Posted on
February 3, 2010
at
11:19 pm
Self debt collection negotiation is a legitimate but sometimes difficult way to reduce credit card balances and overall debt collection liability. Although the term may sound silly, the process is anything but. Consumers can make self
negotiations with their creditors and ask others to hold them
for their actions.
Posted on
February 4, 2010
at
2:28 am
Self debt collection negotiation - or debt settlement d.i.y.
Posted on
February 4, 2010
at
3:28 am
(Self) Negotiation with debt collection agencies can be tough. I've read a thread here recentlythat talks about writing the collection agency letters (request for debt validation) and notgetting any response. Some collection agencies don't take diy negotiations seriously. In whichcase, the consumer can opt for a professional debt settlement.
Posted on
February 4, 2010
at
3:33 am
I agree - but this can only be done:1) if the creditor threatened to sue. They might be willing to settle for 70-75% of the debt (I'm not sure if it's one time lump sum payment - terms might vary)2) if the account is with a third party collection agency - the debt can be settled for more or less half (terms may vary as well)
Posted on
February 4, 2010
at
5:40 am
If you are determined to do the negotiation with the collection agency yourself - then at least gothrough credit counseling. It is free. Just don't sign up for the Debt Management Plan thatthey're going to offer you. Especially if your debt amount is collectively $10,000 or more.If that's ur case, might as well do a settlement.
