This will be on my credit report till 2011: Account charged off/Repossession. $5,303 written off. $2,146 past due. I am ready to call the collection co.
Is it safe to call and talk? Should I give them our new phone number? Paying on it won't really help my score, but it would let us buy a home to settle this. How should I go about attempting to settle? What do I need to know before contacting them?
2006-10-16 08:56:20 · 6 answers · asked by Lady in Pink 3 in Business & Finance ➔ Credit
You can have a company settle it so you don't have to talk to them.
You will be assigned a credit consultant that will work with you and take care of everything with the creditors.
A friend used DebtXS
http://debtxs.com/
They talk to your creditors and make arrangements for you to settle the debt, so you don't have to speak to the creditors.
She said the only negative is, you have to pay "taxes" at tax time, on the amount of debt that is settled.
2006-10-16 09:07:30 · answer #1 · answered by newyorkgal71 7 · 0⤊ 0⤋
I am a debt collector, and I will tell you it certainly will help your credit score. Also, it is not up to the collection agency whether they will accept a settlement or not-that is up to your original creditor. They will take your info and contact the creditor to see what they have to say. The company I work for does not settle for any amount less than paid in full, so a settlement may or may not be accepted.
At any rate, when you call the agency, you should have an exact amount you can pay today, and offer this as a settlement. They aren't going to settle with you for payments into the future. A settlement is something you can offer to pay now. The offer should be a percentage of the total debt. If you owe $5303. offer $3978-that's 75%--
What do you mean by unsafe to call the agency? They just talk--it isn't like they can beat you up or anything.
2006-10-16 16:09:52 · answer #2 · answered by melouofs 7 · 0⤊ 0⤋
Actually paying off you debt does help your credit score. It looks better than just filing bankruptcy.
Of course it is safe to call and talk. Most collection companies try to make deals with you and settle. The worst that could happen is that they don't make a satisfactory deal and you hang up. You could give them your new number but if you don't make a deal they could continue to call you about the debt.
When you make a deal you are expected to pay the whole amount for the deal they very rarely let you make payments. Unless you go to one of those debt consolidation places that make deals for you and pay it off and you pay them
2006-10-16 16:06:02 · answer #3 · answered by butterflykisses427 5 · 0⤊ 0⤋
What about contacting one of those credit counselors that I have seen advertised on television. Credit Guard or something like that. They are suppose to help you get control of debt & help you be able to lower payments so you can pay your debts.
2006-10-16 16:22:32 · answer #4 · answered by More Lies & More Smoke Screens 6 · 0⤊ 0⤋
Usually shouldnt call cause you may give them unnecessary info. When you call, they can use everything you say against you.
Write to them decribing your offer to settle
see if they accept.
You should send it return receipt requested or at least proof of delivery
2006-10-16 16:10:00 · answer #5 · answered by goldenboyblue 3 · 0⤊ 0⤋
Hello,
My name is Michael and i work in a fiancial company which specialized in credit restoration and repairs, I might be able to help you. If you are interested please reply back @ m.asrat@yahoo.com.
2006-10-16 17:14:40 · answer #6 · answered by Michael A 2 · 0⤊ 0⤋