Received responses from debt collection agency to settle debt, now what?
I sent letters to the debt collection agencies that I owe money for medical bills (2600 across 6 accounts) to settle the debts at 25% and to remove entirely from my record. Two have responded asking for full payment, one will remove entirely, other said it would report as "paid in full". What should I do? Should I be renegotiating with them for less than the full amounts? The remove in full is tempting as is, but I feel the "paid in full" definitely has to be renegotiated. Thoughts?
Posted January 28th, 2010 in Debt Settlement. Tagged: debt collection agencies, debts, medical bills, money, quot.
They cannot remove it from your credit report. The report will still show that you were delinquent so matter what they are telling you as far as "fixing" you credit report, it is a lie. If the collection agencies want any more than the original amount owed (late fees, etc.), tell them to pound sand. Offer only as much as the original amount. The collection agency bought the debt for much less than you originally owed and they are just hoping that you will "bite" and pay whatever they ask. You can always contact the original creditor and pay the bill directly with them. The collector will just get a refund of the amount that they paid to the original creditor for the "ownership" of your debt.
January 28th, 2010 at 9:24 pmFile BK and tell them to eat it. They will never change your credit report to reflect in your favor. Even if they show paid off, they still show late payments etc. I’ve had collection agencies return my money in attempts to make payments. Their not worth giving your hard earned money too. Besides the collection agency benefits more than the hospital/Dr office anyway! They basically screw everyone.
January 28th, 2010 at 9:24 pmHi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% and improve my credit score .It’s legitimate . I came across this company on NBC News Special Edition.Check it out here:
January 28th, 2010 at 9:24 pmhttp://Credit-Solutions.notlong.com