Debt Negotiation Advice

Can I negotiate directly with a credit card company instead of the collection agency?

I have a credit card debt that has gone to a collection agency. It's a long story, but I was wondering if I can negotiate with the credit card company rather than the collection agency. I'm hoping to negotiate to a smaller amount and monthly payment. Is it too late for this? It turns out that Capitol One still owns the debt, the collection agency works for them. Does this make a difference in negotiation or am I still better off?

Public Comments

1. You can try, but generally speaking once it's in collections, you will be dealing with the collection company.
2. I think you will find it is too late. The credit card company would have tried to contact you for a long time before getting the collection agency involved. Maybe you could contact you local member and they may be able to do something on your behalf.
3. As primetime said, you can try, but it won't work. Once the original creditor sells the debt, then the collectiion agency owns it. How old is the debt, when was the last date of delinquency, it may be beyond your states SOL, if it is, all they can do is hound you, but they can not file suit. Deal with the collection agency if it is a farily newer debt.
4. That depends on the company but most of the time you are better off with the collection agency because they make a percentage of what they collect and the companies they work for pretty much go with what they say. Use your imagination. Many collection agencies will accept payment plans if you would only make the offer.
5. Yep...you need to deal with the collections agency...the credit card people will not talk to you.........
6. It depends. If the collection company is an agent, then you still owe the credit card company and they will talk to you and take the file back from the agency. If the collection company bought the debt for 10 cents on the dollar, then you owe the collection company and you have to pay them. The good news is that since they have way less than face value in this, the may be willing to take way less than face value to get cash quickly. (the original creditor wrote of the other 90 cents)
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