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Hi James. I can't speak for Asset acceptance, but I know in my case, I had several debts go into the charge off mode and went to collection agencies. I wrote them letters negotiating what I could pay a month in payments and argued that obviously if I could pay the debt in full, then I wouldn't be in this mess and that any payment outside of what I was offering to make a month, would be a financial hardship on me and my family. Everyone I have approached with this, took my offer and I'm making monthly payments to them at this time. talk to them and see what you can work out. I don't deal with collectors on the phone so all of my negotiating was through letters. I'm just telling you through experience, what has worked for me. hope this helps in some way. shirley

IMO, you should avail the counseling. Registration is free here. The consultant will first analyze your income and your debt amount and then figure out a payment plan that you can afford easily. So you can tell the counselor how much you can afford per month and your target will be set as per your ability.

debt consolidation reduces rate of interest and waive late fees, over the limit charges. The best part of the program is it helps you to update your credit report in your favor. Feel free to post your queries here if you have any.