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debt settlement sum

Date: Thu, 07/08/2010 - 12:19

Submitted by anonymous
on Thu, 07/08/2010 - 12:19

Posts: 202330 Credits: [Donate]

Total Replies: 2


I am looking to finally settle my debt, I was able to save up some money despite my deep financial difficulties (rent/school) - the debt is in the amount of $5000 (it's with a law office) - I am looking to settle the account for 50% of the balance. My credit is shot anyway, so i don't mind settling.

I can only do about 40 percent of the net myself, I will have to pull some help for the rest (which i will only do if i have to)


please help!!


so the question in hand would be: can I do better than 50% with collect america (or w/e they're called these days) - I am more comfortable with a 30% of total without being totally homeless.

I should have registered beforehand, sorry about the vague thread. I will try to add more details below:
* the debt is currently with Collect America
* the original debt with my credit card was about $2500 total, I couldn't pay up (aside from a menial but consistent $20/month automatic payments)
*current debt total: $5000
*age of debt: it has been a bit over 3 years.
*State: New Jersey
Goal: settle the account once and for all, as I am leaving the country in December.
The ideal amount I'd like to settle for is $2000, is it feasible? and how do I proceed? Do I do this over the phone or send a letter? I could record calls using skype as I read Collect America can be a shady CA.
Thanks for your time guys!


lrhall41

Submitted by benston on Thu, 07/08/2010 - 13:05

( Posts: | Credits: )


Quote:

The ideal amount I'd like to settle for is $2000, is it feasible?
The amount that a creditor or collection agency will settle for depends totally on the company itself. They may or may not agree to your settlement offer.

Quote:
and how do I proceed? Do I do this over the phone or send a letter?
You can call Collect America, and talk to them about the settlement. However, get the settlement agreement in writing.

Quote:
I could record calls using skype as I read Collect America can be a shady CA.
If you have any doubts regarding this collection agnecy, you can send them a debt validation letter before offering them a settlement.


lrhall41

Submitted by SC on Fri, 07/09/2010 - 02:05

( Posts: 3937 | Credits: )