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starofiniquity | How much should I make my initial offer to a collections agency to settle a debt? |
So I've got a debt of 2999.17, and they sent me a letter offering 35% off if I paid in full (1949.46). I'm sure I can pay even less than the 2 grand, but I don't want to aim too low at first, because I know it'll be some sort of haggling situation.
Also, I don't know where to set my bottom line of what I simply will not pay more than. I really want to clear this up, and I really want to pay as little as possible, but I haven't dealt with these people much in my life. |
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Doom Tints
|
Collection agencies typically pay 2 cents on the dollar for collection accounts, or 2%.
Offer 5%, which they will likely refuse. Before starting to work upwards, realize that the person on the phone wants to make as much money off of you as possible, so instead of negotiating the typical way, be prepared to end the call.
Don't settle on anything until you have talked to at least three different people there over the span of at least a month, and try to be in the 25% - 50% range before settling. Right now, it sounds like you have a long way to go. |
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bdancer222
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How old is the debt? The older the debt, the lower the offer.
You should be able to settle for half. Be sure to get the settlement agreement in writing an include making the negative paid on the credit report. DO NOT give the creditor access to your bank account! |
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dharmapunxter
 |
First you have to remember that collection agencies serve one purpose, to settle debt. Preferably to get the most money from the claim. Most of the time the company you originally owed sold the debt to this agency and now they hope to make a profit as well.
You should be able to offer them half and be able to settle. Just like with any negotiation (such as buying a car for less than sticker) you must be FIRM. You want to make sure you have X amount and tell them " X is all I have, I'll give you that in order to settle, or no deal" They don't like this, if you really sound like you won't pay otherwise they usually make a more reasonable settlement offer than 35%. Remember this initail contact is a negotiation process and they are high balling you.
I must also add, that this does affect your credit, so you will want to get something worked out asap. |
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m27jean
 |
Depending on what the principal balance (not the interest) is, you might want to offer 50% of that balance. If the debt is really old you could hold out for 25% of the original debt. Timing is everything. You are not obligated to accept the first offer. Trust me the agency wants to get as much out of you as they can, they paid pennies on the dollar to acquire your debt so whatever you pay is mostly profit for them. |
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Ian
 |
If you have no assets, low ball them at $500. The debt may have been sold to them for pennies on the dollar. Any money they take in is icing on their cake. It also depends on how old the debt is.
If they are simply collecting the debt for your original creditor, they may have a lowest amount they can accept, and will stick to the 35% offer. Some collection companies might sue, especially if they know you have assets like a house. Get everything in writing. |
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Abigail F
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Go with Doom Tints. |
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Bob
|
First of all find out how old is this debt. then find out your state's Statue of limitation by calling your state's Attorney Generals office. If the debt is lot older and it already pass your states SoL then it's all your mercy. Based on all this info you can always negotiate. Because they buy this debts Pennies on $. They will take any thing they get. But i would never pay any thing unless and until i get a written commitment (not a verbal) from a collection company. If you are willing to pay. You must never ever give any of your checking account or credit card info. Do not ever fill out one of those forms they are going to send.
You can read my previous answer for similar question.
I hope this would help |
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Roy
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I'm puttin my money on what doom tint said. Good advice I'd say. I was gonna tell ya about the same thing but she or he beat me to it . |
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kwilfort
 |
First of all have you acknowledged that the debt is yours? If not, write to them within 30 days of receiving the letter from them asking them to validate the debt (ie) prove you actually owe it and include all the paerwork etc). If nothing else it will get you some more time. Look up the fair debit credit collection act on your state attorney general's or federal government web site for more info on your rights and responsibilities and also those of the debt collectors. |
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truthisback
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I don't know, do you really owe the debt?
I was brought to the hospital via ambulance in January and I gave them my health insurance info. The ambulance service was a private service and they never billed the health insurer nor did I ever hear from them. Six months later they sold the "debt" to a collections agency - - to which I said here's my health insurance information again, I'm not obligated to pay and then collect from them, it's not my fault that the ambulatory services people never billed them. I haven't heard back in 2 months now but if I do, they're not getting a penny. |
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lynda d
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sounds like a good settlement, but make sure you receive a written proposal before paying. get it in writting or don't pay |
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jillianav
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i would offer half of what you owe sometimes they'll take the loss just to get some of the money you owe |
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Leena
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tell them you'll do $1700, that's all you have and you can't do anymore. |
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d d
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If you owe someone money, pay them.
If you're going to be a jerk about it, offer then 60% of it.
Don't ever ask me for money. |
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2sexxxy32
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take the deal |
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J *
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Tell them you will pay 400 right now if they lower it to 1500. |
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trojan
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This is not like buying a car, you can't haggle for the best deal. Don't be a fool, settle before the offer is no more, you are already getting a deal, don't blow it. |
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wish I were
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It's already way less than your original bill, quit being a dead beat and pay what you owe! |
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