collection agency settlement
Date: Tue, 08/14/2012 - 15:55
When settle with a collection agent, don't you have to settle w/cash? I am talking about GM credit card that i co-signed 10 yrs ago and is 4 months w/no payment. i do not have any cash, but can make payments.
Collection Litigation Support
Yes, it is always better to make good faith payments. If you cannot pay all the debt at once, try asking for a settlement. A settlement is basically you paying a portion of the debt 50-90% and the creditor forgiving the rest in 1-3 payments. If you cannot pay a settlement, try asking for a payment plan or even sending in good faith payments on your own. What can look worse than you not sending ANY money at all??
If you dont have a lump sum of money to settle, the CA will prob
If you dont have a lump sum of money to settle, the CA will probably take payments. Keep in mind they can still sue you at any time.
I hate the term "good faith" payments....it is so one sided. Your may have intent, but the CA could care less.
