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Re: Settling Debt


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Posted by SunkissedBeach (67.69.201.250) on January 20, 2004 at 20:21:14:

In Reply to: Settling Debt posted by Power Johnson on January 20, 2004 at 16:53:16:

I will get flamed for trying help you but so what I am used to it at this point.

Have you been receiving calls from the same person from this office? If no, then that means the account has not been assigned to one agent. If this is true then:

Call them ask to speak with the floor manager, tell him/her you do not want to speak with a strong arm style collector but rather someone who has a soft style and will work with you.


Wait until the end of the month, call them on January 31 and tell them you wish to settle on this debt today and will give an Intel check.

Tell them you can only afford to pay 30 percent of the debt. Tell them you have other collections (do you? and are they listed on your credit report?) that you are settling on and only have 4050.00 to pay this one. Go on to say you do not want to file a BK but might have to if you can not settle for the amount you offered, as you still need to be able to settle on the other accounts you have in collections.

If they agree tell them they need to fax you over a settlement letter first before you give the Intel check. By giving the Intel check shows that you are serious paying this debt. If you start talking money orders, etc..they will not take you as seriously and try to help you.

The settlement letter should say:


The letter will serve as official notification that this office is authorized to accept the sum of 4050.00 as compromise settlement in full on the outstanding balance of 13,500.

Upon satisfactory receipt of payment, we will notify the credit reporting agencies that the account is settled in full.

Tell them you also want to receive a release letter when they verify funds and the payment is good.

Just so you know, I am a debt collector and in my office we would accept this offer. I work for a major collection agency.
By calling at the end of the month the collectors are trying to make goal so the odds of achieving your settlement are very good.
By calling and asking for a soft style agent you will hopefully be placed in the hands of someone that will actually listen to you and help you achieve this settlement.


I do not know what your reasons are for wanting to settle (besides doing the right thing) but if you are trying to get a mortgage or any credit DO NOT TELL THEM.

Best of luck to you on the settlement.



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