Debt Settlement - getting started
Date: Wed, 06/16/2010 - 11:49
How exactly do I bring up the topic of settling the debt with the collection agencies? Of course the agencies want 100% of the money, so how do I ask them if they'll accept less?
Call them up and tell them that you can not make monthly payment
Call them up and tell them that you can not make monthly payments, but that a relative will give you x amount of money to settle the debt. Make the amount about 20% of the balance and see if they bite. If they purchased the debt from the original creditor they may just take it. Unfortunately with the lower balances they think they can collect the whole thing so it's a little tougher than a large balance that you could bk out of. Your best bet may be at the end of the month when they are trying to make their goals for their bonuses.
Make sure you do a validation letter on them first to make sure they actually own the debt and have the right to collect it. Search this forum for information on these letters.
Hi, Just to give you the information that debt validation lette
Hi,
Just to give you the information that debt validation letter will provide you with the validation of the debt,Its a proof to confirm that the debt is authentic and needs to be repayed,and the collection agencies has the right to collect it.If you get a reply then make the payments, otherwise not!