler-pressler-new-century-financial-services/parsippany-new-jersey-07054/pressler-pressler-new-century-financial-services-help-settlement-offer-advice-needed-402804. 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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#1 Consumer Comment


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

GO TO www.budhibbs.com ASAP A consumer advocate website that specializes in Debt collections - Contact them at this website

Collection agencies do not want you to know about the Bud Hibbs site because it exposes all the illegal tactics they use to collect on debts that are legally uncollectible.

Pressler and Pressler are listed as an agency to avoid -

You said yourself - they have not validated the debt by legal standards and lied about not having to do so. That means they cannot legally collect it.

Never try to explain why you may have defaulted. I am sure it was a valid reason such as medical or job loss. THEY DO NOT CARE !

You did not say how old the debt was - check the budhibbs site for Statute of Limitations on this debt for your state.

WAMU is impossible to deal with-they would not have worked out a payment arrangment even if they had maintained the account themselves.
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