Plaza Associates is a 45-year-old debt collection agency headquartered in New York City. Obviously, they have been around a long time and they understand the business. While they do third-party collections for a wide array of clients, including bank cards, retail cards, telecommunications and commercial loans, they truly specialize in a single type of debt known as tertiary. Tertiary debt is typically debt that is over one year old and is sold to collectors by creditors for pennies on the dollar. Plaza Associates has developed what they think is an excellent skip tracing technology and they have outsourced the call centers to firms in India and the Philippines
Stop Plaza Associates Harassment
If you get a call from Plaza Associates, and particularly if the collector is not using American English, then they are probably calling on a tertiary debt, meaning something that they think you owe from a year or more ago. The reason creditors sell this kind of debt so cheaply is because it is extremely difficult to collect. Just finding the consumer is difficult because contact information is often inaccurate due to moves, marriages, and other factors. So when you get the call from Plaza Associates, you may have been contacted because you now own the phone number that is on the credit file or your name may be the same or similar to that on the credit file. In other words, this may not be your debt.
Even if you think it might be your debt, don’t acknowledge it. Ask when the last transaction on the debt was. If it’s older than 5 years ago, chances are it’s past the statute of limitations in your state. In any case, simply tell them it isn’t your debt and hang up. By law, they have to send you a debt validation letter within 5 days. The letter has to show your name, the name of the creditor, the account number, and the amount due. If they don’t send the letter then they can no longer call you.
If they do send the letter, you have the right to dispute the claim and demand validation. You do this in writing and send it return receipt requested. Plaza Associates now has to send documents (like the original contract) that prove that you owe the debt. With tertiary debt, those records are difficult if not impossible to find. Once you file the dispute, they cannot call you until they send the validation.
Lastly, know and understand your rights under the Fair Debt Collection Practices Act and don’t let aggressive behavior from a collector push you into paying a debt that’s not yours.
Plaza Associates Contact Information
370 Seventh Avenue, Suite 1200
New York, NY 10001
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