Can I cancel an agreed payment?

by Sam

I have been getting calls from a debt collector for a couple of weeks. I finally called back, not really understanding who they were at the time and then realized who they were. I set up a date at the end of this month to have $230 taken out of my account and just thought I would have to come up with the money before then. I didn't know I could negotiate until I searched the internet. I would like to call back and cancel the date all together, knowing that I don't have to make a committment.

I can just do it on my own time. Is this possible? Will they cancel the date I have agreed for them to take money out of my bank account? If not, would I be able to call back and arrange payments instead of the full amount coming out at once as it is planned? Today is the 15th of Feb, and the full amount is set to come out on the 27th of Feb.

Comments for Can I cancel an agreed payment?

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Feb 18, 2009
Renegotiating with a debt collector
by: Gerri Detweiler

It's tough to renegotiate a deal you've already made. The collection agency is going to insist you stick with the payment arrangement you made, and bouncing a check or payment authorized could create additional problems.

Give it your best shot and get any new agreement from them in writing, but don't be surprised if they insist you pay what you have already agreed. That's one reason why we recommend, in our ebook Debt Collection Answers, that consumers make sure they clearly understand their rights, and their budget, before agreeing to pay a debt collector.

Good luck, though, and let us know what happens!

Apr 14, 2009
Why not?
by: Anonymous

Close that checking account and open another one. Call them and explain that you can not honor the original agreement because of ______.

They will certainly try and pressure you, but hold your ground and negotiate a better deal.

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