Tips for settling with debt collection agency?
Date: Fri, 12/15/2006 - 09:17
Should I receive a verfication of settlement from them before settling? What are the steps to settle? I have a little cash set aside that I can use, and I'm wondering how to do this right to make sure that I don't get the 'short end of the stick' or anything.
any help would be appreciated.
Thank you.
WELL
You always want something in writing especially if you are trying to settle. That way they can't call you in a year and say hey, you still owe $$$. Then you want to negotiate. Make them get close to your figure, I will call and negotiate when you are ready. I'm helping someone else here with it.
Well - one is from Spring '05 The other is from Oct '05 or so b
Well - one is from Spring '05
The other is from Oct '05 or so before they were turned to collections.
One balance is $1800 or so
The other is $700 or so (cell bill)
How low can I negotiate?
I really want to get these paid so I can make a fresh start...it's dragging me down.
Thanks for any help.
julie
Really? :-( I was hoping to get them down to about 60% or so
Really? :-(
I was hoping to get them down to about 60% or so each...I guess that's stretching it.
Settlements aren't always based on age. It depends on your circu
Settlements aren't always based on age. It depends on your circumstances. You could try sending them a letter and a check along with an agreement that by cashing this check they are agreeing to consider your account settled.
There is a slight danger to settleing accounts. A first settlement will hurt your credit score up to 150 points. After that it won't matter. It's better to settle than have a long term payment plan past 6 months.
Hmm.... sorry for my ignorance: why is settling your account hur
Hmm.... sorry for my ignorance: why is settling your account hurt your credit score? Should it make it better since you settle your debt?
When you sign up for a service be it credit card or cable TV you
When you sign up for a service be it credit card or cable TV you are agreeing to pay the balance in full. When you pay less than what you agreed to your credit score will reflect that. The first settleement is the one that hurts your score the most. After that then it doesn't matter as much.
I don't normaly reccomend settleing accounts if you can pay the balance within a 6 month period.