Please critique my plan to work with creditor

[bleucheese38239]

I will be calling the collection agency in a few days, I am preparing and doing my homework. Here is what I have so far.

Background: Owned an investment house, foreclosed in a recourse state.
1st lien took house, second lien sold their note to a debt collection agency.
I owe approximately 90k.
Agency has had the note since July and has made no attempt to reach out to me.
I have sent them letters stating I would like to settle for an amount but haven't heard back.
I called earlier and they are ready to negotiate when I am.

So, please help me formulate a strategy or a plan of attack.

My thoughts are I will tape the call and I will take notes. I will NOT TELL THEM WHERE I WORK OR WHERE I BANK. I will do my best to avoid a payment plan.

If it works, I will ask that they list my account be listed as paid in full rather than paid in settlement. I will get proof in writing before I sign anything.

Questions:
What should I expect on the call? Will they believe I have little to offer or will they demand proof?
Will they ask for salary, financial statements or job info?
If they ask for this what do I tell them?
What can I do to limit this exposure?

Anything else I need to consider?

Please let me know what you think. Let me know if this thread already exists.

(Not sure if this belongs in debt consolidation or collections, admins: feel free to move)

[Trish]

Just my .02......I would NOT be talking to them over the phone.
CAs are notoriously sneaky and will tell you ANYTHING over the phone if they think they can get you to pay.

Did you send the letters CMRR?
You absolutely do not give them any personal information.
Do you know if it's ok to tape phone calls in your state?
If you don't work out a payment plan....how would you want to pay? Do you have enough to offer a settlement? 90k is a lot of money.....if it is truly your debt and within the statute of limitations, they can take you to court and sue you for this amount.

Sorry to sound so negative but you just don't have much leverage on a debt that high within SOL.

On the other hand, if you are able to offer a substantial amount, they may take a little less just so they will at least get something and have the debt taken care of.

They may ask you for proof of salary or financial info but you do not have to give it to them unless they have obtained a judgment against you.
Just thinking ahead a bit......you may want to check your state laws to see if they can garnish your wages.

Just my advice......I think you should just continue with written correspondence (CMRR of course) and stay off of the phone. If they do not respond then at least you have tried (and you have proof that you tried). That doesn't mean they won't try to sue you......but then if they do, you can at least have it postponed by showing the judge/courts that you have tried to communicate with them and they have ignored you.