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Paying Collection Accounts

Date: Sun, 03/01/2020 12:07

Posts: 2
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Hi Everyone.

Question regarding how to pay collection accounts. I have multiple accounts in collections and cant pay any in full. My question is should I make smaller payments or should I continue to save and attempt to pay a negotiated settlement in full?

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Total Replies: 4

If you can't make the payments in full, you can talk to them to settle the debts. If you can't do it yourself, you can contact a debt relief company for professional help.

Sub: #1 posted on Mon, 03/02/2020 - 00:11

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

Hi Nelly. Thanks for your response. I guess I'm looking to pay as little as possible, so I'm wondering if the smarter play would be to just wait until I have money to offer as a settlement and not offer to make payments, or offer payments until I can save enough for a settlement? I can set something up with the collectors but I'm curious what the better approach is.

Sub: #2 posted on Mon, 03/02/2020 - 09:07

Brian D

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You can try for hardship program as well provided you can prove that you're in financial hardship due to the following reasons:

Unemployment
Medical issue
A pay cut
Divorce
A sudden emergency

But keep in mind that only creditors can offer the hardship programs. You have to knock the door of the creditors. Otherwise, you should try to settle your debts. There are no other options left. Start saving money from now onward so that you can settle your debts. If you wish to set up a payment plan with debt collectors, then make sure you do it in writing.

Sub: #3 posted on Mon, 03/02/2020 - 19:00

Nick Jonas

(Posts: 428 | Credits: )