Learning about Debt
Date: Thu, 02/08/2007 - 20:36
Hello;
Thank you very much for all of the wonderful advice here. I have learned so much regarding how to deal with debt.
I'm just curious what the best course of action is regarding a debt. I've also been getting the letters from Capital One (I couldn't figure out what it was and letters to them for confirmation didn't get anywhere). Now I als am being contacted by Oracle as well but I'm doing research before talking to them. I don't care if my credit rating is damaged since I have no credit cards and don't buy on credit. I'm only concerned about a judgement and what that entails.
I read another site Link deleted as per forum rules - Mike
That creditors often get 7 cents on the dollar and it's best to negotiate for a partial payment. "You have the natural advantage in debt settlement, because you have something the creditor wants. Don't cave in when they first tell you no. Maintain calm. Don't lose it and get angry. It's usually best to correspond with them via letters, so you have a paper trail of all your actions. Keep the attitude at all times that the collection agency will take less money then they say they will."
Does this sound valid?
Thank you very much for all of the wonderful advice here. I have learned so much regarding how to deal with debt.
I'm just curious what the best course of action is regarding a debt. I've also been getting the letters from Capital One (I couldn't figure out what it was and letters to them for confirmation didn't get anywhere). Now I als am being contacted by Oracle as well but I'm doing research before talking to them. I don't care if my credit rating is damaged since I have no credit cards and don't buy on credit. I'm only concerned about a judgement and what that entails.
I read another site Link deleted as per forum rules - Mike
That creditors often get 7 cents on the dollar and it's best to negotiate for a partial payment. "You have the natural advantage in debt settlement, because you have something the creditor wants. Don't cave in when they first tell you no. Maintain calm. Don't lose it and get angry. It's usually best to correspond with them via letters, so you have a paper trail of all your actions. Keep the attitude at all times that the collection agency will take less money then they say they will."
Does this sound valid?
I am glad that you are learning here. Knowing your rights is ver
I am glad that you are learning here. Knowing your rights is very important to fight against illegitimate business practices.
collection agencies do buy debts for pennies on each hundred dollars even. Read the post by texaslawyer here:
http://www.debtconsolidationcare.com/collection-agencies/moral-obligations.html
aaron, older debts are easier to settle and past SOL debts are out of all legal obligations.
Welcome to the board by the way :D
