Education

How to Handle Collection Calls From MRS Associates

If you’re getting unnerving and persistent calls or letters from the collection agency MRS Associates, it’s time to act. You must protect yourself because the agency is going to hound you about your debt.Never fear, though: here’s how to handle collection calls from MRS Associates.

What is MRS Associates?

While it’s billed as an account receivables management company – and plays down its collection role – MRS Associates is indeed a debt collector. In fact, it’s one of the nation’s largest collection agencies.

The New Jersey-based firm purchases collection accounts from consumer finance companies, commercial retailers, credit unions, banks, and auto finance companies. MRS Associates also goes after student loan debtors.

What Should I Do If They’re Contacting Me?

Determine the age of the debt and the applicable statute of limitations.

To learn the former, go over your records and find out when your account became delinquent or when your last payment was made.

If necessary, call your original creditor and see if it has a record of your last payment. Then, check your credit reports from TransUnion, Experian, and Equifax and match what they say against what you have as your delinquency date.

You next want to find out the statute of limitation for your type of debt. In the case of debt, such statute refers to how long a creditor or collector has for it to take legal action against you. Once the statute of limitations expires, the collection agency may not use legal remedies to collect from you (although the original creditor can still sue you, with a couple of exceptions). It can “ask” you to pay, but that’s it.

The statute of limitations becomes effective when your account becomes delinquent. To learn whether the statute of limitations clock expired on your account, add 30 days to your last payment due date plus the number of years in your state’s statute.

If you’ve determined that the statute of limitations has run out, send a cease communications notice to MRS Associates to halt those pesky collections calls. If it has NOT run out, keep reading.

Validate Your Debt

You have 30 days to validate a debt when MRS Associates comes a-calling. Such validation is legally due you. If the company fails to do so, you must send it a notice of insufficient validation. In most states, companies that can’t validate a debt will get in trouble if it uses the courts to make you pay.

Overall, the debt industry can validate about half of all accounts, so it’s worth it for you to validate.

Now, if MRS Associates CAN validate your debt, and the statute of limitations has not lapsed, read on.

Try to Negotiate a Settlement

Collection agencies typically purchase delinquent accounts for one cent to 10 cents on the dollar (the average price MRS Associates pays in unknown). Sometimes, original creditors hire collection companies to collect delinquent debts. Either way, the mission is to get what it can from you.

It’s likely that MRS Associates uses commission to pay its collectors. This means that their pay is based on debt settlement. What you should know is that these collectors make deals at the end of each week and month. Take advantage of that when negotiating.

If you think you’d be uncomfortable negotiating with assertive collectors, hire an experienced, reputable debt settlement company such as Freedom Debt Relief to handle this for you. For one thing, such companies know which original creditors and collections have accepted settlements in the past.

Know you know how to handle collections calls from MRS Associates. A little knowledge goes a long way, eh? Here’s to peace of mind – and a debt-free life.

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