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Is it wise to a settlement offer of 70% of the debt amount?

Date: Tue, 03/20/2018 00:08

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One of my debts has been dent to colelctions. The collection agency contacted me and while talking to them, they've agreed to settle a debt and I have to give 70% of it.
I have 2 questions:
1. I am somewhat sure that the debt is mine but is it necessary to verify the debt?
2. is it wise to agree to the offer?

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Total Replies: 4

Even if you know that the debt is yours, you should validate the debt. You need to be sure that the debt has been assigned to this debt collection agency. Send a debt validation letter that works.

Frankly speaking, the offer doesn't sound good to me. You should negotiate more and try to lower your payoff amount by another 10%.

Sub: #1 posted on Tue, 03/20/2018 - 02:57

SC
Moderators
(Posts: 3937 | Credits: )

I agree with SC. You should ask for validating your debt before you start negotiating.
Try to lower the settlement amount to about 40% of what you owe. It depends on how well you can negotiate and convince your creditor. See how much you can negotiate for; the less the better for you.

Sub: #2 posted on Tue, 03/20/2018 - 06:11

Good Nelly
Industry Expert
(Posts: 2825 | Credits: )

Ask them to validate the debt. You can negotiate the settlement amount. Request them to lower the amount. If you are in financial hardship, they may agree to lower the amount.

Sub: #3 posted on Wed, 03/21/2018 - 06:14

Sanders Patricia

(Posts: 1234 | Credits: )

You must validate your debts and make sure the debt debt has been assigned to this debt collection agency. You can choose the debt validation letter from here - https://community .debtcc.com/letters/index.html

70% settlement offer isn't good enough, try to get it atleast 60%.

Sub: #4 posted on Fri, 03/23/2018 - 01:00

Barbara Delinsky

(Posts: 432 | Credits: )