Tips to settle with a debt collection agency
Tuesday, July 31st, 2012When there is a critical standpoint with debts hovering over your head and constant phone calls from the debtors and collection agencies, you will look for a way to run away. However this situation can be avoided with some precautions and some properly calculated measures. In order to avoid debt collection agencies, most people turn themselves into worse conditions. It is better to settle the debts with the agency.
• First of all, check the age of the debt. If it has already been charged off, there is no way you could get your credit score back.
• Deal politely with the debt collector. Try to gather important information about the pay off.
• Negotiate monthly installments and if there are any extra charges. Mostly debt agencies prefer lump sum payments to get the job done without much ado.
• Get all the terms and procedures with the agency in writing so that you don’t suffer from misleading conversations.