jonsantarlas asked:
Collections, End of the year?
Collections, End of the year?
I have 8000 in collections and have avoided the collectors for almost a year. My dad told me to hold off until december and try to make a deal with them bc he said they give better deals at the end of the year. (They wont even send me a written balance statement, let alone settle for less than paid- currently) I was planning on entering a governmental consumer credit counseling program. My dad said not to. What should I do?
REX
LUIS
pardon my language but %uck it! dont pay and im going to tell you why. i worked for one of the top collection agencies and to be perfectky frank with you, if you pay a settlement it doesnt really boost your credit all that much. if you were to pay the balance in full (BIF) would appear on your credit report and others to review ur credit would know you paid teh balance in fullm but paying a redued settlement, (SIF) settlemen in full appears to potenial credit sources that you cant even pay ur bills in fullm thus paying off your debt in a reduced settlement doesnt really help you out at all. a lot of people dont even know this.SIF is as good as Nothing In Full
Comment by GG — November 9, 2009 @ 3:08 pm
FLETCHER
This is a good reason to declare bankruptcy and clear all these items off of your credit report. If you are already in collection, bankruptcy can’t hurt you much now. Just remember you can’t do this for another 7 years!
Comment by Duane B — November 11, 2009 @ 6:34 pm
EMILE
I work in collections…I **** to say it but we are MONSTERS!!! Most of what you pay are fees from the collection company. Certified letters to wage attachments!! We charge for everything…sad but true!!
Comment by Pecan Goddess — November 13, 2009 @ 1:46 pm
JOSEPH
Do not make any settlements because anything less than paid in full will probably be reported on a 1099 which you will wind up paying anyway when you do your taxes. If you don’t own property or have a large savings or checking account, they can’t do a thing. For $8,000 just check what consumer credit counseling can do for you. If they could get the company to waive the interest that’s fine. If you deal directly will the co., make sure you get everything in writing.
Comment by stan c — November 15, 2009 @ 9:02 am