Debt Negotiation Advice
The debt relief company cancelled what do I do now?
Last may we decided to consolidate our debt and made payments to a debt relief company who would begin negotiations as soon as we paid the finance charges. Never got that far b/c our state passed law that said they could not do business with us, we got refunded. In the meantime we have been turned over to collection agencies, should I negotiate with them on my own?
Public Comments
- Yes you can settle with them on your own. If they have purchased the debt, they propably paid no more than 10 to 15 cents on the dollar for it.
- Try sending your creditors a full payment each. Then contact them to reinstate a payment plan, and pay your bills. Don't make any more. Live within your means.
- As executor of an estate, one of my jobs was to negotiate with collection agencies. I found that when I dealt with them directly, they were willing to accept 75 to 80%. Debt consolidation and management services can usually do much better on your behalf because they have relationships with collection agencies - sometimes your debts can be reduced to 25% of the original amount. Check out: http://www.mortgageous.com/debt-consolidation If I remember correctly, they also have an option for a free consultation to help protect and/or improve your credit. Good luck, and don't back down! Collectors have been known to use predatory techniques to intimidate you, but if you stand firm, you'll come out ahead. .
