Aeges Offer...should I take? Anyone work with them?

[getmeoutofhere]

I am in the process of negotiating settlements on several of my debts. One such account is an AMEX for $28K. It has transferred to Aeges for collection. I received a call today from them with an offer to settle for $10K. I got them down to $2800 one time payment. I confirmed that they did NOT buy the debt from Amex, but instead are a 3rd party collection agency. Said that if I paid by tomorrow at 10:00am, it would be settled. I confirmed that they would not be selling off the deficiancy and that AMEX would not be selling off the deficiancy. They said no. I asked if they would be issuing a 1099 for the deficiancy. They said yes (which is fine as I have a huge carry forward loss from a failed business).

They wanted my bank info. Told them I do not have a bank account. They wanted me to put the money in a friend or relatives account for the transfer. Said no way. I will only send a money order overnight. They accepted.

Any other gotcha's I should be aware of?

[landofpoor]

If it was me I would have to get it in writing

[getmeoutofhere]

yes

they are supposed to "email" the offer in writing...I will post when I get. I will also email to my attorney for review but thought I would check with the board on their opinions

[DeadManCrawling]

Sounds like a good offer, but it could serve a negative purpose as well. Other creditors will see the change in status for that account and could deduce that you settled it, making them more likely to pursue you in court or with a settlement in mind.

certainly get it in writing, and please let us know if you take the offer and update us on other actions as you can. Would be appreciated.

[OhioFiler]

If they are willing to accept $2,800 tomorrow imagine how low they might go on their offer if you drag it out another few months.

[getmeoutofhere]

response

Here is the response.

This communication is in response to your recent inquiry concerning the above referenced matter. After reviewing this account we have determined that Aegis Receivables Management Inc. will accept $2828.81 as a settlement of the obligation set forth above. The acceptance by Aegis Receivables Management Inc. of $2828.81 as a settlement of your account is contingent upon your compliance with the following conditions:



1) This total of $2828.81 must be received in our office at the address set forth above no later than close of business on 07/31/2009.

2) Your payment should be made with certified funds.

3) Do not include a restricted endorsement on the payment.



To ensure proper credit, please be sure to note the account number on your payment. Please note, if your payment is not received by us on or before the payment date, contains an unacceptable restrictive endorsement, or is returned by the bank for any reason, your account will not be considered settled. In such case legally authorized interest and fees will continue to accrue on your account.

[destitute]

Interesting.. It doesn't say anything about selling the deficiency. You might also want to agree how it will be reported to the CB's

[OhioFiler]

Here is the response.

This communication is in response to your recent inquiry concerning the above referenced matter. After reviewing this account we have determined that Aegis Receivables Management Inc. will accept $2828.81 as a settlement of the obligation set forth above. The acceptance by Aegis Receivables Management Inc. of $2828.81 as a settlement of your account is contingent upon your compliance with the following conditions:



1) This total of $2828.81 must be received in our office at the address set forth above no later than close of business on 07/31/2009.

2) Your payment should be made with certified funds.

3) Do not include a restricted endorsement on the payment.



To ensure proper credit, please be sure to note the account number on your payment. Please note, if your payment is not received by us on or before the payment date, contains an unacceptable restrictive endorsement, or is returned by the bank for any reason, your account will not be considered settled. In such case legally authorized interest and fees will continue to accrue on your account.

This concerns me. Why would they not want a restritive endorsement such as this?: Depositing of the funds constitutes acceptance of the enclosed settlement agreement and full satisfaction of the debt described.

[treehugger1]

I'd call them back and demand the promise to confirm the entire account paid-in-full upon receipt of funds. Since I would have nothing to lose, I'd probably also call AMEX, if they still hold the debt. Why? There are still two players, Aegis AND AMEX.

[DeadManCrawling]

Good point Bigboy, and I missed the AMEX part. In the last few years of reading here, I also don't recall any AMEX settlements that were legit and for so small a percentage.

[getmeoutofhere]

Update

Thank you all for your input. I forwarded the correspondance on to my attorney. He stated the letter is no good UNLESS they would attach and referance an AMEX statement in the deal. Basically, state that AMEX accepts the offer as settlement on behalf of Aegis.

In speaking with Aegis this morning, they refuse to do this. They told me that once I pay them, I will get a bill from AMEX in 20 days. Upon receipt of this bill, I need to send them a copy of the Aegis settlement. Amex will then report the account as settled. GOOD ONE!

I told them put it in writing. They won't. Negotiatations are over. Sending C&D today. Better luck next time LOL!

[falken]

I told them put it in writing. They won't. Negotiatations are over. Sending C&D today. Better luck next time LOL!

Good call. What they really wanted is for you to make a $2800 payment. They would then either start collecting on the balance or let amex know they exhausted all they are able to collect and amex would assign the rest of it to someone else.

[treehugger1]

They probably agreed to attempt to collect for a 10% fee, with the stipulation they get paid before AMEX.