Collection Agency Debt Settlement, debt settlement help.#Debt #settlement #help

Collection Agency Debt Settlement

If you can’t pay a collection agency the entire amount you owe on a debt, you may want to try to negotiate a settlement with the collection agency. If you are successful, you’ll pay only what you can afford, and the collection agency will accept that amount as payment in full.

Need Help Now?

Call the Debt Hotline at 1-888-495-0133

Free Debt Settlement Advice

Here are answers to two of the most frequently asked questions we get about settling debts with bill collectors:

  • The age of the debt. The older the debt, the more likely that you can get a good deal. (But be very careful about paying a debt that is too old — outside the statute of limitations.)

Ultimately, if you try to settle a debt, your goal should be to settle for as much as you can afford without putting your personal finances at risk. Never agree to a settlement that you cannot afford! Otherwise, you are likely to create new financial problems for yourself. This means that before you begin negotiating with a collector it’s essential that you know exactly what you can afford to settle for.

Can I pay a settlement in installments?

Debt settlement help

When it comes to collection agency debt settlement, the sooner you can pay the negotiated amount the better. Although some collectors will agree to let you pay a settlement amount over time — maybe in a series of two to six payments — most of them will expect you to pay the amount immediately in one lump sum.

Warning! Never pay a settlement amount until you have in hand a signed settlement offer. It should spell out the terms of the deal you agreed to and should include language stating that the debt will be considered paid in full when your payment is received.

Can I negotiate my own collection account settlement?

  • You don’t know what you don’t know. For example, you don’t know how little a particular collector will probably settle for or the likelihood that it will sue you if the two of you cannot reach a settlement agreement. As a result, you could end up paying more to settle a debt than you really needed to because you did not realize that if you had held out a little longer you could probably have struck a better deal for yourself.

Where Can I Get Help?

If you need need help resolving your debt? Call the Debt Hotline at 1-888-495-0133.

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