Collection Agency Debt Settlement in the experience of consumers in debt, often is one of the most unpleasant aspects of being unable to pay what you owe. Once a collection agency starts calling you it is obvious you would have settled the debt already if you were able to do so.
Their collection calls and methods may be very disagreeable to you, so please verify immediately that it is really your debt they are calling about. Ask for validation in writing including copies of whatever you signed such as the original loan agreement. This should be sent registered mail with a receipt requested. Doing this will give you a little breathing space while you decide on the best course of action. Threats of a lien against your home or of wage garnishment are not an immediate concern since they involve the time and expense of going to court.
Today, creditors sell their debts to collection agencies rather than assigning them and it has become a profitable business. Therefore, if you need more time to work out your debt settlement approach, you can try debt validation first since you have that right. Check out TITLE VIII – Debt Collection Practices of the Fair Debt Collection Practices Act, § 803, Definitions, to see what you can do. In most situations you can require a complete payment history. Even if the collection agency has purchased your debt, they are still subject to the FDCPA.
If they cannot verify a debt, they are not allowed to collect it or report it to credit bureaus, which would be a violation of the Fair Credit Reporting Act. Reportedly, agencies have begun to respond to validation requests with summonses to appear in court. They cannot do this if they have not validated your debt within the 30-day period required. It pays to educate yourself about this subject because you may have recourse in the courts if the collection agency is not compliant.
All of this requires lots of time, effort, and learning on your part. If you agree at the outset that you do owe this debt, or debts, and you would prefer to settle, there’s a less arduous road you can choose. Instead of a painful collection agency debt settlement, you can contact Fast Track to get help in settling your debt.
Fast Track’s Debt Settlement Program is designed to help you get out of debt in the most effective manner. This program has ethical and dedicated professional negotiators working with your creditors to encourage them to accept a one-time, discounted settlement payment.
We establish an affordable monthly payment which is deposited in a settlement account in your name. Once you have the required funds in your settlement account, we will contact your creditors and make settlement offers. The program takes about 12-36 months and is completed when all debts in the program have been settled.
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