When you reach the point where you are forced to negotiate debt collection because you are receiving letters or phone calls from professional collectors, you should respond immediately because you have only 30 days from receipt of a letter or call to dispute it and keep it off your credit record. Write to them certified mail and ask for proof in writing with copies of what you signed for.
The collectors contacting you most likely will be working for a professional agency that has bought up debt for pennies on the dollar from many entities, and they may try to intimidate you. This is now a $15 billion, growing industry and if there’s money to be made some individuals will not play fair with you.
A free consumer brochure on debt collection can be obtained from the National Consumer Law Center. If you call their publications department at 617-542-9595, they will send you a copy of "What You Should Know about Debt Collection." For more information on your state’s debt collection laws, contact the attorney general’s office.
Keep a record of what they say—even better, tape the conversation if it’s legal in your state; let them know this, and they will be on their best behavior. Keep a log of all contacts. Do not tell them your life’s story or problems; they don’t care. Also, do not commit money that’s needed for you and your family’s living expenses until you can figure out a payment plan that works for you and you can propose that to them down the line. Then, have them agree to it in writing.
Stay cool and in control whenever you have to negotiate debt collection; stick to the facts and say no more than necessary. Should they threaten you with liens or wage garnishments, don’t panic; they would have to go to court which is expensive and a time waster in general. If after some negotiation you believe you have the means and the will to pay half of the debt as a final settlement and they agree to that amount (in writing) make sure to write on the check “payment in full.” But don’t do anything you can’t afford to do or that will put you in any financial danger.
If you believe you can’t go through this process by yourself, call Fast Track and discuss with them how you can solve your problem.
Fast Track’s Debt Settlement Program is designed to help you negotiate debt collection most effectively. This program has professional negotiators working with your creditors to settle your debt. Debts are negotiated in an orderly manner as agreements are reached with each of your creditors subject to your approval. The program takes about 12-36 months and is completed when all debts in the program have been settled. We negotiate with your creditors and encourage them to accept a one-time, discounted settlement payment. The Fast Track program provides ethical and dedicated service to help you achieve your goals.
When we start your plan 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. We will continue to work with them until all debts in the plan have been settled.
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