Debt Collector Won't Accept My Payment Offer

by Rosa
(Glendale, AZ)

I owed $850 since december, I was making payments of $116 but I couln'd payed anymore,a debt collector call yesterday and told me the I have to pay the whole amount
by wednesday I told him that I don't have the money to pay, and I told him the I willing to pay $50 dollars a month but he didn't accept. He told me the I have to give him $300 now, and I don't have money.
What is the minimum can I give him.

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Sep 06, 2011
Debt Collector Won't Accept My Payment Offer

There is no set answer to your question I am afraid. A debt collector can demand that you pay as much as possible on your debt each month, but in the end, if you stick to your guns about your not being able to pay more than you are now, the collector may back down and agree to accept the amount you want to pay.

I am curious about the agreement you entered into back in December to pay $116/month. Did you get the terms of the agreement in writing and if you did, what does the agreement say will be the consequences of your not abiding by the terms of the agreement? It may be that the agreement says that if you default on the agreement, the collector can demand the $300.

If the debt collector is willing to accept your offer to pay $50/month, ask for an agreement in writing and do not pay any money to the collector until you have read the agreement, understand all of its terms and feel certain that you can live up to them. Don't agree to it otherwise.

You have other options for dealing with a debt you cannot afford to pay besides trying to work out a new agreement with the collector For example, you can tell the collector not to contact you again. If you do, be sure to follow up your verbal request by putting the request in writing. Make a copy of your letter for your files and send the original letter certified mail with a return receipt requested to the collector. The federal Fair Debt Collection Practices Act says that once you tell a collector that you do not want to be contacted anymore, the collector cannot keep calling or writing you to demand that you pay what you owe. You can read our advice on using a cease and desist letterhere.

Telling a debt collector not to contact you again does not mean however that the collector won't take steps to try to collect the money you owe -- like suing you, for example. But, given that the amount of your debt is quite small, a lawsuit is probably unlikely. It's also unlikely if you are judgment proof. To find out what it means to be judgment proof, go here judgment proof.

If you are struggling to keep up with a lot of different debts and/or if have fallen behind on debts other than the one you wrote about, you may want to consider debt settlement or bankruptcy. Go here to set up a free consultation with a bankruptcy attorney so you can learn if bankruptcy is right for you. Also, you can learn about settlement and bankruptcy if you read our ebook Debt Collection Answers. Go here to get our ebook Debt Collection Answers.

Good luck!

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