Is it true if you ignore collection letters that they will just keep lower the amount ?
Answer:
Uh no, it means they will just keep on and on hassling you until eventually you will not be able to buy a piece of gum without credit.
Please just answer them and make some type of arrangement. Remember all they want is to get paid. Even if it takes 100 years they just want the money.
Even if it is $10.00 each month, make the deal with them and pay it. Don't agree to anything you cannot do, make it doable. They will most likely be willing to work with you.
Best of luck
NO, I do not think that is true. You should contact a credit counselor. The collection people will continue to harass you and you will ruin your credit for later in life when you want to get a home, car or loan for something else. Don't ignore them, call a credit counselor.
the longer you wait to pay them off the worse it will get, they do not switch collection agencies thye just call you every day until its payed off, i think you should get a job, at least part time so that you can make the min. and you don't f up your credit. it takes seven years for that stuff to drop off once its payed
so why dont we work any more hons try gettting a job at macdoalds or burger king, or waiting on tables how do you manage too pay rents food bills utilities siting at home filing finger nails and eating bon bons? the credit card companies dont care if your working or not they want there$$$$ they could care less if you robed a bank!! get off duff go too work at burger king or wh ever and start paying these people of they wil haunt you too know ends hons!1
Sure. Try it and see what happens. Avoidance is ALWAYS the best policy.
No, this is not true. You will keep stacking on the debt until you have to file bankruptcy. You need to go to a debt consolidator. They will help you out. Take all your bills to them. They will contact the collection agencies and combined all your bills into one monthly payment. If you do not pay your bills, it will negatively affect your credit for up to 7 years. This will affect you when you are trying to buy a home or a car or try to extend a loan.
Good Luck!
what's true is that they'll ruin your credit.
Just talk to them and ask for a settlement on the account. It's not good but it's better than having it record has 180+ past due on your credit repot..
No. Not true at all. Sometimes you can negotiate with them, because obviously it's to their advantag to get 75% of the amount due than nothing, but you really need help to do that, because it isn't an easy process.
Your best step at this point would be to contact a credit counsellor and ask for help. You will have to chop up your credit cards and agree to make regular payments, even if they are token payments at this point. But your credit counsellor will explain all this to you and tell you what your options are.
Good luck!
The answer to the first question is No. However, most collection agencies will work with you and may lower the amount due them. Unless you are willing to live with a poor credit rating that will stay with you for the next 15 years (meaning you better be prepared to pay cash for all purchases) you really need to show a willingness to handle this debt in a responsible manner. Another avenue that May be an option for you is to file bankruptcy. The attorney for this action will want his fee up front.
The longer you wait - the better your chances to get a lower settlement -
However -
This will ADVERSLY affect you credit ratings !
( It will LOWER your score )
And you may have to pay a slighly higher rate on the outstanding balances .)
But -
At the end - they will have to settle with you !
Try NOT to deal with the collection agency - but rather - pay DIRECTLY to the CC ! ( as little as you can .but keep it STEADY ! )
If the CC company REJECTS your checks ( better off to use 'Money Orders' ) Keep them as proof of your good intenetions !
And their 'stubberness'
DO NOT let collection agencies intimidate you !
You can only pay what you can .there is no blood to squeeze out of a stone.
Also : Explain your perdicament to the CC company .They are human too !
Actually, the more you ignore it the worse the interest gets. Probably where you here such things is from people who have been offered "pay off" amounts. You usually have to pay them off in one lump sum. If you do come across some money and want to pay off these debts, contact your collection agency and see what the company they represent will settle for. After they give you a figure, counter offer something even lower! See what happens. A $5,000.00 debt can be settled sometimes for 1/2. You never know.
Good Luck and Take Care
P.S. If your credit cards are already in collections with a credit agency your credit rating is already been marked as a discharge or 9.
No, what you need is a debt consolidation company to work with the lenders to lower you're debt. Don't ignore them. They won't go away
not at all, the amounts will increase and eventually a judgement may be placed against you. do what is rigth and pay the debts, if you are willing to do your best and be reliable people will work with you.
the only thing that's going to be lowered is your credit Score !way down!
I actually had a collection agency offer me a settlement I can't remember the exact dollor amounts, I think I ended up paying 1/2. But in the end, and it was not explained to me when I took the settlement, it became a BIG, RED, FLASHING LIGHT on my credit report. It was terrible, have finally just started getting my credit score back up. Lessoned learned, if you owe money, you owe money, don't take the easy way out, slow and steady always wins, try to work with them and they will be much more willing to work with you when it comes to making payments. Been there and know that it will get better with lots of hard work and phone calls.
its not always true. BUT sometimes, i.e. after a year or so, they tend to send you letters saying that if you pay them [example] $600 on a $1000 debt, they will take it. thats a time to jump on the deal. good luck. just remember, dont try to ignore whats really there.
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