2006-10-03 13:22:40 · 3 answers · asked by truthsadvocate_s3 1 in Business & Finance ➔ Personal Finance
There is no legal amount. If the collector is not satisfied with how much you are paying they can take you to court. At that time the judge will decide whether your payments were fair or not. It's an old wive's tale that you can just pay $1/month until you die and they can't do anything about it.
Just pay it off and be done. But, before you pay, see if you can negotiate it down. You'd probably have to pay a lump sum though.
Good luck!
2006-10-03 15:22:08 · answer #1 · answered by personal_finance_101 3 · 0⤊ 0⤋
I'm not aware of any legal amount...especially if it's already gone to a debt collector. You will probably have to work out an agreement directly with them. Debt collectors typically work on a % of what they collect. Sometimes, something to them is better than nothing. It may not relieve you of the total debt unless they agree to a lump sum payoff, but but it may hold off further legal actions as long as they're getting something.
2006-10-03 13:37:32 · answer #2 · answered by Dale P 6 · 0⤊ 0⤋
i wish you're gaining understanding of a lesson and that i'm confident to procure a zombie debt collector contacting you. how previous is this debt if its previous over 3 years its probable previous the SOL, if it really is the case and also you despatched a 100dollars it resets this and then might want to finally end up in court for some thing. i'd attempt to come back up with 25-50% of the stability and speak to them up and settle in this, and the provision in writing by skill of them is a ought to.
2016-11-26 01:27:19 · answer #3 · answered by mccrory 4 · 0⤊ 0⤋