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How to Settle Debt With Monterey Financial

George Simons | January 30, 2025

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD-MBA. In his spare time, George likes to cook, because he likes to eat.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: If Monterey Financial is suing you, be sure to file an Answer with the court to avoid a default judgment and give yourself time to negotiate the debt and settle for less. Use Solo to respond and settle the debt.

If you're on the receiving end of a debt collection letter from Monterey Financial, it can put a significant damper on your day.

You could be going about your regular business only to open a letter that says you owe money for a long-ago debt you're unaware of. If the amount is extravagant, you may wonder how you can afford to pay it. You may even wonder if you owe it or if the letter was a mistake.

Following the letter, you'll likely receive calls from Monterey Financial. You may wonder what your best course of action is—should you set up a payment plan to pay off the debt? Should you ask what the debt is for?

In this guide, we'll discuss the best ways to handle communications from Monterey Financial.

Settle debt with Monterey Financial

You can negotiate debt settlement at any stage of the collections process. SoloSettle makes it easy.

Settle with SoloSettle

What is Monterey Financial?

Monterey Financial is a full-service debt-receivable company based in Oceanside, California. It is accredited by the Better Business Bureau (BBB) and maintains an A rating. Monterey Financial purchases a wide array of aged debts from consumer companies, including document storage, vacation timeshares, elective medical procedures, and vocational school tuition.

If you receive a debt collection notice from Monterey Financial, understand they are a legitimate company, not a scam.

Who does Monterey Financial collect for?

Monterey Financial collects debts initially owned by a wide array of entities, including:

  • Hospitals
  • Healthcare providers and clinics
  • Retail and e-Commerce stores
  • Credit card companies
  • Government agencies
  • Utility companies
  • Sub-prime lenders

As a purchaser of third-party debts, Monterey Financial purchases debts, often for far less than the original amount owed, and then attempts to collect from consumers.

Read online reviews for Monterey Financial

Online reviews can help you determine what to expect when working with a debt collector. To understand the experiences of other consumers, visit sites such as:

While mixed reviews are common for debt collectors, learning from real examples of dealing with Monterey Financial can help as you prepare to contact them and negotiate your own debt. Take, for example, the following Monterey Financial review from Geneva:

“I had an excellent experience with Tore. Typically collection agencies aren't very friendly or are willing to work out payments with you. That was not the case with them today. They were very amicable and pleasant to deal with. I appreciate this as we try to dig our way out of debt.”

As you can see from Geneva’s example, it is possible to work with Monterey Financial and have a pleasant experience settling your debt. Clear communication will make all the difference, and knowing your rights when working with debt collectors will also help you be prepared to discuss your settlement options.

What actions violate the FDCPA?

The Fair Debt Collection Practices Act (FDCPA)was created to protect consumers from aggressive and abusive debt collection agency tactics. All debt collectors must comply with specific actions when attempting to collect a debt.

For example, debt collectors must provide a statement in their first communication, allowing individuals to dispute the validity of the debt within 30 days. If the consumer decides to challenge the validity, they must write back to the debt collection agency requesting documentation that the debt is indeed valid and it does belong to them.

Debt collectors are prevented from certain actions that are considered harassment when attempting to collect payment on a debt. These include:

  • Threatening to harm a consumer if they don't pay their debt.
  • Using obscene or profane language in any communication.
  • Repeatedly calling someone throughout the day in a way that could be considered annoying.
  • Causing the phone to ring continuously until the consumer answers it.
  • Falsely implying that they are an attorney or a representative of the law.
  • Threatening to destroy the person's personal reputation if they don't pay.

There are numerous other actions that are prohibited by the FDCPA. If you feel that Monterey Financial is using illegal tactics while trying to collect an old debt from you, you may file a complaint with the BBB or the Consumer Financial Protection Bureau.

What if I am sued by Monterey Financial?

If you receive notification that Monterey Financial is suing you in an attempt to collect a debt, you'll need to take action immediately. Typically, you'll have a limited amount of time to do so. It's usually 14-35 days or less.

First, you'll want to respond to their complaint by filing an Answer in your local court. The answer should contain the following information:

  • A response to each of the claims against you
  • Validation that the debt belongs to you
  • Verification that Monterey Financial has the authority to file a lawsuit against you
  • A request for documentation for their claims

In many cases, debt collection agencies purchase old debts for small amounts of money from a variety of different creditors. In some cases, they may not receive the appropriate documentation required to validate their claims. Once you file your answer, they will need to respond to you with all of the information you've asked for.

Sometimes, this may be enough for the debt collector to drop the lawsuit against you, especially if they don't have the required information to collect on the debt. It may become too expensive for them to follow up on, and they'll simply cut their losses.

Use SoloSuit to respond to a debt lawsuit in all 50 states.

How to settle a debt with Monterey Financial

Settling a debt is often the best way to resolve a debt with a debt collector. You can take action to attempt to settle a debt before it ever reaches the court system, but even if you’ve been sued, you can still move toward debt settlement.

The following steps outline how to proceed when considering debt settlement:

  1. Review your personal finances and determine how much you can offer. You need to understand how much you can afford to offer to settle the debt. A good starting point can be as low as 30% of the original debt.
  2. Send a debt settlement offer. Contact Monterey Financial and explain why you need to settle the debt, the proposed settlement amount, and the date you can pay. Monterey Financila collectors will probably counteroffer, but don’t get discouraged. Most debt collectors don’t settle on the first offer. Keep negotiating until you’ve reached an agreement.
  3. Get a signed settlement agreement. A settlement agreement outlines the terms of the settlement, and it should clearly state that the remainder of the debt will be forgiven.
  4. Pay as agreed. Make a timely payment to settle the debt. If Monterey Financial has filed a lawsuit against you, make sure you receive official documentation from the court that the case has been dropped.

Settle with SoloSettle

Make an Offer

For more information on how to negotiate with a debt collector like Monterey Financial, watch the following video for negotiation tips, tricks, and strategies:

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