How To Negotiate With Debt Collectors
When you are being contacted by debt collectors it can be very aggravating. It can cause you to change your number, change your job, and even move.
This frustration is ten fold if the debt is not your debt. It is common for a lender to make a mistake and your account to go into collections. Trying to explain that the debt is not yours to a collector is next to impossible. This is because their motive is only to collect money not to fix mistakes.
If you are a victim of a lender mistake then you should immediately request validation of the debt. Do this through certified mail so you have documentation that you letter was in fact received.
Do not request validation over the phone because it is often ignored. In addition you only have 30 days to request validation of a debt once you are notified.
In addition it is becoming common for debt collectors to sell your account if you request validation. This is why I suggest you request validation through certified mail so you can prove that your request was ignored.
Instead I suggest you hire a credit repair firm to dispute and remove the bad credit items that have been posted to your credit report. This way your credit score will not be ruined because of a lender mistake.
If the debt is valid then you should settle it. You should start your settlement offer at approximately 50% of the balance.
Start at 50% of the balance because the collector bought your account for a fraction of the balance. Also this will notify the collector that you are willing to pay you just need to agree on a price.
Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.
In sum, I suggest a service to repair you credit from debt collectors.
This frustration is ten fold if the debt is not your debt. It is common for a lender to make a mistake and your account to go into collections. Trying to explain that the debt is not yours to a collector is next to impossible. This is because their motive is only to collect money not to fix mistakes.
If you are a victim of a lender mistake then you should immediately request validation of the debt. Do this through certified mail so you have documentation that you letter was in fact received.
Do not request validation over the phone because it is often ignored. In addition you only have 30 days to request validation of a debt once you are notified.
In addition it is becoming common for debt collectors to sell your account if you request validation. This is why I suggest you request validation through certified mail so you can prove that your request was ignored.
Instead I suggest you hire a credit repair firm to dispute and remove the bad credit items that have been posted to your credit report. This way your credit score will not be ruined because of a lender mistake.
If the debt is valid then you should settle it. You should start your settlement offer at approximately 50% of the balance.
Start at 50% of the balance because the collector bought your account for a fraction of the balance. Also this will notify the collector that you are willing to pay you just need to agree on a price.
Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.
In sum, I suggest a service to repair you credit from debt collectors.
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For information about credit repair services or to read an article about how to remove credit card judgments visit us.
posted by Debt Consolidation Loan at
7:59 AM
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