Creditopics.com

Even if your credit cards are maxed out and you have a huge mortgage to pay off, you can still get rid of all your debt in about five to seven years - and begin rapid wealth-building - without sacrificing the things that matter most to you!

6 Responses

1. beauty s Says:
   January 31st, 2010 at 5:42 am 1

   call them and see if they can make a payment plan with you..

2. ZinaRae Says:
   February 2nd, 2010 at 3:46 pm 2

   Not get yourself in this position. Take a second job; you did this to yourself, so now it’s time to pay. They will work with you. But you need to get a grip on your spending habits.

3. Nance_1010 Says:
   February 3rd, 2010 at 1:08 pm 3

   Yes. Most of the time they will work with you. You can be set up on payment arrangements, they can lower your APR and reduce your monthly payments.. There’s a lot of programs they offer, just call and see what they can do to help. I had to do this too, and I found it was easier than I expected to pay my debt.. Of course, with reduced payments that I could afford. Good Luck!! =)

4. gazelleintense.com Says:
   February 6th, 2010 at 3:37 am 4

   you can call them and work out a deal, but they may want a lump sum. any deals should be in writing or you will find out you don’t have a deal.

   remember, collectors lie all the time. thats why deals are to be in writing.

5. OC1999 Says:
   February 7th, 2010 at 12:24 pm 5

   If you talk to them over the phone, they will presure you to pay everything at once, or in a couple of payments. For most people they can not do this. This is one of the many reasons you should NEVER talk to them over the phone, all communications should be done in writting.

   However, before you offer payments you should do a couple of steps. The first is to request validation of the debt, when you do this they must provide you proof that you owe the debt. If they don’t validate the debt, they can not report it to your credit report or attempt any further collection activity.

   Another thing is to know your timelines. The first time is the Statute of Limitations. If the Statute of Limitations has passed, they can no longer file suit against you to get the money. Depending on the state this is 2-6 years from the date of last delinquency. The second one is the time it can be reported on your credit report. This is 7 years from the date of the last delinquency. So if you are outside of the 7 years, it does not even show up on your report anymore.

   So if you are still in the 7 years and want to pay it, send them a reasonable payment schedule. Generally if you offer to pay it off in a few months to a year depending on the total amount they may work with you. Also, you need to put in there that once you pay it in full they will remove the collection account.

   Do not send them any money until you have received a written agreement from them stating the payment amount and that they will remove it once paid.

6. twv23512652 Says:
   February 8th, 2010 at 9:13 am 6

   A creditor will sometimes accept a partial payment of the debt and the account will be reported as “settled charge-off”.

   This is just something to think about when negotiating with a collection agency.

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