Interest Only Loan Mortgage Calculators Article
Here’s something interesting:
Did you know that collection companies don’t buy the debts out for the full
price? Why would they? Would you buy a debt from someone that you
knew wasn’t paying it? Sorry for all the question marks, I’m just trying to
give you the mentality that collection agencies are working with.
They buy the debt for WAY less then you owed, because they’ll probably
never recover most of them. So, if they bought a $500 debt for $40, do you
think they’d take $150 - $200 to settle it? Most of the time they will. If you
haven’t paid a debt in five years, they’ve only got two options, take your
offer for $200, or go on like they have been - and not get a dime!
I’ve done this for many people, and I even know someone who got a letter
in the mail randomly - after not having paid a debt for a year or two, asking
him to settle a $500 debt for $250!
If you have the collection letter, just call and ask for whoever’s name is on
the letter (I.e. Bill, Agent 4523). If you only have the company information
from your credit report, just call them directly and try to talk to someone
with some authority (ask for a supervisor, or somebody who seems like they
have the power to deal).
If you get the above runaround where a company is simply trying to extract
information to harass you - just write a letter to the company with your offer.
Be sure to include any account numbers and other info that they’ll need to
find the debt - AND be sure to exclude any information (like your home
phone number, or even your real address if you want) that they could use to
harass you.
If you can get them on the phone, simply saying something like “You have a
debt of $500, I‘ll give you $250 in full to settle it today.” Be sure to be
reasonable in your offers - don’t offer them $5 on a $500 debt! And be sure
to get their agreement to your offer in writing (either via a fax or mail)
before giving them ANY money. And again, send cashier’s checks and
delivery tracking mail or parcel service. You want to be able to prove that
you paid the debt in FULL.
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