How do I pay the collections agency the full amount??

Question

I don't want to pay interest.

Answer 1

At this point, if your debt has been taken by a collection agency, you owe interest for an extended period. However, most collection agencies want to close the file and will negotiate. Come up with a reasonable offer that you can pay now, and make the offer.

Answer 2

I just read all the responses and here's my question to all, "Why should a collection offer you a settlement?" Did you not create the debt? Did you not use the original creditors services? How would you act if you sold something, and the person that bought it decided they only wanted to pay half?

Let's be realistic. These collectors don't offer lower amounts because it costs money to mail you those letters. It costs money to make those phone calls.

Accept the fact for whatever reason you were unable to pay your bill on time and pay the interest.

Now, according to the FDCPA the only way a collection agency can add interest is if the original agreement creating the debt had a segment letting you know if you default on payments there will be additional charges. In addition, the state the collection agency collects in and the state the debt is created in has to permit additional charges as well.

So research your state laws. If the collection agency won't waive the fee, than maybe it violates state laws. (Example: MA)

Answer 3

Don't just blindly pay a collections agency. They pretend to have ethical practices, and preach "doing the right thing," but the bottom line is they want to make money. A good collections agency will not remove the interest, although you can try if you threaten to go bankrupt. If anything, try to have them remove the collection from your credit report. Your goal is to pay what you owe and not have it bother you for seven straight years. The primary function of collection agencies is to take money from you. If you owe it, pay it. As for your credit report - that's what follows you around every seven years, so try to make that happen. I wouldn't pay them at all if they don't agree to remove the delinquency from your credit report, but that's just me.

Answer 4

You can ask them to settle it. Normally, they will offer you some high number, but you can negotiate down to pretty close to the original amount you owed. I would advise AGAINST going to any kind of credit repair agency, for this is really only a scam. They can not legally do anything you can't do yourself for free. Best of luck to you, and congrats on paying it off!

Answer 5

I'm going through the same thing right now and as someone else said.. they will offer you some outrageous amount and claim "that's the lowest they can go" and it's NOT. They can go MUCH lower, you just have to be persistant and tell them what you can afford to give them and stick with it. Don't call them frequently or they will assume you are in a rush to get it taken care of which leads to them not being as willing to work with you. Lastly.. they will try and get you to setup automatic payment from your account on such date, i don't reccomend this. They will tell you it's the only way you can take advantage of that offer. Bull****, they will take money any way they can get it.. best way for your sake is to send it by money order so you have proof copy, but FIRST make them send you a letter stating that the account will be satisfied for $XXX.XX amount they told you... THEN send them their money. Hope this helps, I'm in the same boat right now. I'm trying to get a house!

Answer 6

First you need a copy of your credit report. Contact the creditor and make an offer substantially lower than what is stated as owed (try to make it around what the original balance was). The companies seem to be pretty agreeable on settlement and payoff offers. You then make arrangements and mail the check.

Answer 7

sure, they're in simple terms attempting to scare you. and in spite of in case you have been all of sudden waiting to pay in finished, it does no longer fix your credit status. which will take place in due time when you get those paid off. each and every time they call, in simple terms survive-factor and remind them they're getting $2 hundred a month. have faith me, this is extra effective than they get from a super style of people. One time the guy advised me "in case you do no longer pay in finished, you're observing 8 MONTHS!" So I mentioned "8 months of what" and he mentioned "Um, er, ah, 8 months to pay it back!" Then he spoke of as me a deadbeat and that i hung up on him. It substitute right into a loooong time in the past, so do no longer concern, issues do get extra valuable. in simple terms shop plugging away at it, and be very leary of credit for the the remainder of your existence.

Answer 8

Call them and pay them as fast as you can while you have the money.

Answer 9

then pay immediately!
send them a cheque or pay them online or thru the bank if you know there account number