Debt Negotiation Advice
how to negotiate my debt with the collector?
I really wanted to negotiate my debt with collector. Before it went over to the collector, the bank offered me 5000(which was about 55% of total 9000 debt). I wish i could have paid back then but i could not afford at all. Now the collector said it is about 16000 with interest and don't want to negotiate under 13000 and sent me a warning letter through a law firm. at this moment, i have no way to pay that huge amount. i really want to negotiate but i don't know how. Does anyone know any advice or any professional that can handle this matter so that i can reduce my debt payment?
Public Comments
- if you can afford it,see a bankruptcy attorney. they are very good at negotiating with other lawfirms or debt collectors. you dont necessarily have to file bnkruptcy but they will negotiate for you as well. if all else fails,contact consumer credit counseling,a free service,through your local county
- Well? If you'r working they'll garnish you'r wages, until the debt it's paid in full. If you'r not working, the Vultures will wait until you start working. It's better to make a deal with them and pay them as much as you can!
- It depends upon the debt, but you can negotiate. Under the FDCPA, you are entitled to a written breakdown of the charges. It appears they have calculated a great deal of finance charges or interest upon your debt. Are you able to pay principal? If so, at least make a 50% offer of the principal if you can pay it in a lump sum. If not, try to work out the best payment plan that you can but make sure they apply it to principal. Also, depending on what the debt was....they may not sue. If you can show them what your net worth or ability to pay is, without actually disclosing what your assets are, and you don't have the ability to repay, then you can work a better deal or get them off your case. I have managed collection firms before and no one wants to try to collect against someone who can't pay or doesn't have the ability to pay.....it's all about the money, sorry to say.
- I would go to an attorney as suggested or go to a company that specializes in debt negotiation. such as total debt solutions. www.totaldebt.com. What is the original debt for and how old is the debt? This makes a differance, I have some informatiobn that will help you negotiate yourself if I have more information. I will email it to you if interested.
