My question involves collection proceedings in the State of: Maryland
I have an incorporated company of which I am the CEO of and a credit card was issued to the company on behalf of my name. The card has about $8k on it and I have not make any payment going to year now. The banks has called and sent several letters but all of which I ignored and now they have sold the debt to some kind of law firm. The law firm is now calling me but I am yet to talk them, they left me two messages now.
Finally I got the courage to call the law firm back few hours ago and I demand a validation of the loan, but the lawyer I spoke to try to get me to make either payment plan or settlement right on the phone but I insist in getting a letter of validation from their law firm to confirm the debt and to make sure the numbers does match. The rep told me that this is a law firm and not a debt collector and if i do not agree to settlement or payment plan over the phone they will have no choice but to go ahead with the law suit.
I told him, I will have to call him back and he said if I do not call back before their closing hours, they will proceed with the law suit.
Please is this legal?
Please, I am confuse as what to do now, should I continue demanding for the validation letter or should I agree to make settlement now or wait and risk the chance of them suing me, please someone out there kindly advice me.
P.S i do not disagree that the debt is mine, all wanted is to have it in writing from their law firm and opportunity to go over it and check the accuracy of the numbers and come up with settlement that I can keep without defaulting again
Thanks in Advance