Debt Negotiation Advice
How do I negotiate on a debt due that is now in collections?
I am in collections for my credit card and have been earning over $80mo in fees for few months- making my balance $1200 when my limit is only $500. Is it better to try and negotiate with the credit card company or the collection agency? What do I say to try to get them to lower the amount or to remove it from my credit report completely as if it never was?
Public Comments
- Once a debt goes into collections, the credit card company has written it off and no longer cares. You can try offering the debt collector a percentage of the debt if they will agree to remove the debt from your credit file. Tell them if they remove the item, you will pay them, say 50%. Get everything in WRITING and accept no verbal agreements. Keep in mind, they can remove the fact that you owe money, but the late payments will remain on your credit file. Given time, these reduce your score less and less. Good luck.
