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Dealing With Debt Collectors? Let's Make A Deal!
Mel Jensen
If you have fallen on hard times and got behind on a few debts don’t despair. Many Collection Companies are more than willing to work out a deal regarding the debt. If you are willing to do some negotiating then you might be able to settle your for pennies on the dollar.
In a survey of Collection Companies, 72% were accepting payment arrangements, 54% were making more settlement offers and 39% had even lowered the amounts they would settle on. So most of the industry is trying to collect anything they can because most people have lost much of the home equity that they had before. This keeps many lenders at bay because the money just is not out there.
Although some companies won’t negotiate with you don’t give up. Settling some of your might help you improve your credit. Improving your Credit Score is a good goal along with removing your debt. It actually works that way. If you pay down your your credit score will go up. If you can successfully remove your overdue (or collection) accounts your score will rise by quite a bit.
Remember that all creditors will not negotiate with you but even one creditor that does could save you quite a bit of money. Here are some tips to help you in the negotiating process:
The first conversation with a collector should be an investigating process. Never admit to the or even make an excuse about why it was not paid. You will want to make sure you keep a log of the call and the conversation you have with the collector. Get the name, company information (including their address) and phone numbers for contacting them.
Next ask for the original creditor information including what they say they owe you. Ask for information to support the debt. You do not want a statement, you want the actual contract, receipt or anything they have to support that the is your debt.
If you are working with good collection agency then they should be giving you the above information without any problems. If you have a company (or collector) that starts to harass or threaten you, be sure that you get their name and information. What they are doing is against the law based on the Fair Collection Practices Act. If they are not following those rules then you can actually hire an attorney and sue them because they must follow the rules. Just as you have to follow the rules, they have to follow the rules.
Do not on the first conversation discuss how much or even whether you can pay. Don’t give any information regarding your income, where you work, where you bank and more importantly any personal information such as Social Security Number or Bank Account Numbers. Remember to never give out any personal information over the phone. You never know who is listening and how they might use that information.
Once you have that initial information, ask for a letter that details the debt. Once you have done that politely say goodbye and hang up. They are supposed to send you a letter with details regarding the debt. If the collector calls again before you receive that letter, remind them that you won’t respond until you have investigated the information that they send to you.
After you receive the letter and the information regarding the take the time to investigate it carefully. You have 30 days to respond to anything on the that you are disputing. So anything that you think is incorrect take the time to dispute it. Write a letter regarding the and what is wrong with the debt. The collection agency is supposed to gather information to support their claim to you and should stop contacting you until they can provide you with that information.
While they are working on that, you should use that time wisely. Investigate what the statue of limitations is in your state. The statute varies greatly from state to state and the type of debt. The statute does not mean the gets erased but it does limit the collector’s ability to use the courts to get you to pay.
Now if the has surpassed the statute and it has expired, you are now in the driver’s seat. You can now tell the collector what you are willing to do, including not paying the without worrying about getting your bank account or wages garnished.
There are some debts that have no statute of limitation like Student Loans so be aware of those. If you admit the is yours then you might be extending the limitation on some debts.
Once you have all of the information and you are ready to get down to the negotiation remember that you need to limit what you say to the collector. Telling them that “I have lost my job” is different than going into the fact that you company downsized and giving them all the details. It is better to say “I have lost my job” and you will contact them when you become employed. If you keep repeating this information the collector may stop trying to contact you or limiting the number of calls made to you.
If you can pay, then really negotiate the debt. The original creditor has probably written off your and sold it to the collector. The collector bought the for pennies on the dollar so getting them to settle for a fraction of what was originally owed will put money in their pocket and settle the for you. It is better to settle for a figure and pay it off in full but you might be able to settle the for a less amount and make payments on that figure. You can also negotiate the removal of the collection agency’s reporting to the credit bureau.
By getting that information removed from your credit report, your credit score will go up. Keep in mind that you must support your side so keeping your responses to a minimum is best. Good Credit can be within your grasp if you get these things negotiated and removed from your report. Remember to get everything in writing prior to exchanging any money. Once you have made a payment, the ball is in their court and they may have you over a barrel. So negotiate strongly, get the agreement in writing and stick to your guns.
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