How to Negotiate a Settlement With a Collection Agency
If a past-due account ends up in collections, you can negotiate a settlement that is less than what you owe. Unsecured debt, such as credit cards, medical bills and personal loans can be negotiated ...
Most lenders and creditors write off an account as a bad debt six months after it becomes delinquent. That doesn’t get you off the hook for paying the money you owe, as the debt will appear on your credit report as a charge-off. The creditor can then turn the account over to a collection agency. Although settling an old debt can lower your credit score, it is smart to pay off the debt if you want to apply for a home loan.
Dealing With Debt? Here’s What You Need to Know About Collection Agencies
Debt collection is a serious business, and collectors can rely on scare tactics to try to get you to pay. Here’s what you need to know if your debt is sent to collections. - The Penny Hoarder http://www.thepennyhoarder.com/dealing-with-debt-collection-agencies/
9 Secrets Your Debt Collector Doesn’t Want You to Know
9 SECRETS YOUR DEBT COLLECTOR DOESN’T WANT YOU TO KNOW - Here are 5: 1. You are not obligated to communicate with collection agencies. 3. Paying it off won’t wipe it from credit reports. 6. You may be able to negotiate best deal at end of month. 7. You may be able to work with original creditor. 9. You may be off the hook - statute of limitations reduces legal remedies available to collect it. In most states, statute of limitations runs 4-6 years from date last made payment.