 How can colletion agencies buy out you debt and keep it on your credit report? |
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| like i'm on a tight ... |
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 I have a quick question about a credit card? |
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 Credit card question... Please read. I'm confused? |
My credit line is 200.. So my bill will be about $20-30. But Interest is 24 %... So will I have to pay Alot more?
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 Is it possible to go from a near perfect credit score to ZERO in one months time? Cause it happened to us.? |
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 Im only 21 and have bad credit can i get a loan? |
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 Finance/credit question? |
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Franco H | Is it true that when you owed a collection agency you dont need to pay the full amount of the billing? |
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jezbnme
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some collection agencys will offer a lesser amount to pay just to get it cleared up. but careful of this as it does look bad on your credit report. |
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Ted
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Before negotiating with a collection agency learn about DEBTVALIDATION. Make sure you owe and what you owe. Make sure that the debt is still collectable by checking your state's Statutu of Limitations. Many states are 3-4 years.
Go to www.creditboards.com this is a free public service messageboard. Look up debt validation |
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Cathy K
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If I were you I would not pay any collection agency. If you really wanted to pay on the debt the try to contact who you had the debt with and work something out with them. Alot of times when you pay a collection agency, they just take your money but don't bother reporting to the credit agencies that you have paid off your debt. |
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Madame Blueberry!~
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who cares. collection agencies can eat me. |
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embroidery fan
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Yes, I was told recently that you can negotiate with the collection agency to pay just a fraction of the total cost, like maybe 1/2, and they will accept that & erase the debt, because it's more than they paid to take on your case. |
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Sherry
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yes, you can work with a debt consolidation agency or debt settlement company and they can work out a reasonable sum per month for your budget. |
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RB
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You can negotiate with a collection agency for a lower settlement. Any amount that the collection agency accepts that is less than the full settlement is considered taxable income and you will receive a 1099 from the company. The tax is still less than the maount of the outstanding debt. |
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ret340
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I was a bill collector for many years. The answer depends on the agency and/or creditor. MOST agencies are happy to settle on an outstanding loan if it is already written off as "bad debt". This means it is already reporting to the credit bureus as a charge off. In this case the creditor has sold your account to the agency and the agency is trying to get anything it can out of it.
Ask the collector if your account is already a "charge off". You can negotiate to pay part of the balance if it is (usually). Once you pay only part of the balance, it goes on your credit report as a "settlement". This is still a very bad mark on your credit, but not as bad as having an unpaid charge off.
It's better to have a settlement than have a company take legal action to garnish your wages. Do what you can to negotiate! Remember to play hard ball and stress that you don't want to promise more than you can realistically pay. The actual collector who is calling you gets credit/bonuses only if the payment comes in, so he/she won't want you to make a ridiculous promise that you won't keep. In a way you have the upper hand if your account is this far delinquent, but show respect since they can take legal action (repo, judgement, garnish).
One note...if your debt isn't yet charged off, you'll need to make arrangements for regular partial payments until it is paid off. Best bet since a charge off is pretty nasty on your credit. |
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S.SARAVANA K
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obviosly, why should i becoz lnow hey gain more from people and why should i pay |
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shellanswerman
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Sometimes an agency will give you a 10-30% break if you pay the whole thing at once. other than than if you're gonna make payments over time, they have to keep your case open for a prolonged period of time, so they want all the money.
pay it and be done with it.
good luck! |
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ghostwalker078
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Absolutely,although the final cost of your freedom depends on how much you're willing to negotiate, and how far you're willing to go.
With recent legal changes, outstanding debts last 10 years, not 7. Also, collectors can harass (oh,sorry, call to inquire with) your family.
Best case scenario, you settle with you creditors for 25 cents on the dollar (and take anything around 45 cents.... the leeches have nothing to lose by turning down your offer and giving you grief for the next 9 and a half years).
Worst case scenario: You negotiate for 85% of your original debt, to be paid in installments over 'x' period with 'y' amount of interest. Again, not only do the leeches have nothing to lose, but the interest you pay guarantees them a profit.
If you're really interested in walking away without paying up, buy an answering machine or a voice-mail service...and delete all the messages. Move every so often. Change your cell and house phone. And don't *ever* give out the new numbers. |
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