Posted on
January 26, 2010
at
1:47 am
Hi what's the first step in settling a debt with a collection agency? They would contact me correct? Or I call them?
Posted on
January 26, 2010
at
4:16 am
After about 5 to 6 months of non-payment, your original creditors would pass your account on to a third party collection agency and they would contact you via phone. Usually..Know that within 5 days after that first contact, they are supposed to send you a letter containing the amount that you owe, your creditor, and what you can do should you decide to have that debt validated.YOU SHOULD HAVE THAT DEBT VALIDATED.
Posted on
January 26, 2010
at
4:22 am
I agree and if you believe that that debt is not yours - write them a cease and desist letter. If they persist, then have them validate it. Without the validation, do not admit to the debt, nor promise to pay for it.
Posted on
January 26, 2010
at
5:06 am
Settling a debt with a collection agency starts with debt validation.Then you can choose between hiring the services of a debt settlement company or doing it on your own. The advantage of a d.i.y. settlement is that you'd probably save money on fees.The advantage of professional settlement is - you would get the most out of the negotiation. The negotiators at the settlement company works with collection agencies all the time and they've probably worked with most, if not all, of the creditors as well.Also, the settlement company can look out for how a settlement is going to reflect on your report.
