Fighting Debt Collectors
It can be very frustrating when you are being contacted by debt collectors. This can cause you to change your number, move or more.
This frustration is ten fold if the debt is not your debt. It is common for a lender to make a mistake and your account to go into collections. Trying to explain that the debt is not yours to a collector is next to impossible. This is because their motive is only to collect money not to fix mistakes.
If you are a victim of a lender mistake then you should immediately request validation of the debt. Do this through certified mail so you have documentation that you letter was in fact received.
Do not ever request you validation over the phone. This is a very ineffective method because it is often ignored and you are only given 30 days to request validation of a debt once you are notified.
It is not uncommon for debt collectors to sell your debt to another agency instead of validating it with the lender. This is why we suggest you send your letter through certified mail because that way you may be able to file a civil suit against the debt collector.
Instead I suggest you hire a credit service to dispute the negative credit items that the debt collectors have posted on your credit report. This way you will prevent your score from being damaged due to a lender mistake.
If the debt is valid then you should settle it. You should start your settlement offer at approximately 50% of the balance.
This is because the collector has purchased your debt for a fraction of the balance. In addition even if the collector does not accept that offer, they will see that you are willing to pay this and will be willing to negotiate a price.
Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.
In sum I suggest you hire a credit repair service to repair your credit from debt collectors.
This frustration is ten fold if the debt is not your debt. It is common for a lender to make a mistake and your account to go into collections. Trying to explain that the debt is not yours to a collector is next to impossible. This is because their motive is only to collect money not to fix mistakes.
If you are a victim of a lender mistake then you should immediately request validation of the debt. Do this through certified mail so you have documentation that you letter was in fact received.
Do not ever request you validation over the phone. This is a very ineffective method because it is often ignored and you are only given 30 days to request validation of a debt once you are notified.
It is not uncommon for debt collectors to sell your debt to another agency instead of validating it with the lender. This is why we suggest you send your letter through certified mail because that way you may be able to file a civil suit against the debt collector.
Instead I suggest you hire a credit service to dispute the negative credit items that the debt collectors have posted on your credit report. This way you will prevent your score from being damaged due to a lender mistake.
If the debt is valid then you should settle it. You should start your settlement offer at approximately 50% of the balance.
This is because the collector has purchased your debt for a fraction of the balance. In addition even if the collector does not accept that offer, they will see that you are willing to pay this and will be willing to negotiate a price.
Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.
In sum I suggest you hire a credit repair service to repair your credit from debt collectors.
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For information about credit repair services or to read an article about how to remove credit card judgments visit us.
posted by Debt Consolidation Loan at
9:19 AM
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