Grandsons bad debt

Apr 17, 2010

negotiating debt
by: Gerri

Jeanie,

Your grandson is very fortunate that you are going to help him resolve this debt. We devote an entire section of the ebook to negotiating with collectors, but let me summarize a few tips here:

1. Don't let him start by telling them how much he has to work with. In fact, he shouldn't even say that you will loan him money - only that he might be able to get a little money from a family member. The fact that he is unemployed is actually helpful here.

2. Try to get him to let the collector make an offer first. He should only give them a figure much lower than what you can afford so there is room to negotiate.

3. He should not pay the collection agency a penny until he has a letter in hand stating that the payment will settle the debt in full and no further balance will be due.

I would encourage you to at least read the first chapter of Debt Collection Answers online for free.

Please come back and tell us how this works out. You can share your experience by using the comments link below. Fingers crossed!

Grandsons bad debt

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