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Credit card debt that’s in collections

Submitted by Dave on Mon, 07/15/2019 - 19:44

Hello I am new to this forum and have some questions about debt settlement. I have about 30000 in credit card debt that is in collections. It is between about 10 different accounts. I have retained a bankruptcy lawyer and am now having second thoughts about bankruptcy and thinking of trying to contact the collection agencies and trying to do a settlement with each account. My questions are:
1. Is this worth even doing and would it be possible to negotiate with a collection agency?
2. What should I avoid saying or doing when contacting the collectors?
Any help or guidance is appreciated.


You're thinking on the right direction. Instead of filing bankruptcy, you can negotiate with collection agencies to reduce your payoff amount. Inform the collection agencies that you have already retained a bankruptcy lawyer. So, if they don't agree to settle your debts, then you would walk ahead with bankruptcy. Most collection agencies are afraid of bankruptcy since the entire power goes to the court.

Check out this article to find out how to settle debts.

Submitted by Nick Jonas on Tue, 07/16/2019 - 06:08

Nick Jonas

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Hey Dave,
I would also agree with Nick. Negotiating with the collection agency may work for you. Keep us updated with your progress, we will be eagerly waiting for it :)

Submitted by tiarajoseph11 on Mon, 07/22/2019 - 23:14


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