Payment plans
Keep in mind that most collection agencies will insist on payment in full. They will negotiate a payment plan if that’s the best they think can get, but it’s not to your advantage. Usually you can pay on it forever and never make it disappear. This is because the collection agency will keep [...]
Never contact a collection agency by phone. Never! Collection agents are not trained to settle with you, they are paid to collect money, and they will say anything to get you to pay. You are opening yourself up to possible abuse, which though it is illegal, is extremely common. If you say the wrong thing [...]
How do you tell if your account has been turned over to collections? Your credit report is an excellent place to start. If you haven’t already done so, getting a copy of your credit report is crucial. To obtain a copy of your credit report, you may contact the credit bureaus at their websites:
http://www.experian.com
http://www.transunion.com
http://www.equifax.com
If a [...]
If you want to negotiate a payment plan, (usually because you don’t have another option), don’t hold that information back while negotiating the settlement plan. It may completely torpedo the whole deal if you agree on a certain figure only for you to then state: “Can I make my payments over the next 5 years?”
Payment [...]
