a collections agency contacted me about some funds iowe them and demanded that i pay within a certain time period i dont have that much money and have a family to feed and offered them a payment of as much as i could afford per month but they said they would not accept the payment unless it was a certain amount they were requesting what do i do now?What is the best advice on this matter (CREDIT)???
Regarding a bond.....just my opinion. I've never heard of this, and would have to look into. Need more info. But my first impression is it's a terrible idea. Especially in this situation.
Lets start with my battle cry! You are about to go to war! Knowledge of the law is your only weapon. Read the links below! The other guy knows the law, now you do too!
First, you are NOT obligated to even talk to collection agencies. The only time you do is if they purchased the collection rights from the original creditor. Send these clowns a cease and desist letter (look at the links below).
Before you continue to negotiate, ask yourself a few questions. Do you still have good credit? If this is the only bad mark you have then it's worth trying to get it paid off and keep it off your records.
If your credit history is already a mess, then one more negative report isn't gonna hurt you. Collectin agencies have only two weapons they can use against you. They threaten you with putting a report on your credit, or to sue you.
If your credit history is already trashed, then they can't threaten you with that. And they will not go through the trouble of sueing you for anything less then $500, unless the collection agency is local and they have local attorneys.
If the creditor is not going to be reasonable with a payment plan that you can afford, it's my opinion to let them sue you. Again, your credit history is already a mess, but the judge will be more lenient then a collection agent. When you explain your financial situation, he will probably put you on a payment plan that you can handle. If he's a jerk, he gives the judgement to the collector and they try to garnish your wages or property. That is the gamble you take.
Ok, all that said, what do you do now?
The cease and desist letter to the collection agency will stop those calls and letters. Next, send a letter to the original creditor making an offer to pay. But DEMAND that in exchange for paying off your debt, they must remove all negative reports from your credit history. They MUST note on your records that the account is PAID IN FULL and NO LATE PAYMENTS. Otherwise, what is the point of paying them? You will still have a bad credit history PLUS you will be broke! If they don't want to work with you, then let them sue you. Send these letters by certified mail, and keep a copy. It will help your case in court by showing that you did attempt to negotiate with them.
I am not a lawyer or a credit counsoler. I am someone who has been down this road and have counsoled many others.
If you need any other advice or encouragement, feel free to contact me.
GET ARMED! READ THE LINKS BELOW!What is the best advice on this matter (CREDIT)???
Depending on where u are from, they may or may not offer this. its called a bond. not a savings bond like your probably thinking. You can try and look them up online but i dont think u are going to have any luck because its a new thing. its for people that dont really have a lot of money. say you wanted a 20,000 bond, u can get one and only pay 200 bucks a month for it, therefore u can pay off ur credit and save money for ur family and still only pay 200 bucks a month. now, one catch, not everyone can get a bond. go to your bank and ask them about MONEY BONDS. you need to qualify however cause not just any joe shmoe can walk in there and get one. you need to need it for something specific, like your situation and where its for your credit to support ur family, they will accept u. believe me, if your credit gets messed up, your life is pretty much ruined, u will not find a home anywhere.
I HOPE THIS HELPED... AND GOOD LUCK
No comments:
Post a Comment