Settlement Offer Letter

Yes. You should wait. Creditors won't be ready to settle your debts unless you're delinquent on your debts. You can propose a settlement offer when you're past due.

Each time the collection agency calls you or send you a mail, it spends money. So, the agency will be much more interested in recovering money as much as possible from you, and as fast as possible. So, be patient, let them call you and give you a good settlement offer.

Let them call you.

Before you start negotiating with collectors, you must be familiar with your consumer rights or else debt collectors may easily make a fool out of you.
Check these things before you talk to your collection agency:

1. Collection agency can call you only between 8am to 9pm.
2. They can't bully you or use vile words while speaking to you.
3. They can't threat you to take legal actions against you.
4. Debt collectors can't harass your employer, family members, and friends, they can only get your contact details from them.
5. Debt collectors can attempt to collect the debt through calls, Emails, letters, and listing the debt on your credit report.
6. You can prevent their calls and letters by asking the collection agency to stop contacting you.

Hope that helps..

If the collection agency is convinced that you can't pay back the amount in full and you may file bankruptcy, they may agree on settlement, that is, a reduced payoff amount.