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Question/Advice about a debt settlement
Posted on 10/12/16 at 9:39 am
Posted on 10/12/16 at 9:39 am
I owe $3,750. The collection agency is willing to settle for half ($1,875). What are my chances of being able to settle for $1,400? I have an agreement letter already typed and will have the funds available on a prepaid debit card in the next few days.
I figure if I proactively fax the letter to them, then call them immediately afterwards ready to sent the money.
What do you think?
I figure if I proactively fax the letter to them, then call them immediately afterwards ready to sent the money.
What do you think?
2
Posted on 10/12/16 at 9:56 am to Tarik One
There is no harm in asking.
Do you know if the collector has actually purchased the debt, or, if this is just them still trying to work for the original vendor?
Do you know if the collector has actually purchased the debt, or, if this is just them still trying to work for the original vendor?
Posted on 10/12/16 at 10:00 am to Tarik One
I think you should pay $3,750. But if they are gracious enough to forgive half of what you owe them, and you have the money, pay the $1875 and be done with it.
Posted on 10/12/16 at 10:16 am to Scooby
quote:
Do you know if the collector has actually purchased the debt, or, if this is just them still trying to work for the original vendor?
It's definitely purchased. It took a helluva long time to scrap up the $1400 to begin with. I even included that in the letter.
Posted on 10/12/16 at 10:58 am to Tarik One
Was it medical? Is there any dispute as to whether you really owe it?
I'm not a fan of skipping debts.
If it's questionable and you have saved a while to pay off $1400, try to do that.
I'm not a fan of skipping debts.
If it's questionable and you have saved a while to pay off $1400, try to do that.
Posted on 10/12/16 at 12:17 pm to LSUFanHouston
How much was the original debt compared to the interest? I don't think they are simply going to say sure we'll take $1400 now, but if you work with them on it then they may.
I don't have any personal experience, but from what I've been told by friends, family, and heard elsewhere don't send them a single dime until you can afford the entire amount that you have a certified letter stating that is the final balance. As in, don't send them $1400 now and owe them $1800. Wait to pay them the $1800 until you can afford the entire thing. Maybe give them $100 a month until you can pay off the whole thing or something, but don't send them a large lump sum that is not the entire agreed upon total.
I don't have any personal experience, but from what I've been told by friends, family, and heard elsewhere don't send them a single dime until you can afford the entire amount that you have a certified letter stating that is the final balance. As in, don't send them $1400 now and owe them $1800. Wait to pay them the $1800 until you can afford the entire thing. Maybe give them $100 a month until you can pay off the whole thing or something, but don't send them a large lump sum that is not the entire agreed upon total.
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