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shasak35 | How do i put this into words? |
I have been advised to offer a minimal repayment to a debt collection agency, however i cannot find any sample letters that reflect this.
All i wish to do is briefly explain my circumstances, make the minimal offer and quote a few strong words so they will see I know what i'm talking about and am a lot more knowlegable of my rights.
Any suggestions greatfully recieved.
Additional Details
Dont know if anyone can help just quickly with this, is it worth trying to negotiate with the company i owe the original debt to? I thought they had accepted my financial circumstances as i wrote and did not hear back (oct 07) no communication until debt collector phone call fri and letter sat? Thanks |
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Sgt Big Red
 |
First, is this debt collectable? is it from a long time ago or recently.
If it is beyond the statute of limitations for collection in your state, then don't offer anything. If you make an offer or a payment, then the clock on the state SOL is started all over again.
If it is a fairly new debt, then offer to make settelement on a pay for delete action. This will make sure that they don't put it on your credit report for another 7yrs. Do it all in writing.
Here are some links to find more information.
http://www.ftc.gov/bcp/conline/pubs/credit/crdright.shtm
Credit and your consumer rights.
http://www.ftc.gov/gettingcredit/
What you need to know about your credit.
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice. |
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David P
 |
You should keep your letter as simple as possible.
Dear sirs
RE: Debt owed to xxxxxxx
With regard to the above debt, I am willing to offer the following payment terms, which I trust you will find acceptable.
$ per month (week or whatever), until ccccc
As a sign of good faith, I enclose the first payment, I would be grateful if you could acknowlege safe receipt.
Yours faithfully
One poor soul |
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marie s
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dear sir/madam,
I am writing to you regarding the outstanding debt i have, firstly i wish to offer my apologies for the delay in paying, i have had some personal and financial problems, and i have not paid enough attention to my finances, however now i am getting back on my feet and wish to try and resolve this situation.
I cannot afford to pay the whole amount at once as i am only earning x amount, but would like to offer you monthly payments of x amount.
I really hope this is acceptable, i have enclosed a cheque/postal order for the first installment.
I hope you can help and i look forward to your reply
I had the same situation, and i have found if you say sorry and explain you want to settle it, then most companies are pretty understanding.
good luck!! x |
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luke_buk
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goto http://myvesta.org.uk/
there you will find all you need |
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funglestrumpet
|
Dear Sir or Madam
In reply to your letter dated xxx, I would like to offer to pay off the debt in instalments. Unfortunately, my financial circumstances are such that I am only able sensibly to offer xxx on a weekly/monthly basis.
I hope that this is acceptable to yourselves and in that event could you please forward to me the necessary account details so that I can instruct my bank accordingly.
Or
I hope this is acceptable and have enclosed the completed forms as requested.
Yours faithfully
XXX |
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DantastikMan
|
You should visit budhibbs.com - there are reviews of every debt collection agency there, as well as a list of the debtees (your) rights, and what is legal and not legal.
Call up the agency on the phone - let them know you are recording the conversation for your records. Tell them what you are willing to pay (and how), and then do it through the mail with proof (money order with registered mail). If they aren't willing to go along you can try to negotiate, or you can sweat it out until they pass the account over to another company. |
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cffdrnkr
|
Bud Hibbs has a great site and a blog that a lot of people post on.
http://budhibbs.wordpress.com/category/help-advice/
Have to first know if the debt they claim you owe them, is right.
Once a credit card company writes off a debt, you still owe THEM, but if they sell it for pennies on the dollar, the new owner of this debt has to meet some requirements.
Most of them don't and just talk up a good game to get people to pay what they don't owe.
Contact Bud and check out a lawyer, most are free, first meeting, in your state for advise.
http://www.naca.net/
Remember, it's not about the debt anymore, it's about the law.
Good luck |
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OC1999
|
First on what NOT to do. DO NOT listen to the people who said to send a "good faith" payment. Sending any money before you have a written agreement is going to cause you problems in the long run. DO NOT do as others have said and talk to them on the phone. You should only communicate with these companies through the mail.
How old is this debt? If it is more than a few years old you may be beyond the Statute of Limitations which means that they can no longer prevail if they file a suit against you. This gives you more leverage against them. Have you validated this debt? If they can not validate the debt they can't collect on it.
Now, if it is a newer validated debt that you want to pay you need to send them a letter and state the following.
1. The total amount you are going to pay.
2. The amount and date of each payment if you need to do payments.
3. That payment(s) will be by Money Order only
4. That they will remove their collection account from your credit report once paid.
5. That all further communications are to be by mail only.
Collection Agencies could care less about your circumstances. So in your letter leave all of that information out. DO NOT sign the letter, only type your name. You also must send it by Certified Mail with Return Receipt. This give you not only proof that you sent it but that they received it.
Only when they have sent you an offer in writing you can accept do you pay them. When you pay them only pay them with a Money Order so that they do not have access to your bank accounts.
The link below talks about debt validation and has a couple of links to sample letters. |
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kapn
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Lots of good information above..........good luck........ |
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