Hey Monkeys,
I know many of you have dealt with this before so wondering what you guys did in this situation. I left my IB job six months ago but left before the two year period so I have to pay back part of my signing bonus pro-rata. I initially just ignored their emails and phone calls, but I accidently picked up one of their calls (I did not expect them to call six months later).
They’re telling me the debt has now gone to their Recovery Department (so NOT a 3rd party debt collection agency). Has anyone else just continued to ignore their number? What’s the recourse if I don’t pay it back?
EDIT: The lady on the phone disclaimed that this was an attempt to collect a debt.. making me worried to keep ignoring it
Isn't signing bonus usually for one year. correct me if I'm wrong.
At my bank it is 2
Different firms have different policies. Mine is 20 months
My guess is that if they can't collect, they will sell your debt to the collection agency, who will then will try to collect from you. your credit score will probably plummet.
Yea I had a dermatologist do this over a couple hundred dollars because I moved and wasn’t getting their bills in the mail.
I’m guessing if you are at any decent sized bank they will have the resources/experience to work with a third party collections agency to hunt you down and destroy your credit if you don’t pay.
My strategy was to let them send it to a debt collection agency, and I'll then pay it if they still chase me as it doesn't hit my credit until I'm delinquent against the debt agency as well
Thoughts?
For what it’s worth, I posted something similar a while back: https://www.wallstreetoasis.com/forums/not-paying-back-signing-bonus
I may be in the same position in the near future, so I'm wondering if the signing bonus actually get amortized for every month you work there?
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