I have three collection companies from years ago attempting to collect a debt. I am trying to get my life back on track..and I have the means to pay them now, but obviously want to negotiate the price...and MOST IMPORTANTLY try and have it removed from my credit report. I am trying to buy and house and car.
Do you have any sample letters that have been effective?
They have sent me letters in the last few months...do I include their letters in my letters to them?
And lastly, how much do I start my negotiations at??? I want to get it done asap, and for them to delete themselves from my credit...but also not pay more than I should to them, as I know they bought my account for way less.
Heres the numbers on the 3 accounts...
1) $8500 (what I owed to the credit card company), $17,500 (what the collection company has my "owed amount" as)
2) $2000 (what I owed the credit card company), $4500 (what the collection company has my "owed amount" as), $2000 (amount they said they would accept from me in a letter...without me ever contacting them)
3) $500 (what I owed the credit card company), $900 (what the collection company has my "amount owed" as), $400 (amount they said they would accept from me in a letter...without me ever contacting them)
Thanks!!!
Could it be that the owed amount to the credit card cmpany and the owed amount presented by the collection agencies are different due to interest and late fees that have accumulated? If that's the case I don't know how much iggle room they'd give you as the interest rate and late fees are specified in your original contract with the credit card company.
The difference is usually fees that are instituted by the collection agency and usually can be negotiated. However, there is also a limit of how much they can add on and it sounds like your collection agency is trying to limit how much wiggle room you have. If they say you owe $4500 and originally it was only $2000 they are most likely hoping you will settle for either the full amount or something in between that they can pocket as profit.
