I really wanted to negotiate my debt with collector. Before it went over to the collector, the bank offered me 5000(which was about 55% of total 9000 debt). I wish i could have paid back then but i could not afford at all. Now the collector said it is about 16000 with interest and don't want to negotiate under 13000 and sent me a warning letter through a law firm. at this moment, i have no way to pay that huge amount. i really want to negotiate but i don't know how. Does anyone know any advice or any professional that can handle this matter so that i can reduce my debt payment?
2006-10-15 09:16:31 · 5 answers · asked by i am in trouble 1 in Business & Finance ➔ Credit
It depends upon the debt, but you can negotiate. Under the FDCPA, you are entitled to a written breakdown of the charges. It appears they have calculated a great deal of finance charges or interest upon your debt. Are you able to pay principal? If so, at least make a 50% offer of the principal if you can pay it in a lump sum. If not, try to work out the best payment plan that you can but make sure they apply it to principal. Also, depending on what the debt was....they may not sue. If you can show them what your net worth or ability to pay is, without actually disclosing what your assets are, and you don't have the ability to repay, then you can work a better deal or get them off your case. I have managed collection firms before and no one wants to try to collect against someone who can't pay or doesn't have the ability to pay.....it's all about the money, sorry to say.
2006-10-15 13:45:37 · answer #1 · answered by MJ 4 · 1⤊ 0⤋
Wow, super question. various human beings are interior the comparable boat. Get the settlement furnish in writing, you will want that in the event that they do no longer directly replace the commerce line on your credits record, and then deliver then a economic corporation draft or money order. Your tests have serious information they'd not have like routing and account numbers. shop a duplicate of the draft or money order and deliver the charge qualified mail. they might and maximum possibly will take the challenge to courtroom, with a judgment they are given specific avenues to assemble the debt like salary garnishments or freezing materials. A judgment could then be on your credits record for 10 years, even after its paid. uncooked deal! The under internet site is for the Federal commerce value and you may evaluation the honest debt series act so which you would understand your rights. wish it helps!
2016-10-19 11:00:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would go to an attorney as suggested or go to a company that specializes in debt negotiation. such as total debt solutions. www.totaldebt.com. What is the original debt for and how old is the debt? This makes a differance, I have some informatiobn that will help you negotiate yourself if I have more information. I will email it to you if interested.
2006-10-15 16:24:36 · answer #3 · answered by hollygirl732001 2 · 0⤊ 0⤋
if you can afford it,see a bankruptcy attorney. they are very good at negotiating with other lawfirms or debt collectors. you dont necessarily have to file bnkruptcy but they will negotiate for you as well. if all else fails,contact consumer credit counseling,a free service,through your local county
2006-10-15 09:20:49 · answer #4 · answered by catwoman 2 · 0⤊ 0⤋
Well? If you'r working they'll garnish you'r wages, until the debt it's paid in full. If you'r not working, the Vultures will wait until you start working. It's better to make a deal with them and pay them as much as you can!
2006-10-15 09:26:56 · answer #5 · answered by alfonso 5 · 0⤊ 0⤋