Debt Collector Won't Accept Reduced Payments

by Cynthia
(west hazleton, pa. )

I had a debt collector call me and offer me a settlement on a card card it was a fair settlement but when i told him the best i could do was $100.00 per month til it was paid he said no, we need $600 up front then we will settle on an amount every month. He also wanted to know about my income tax return and could i borrow the money from someone and could i make a loan. Are they allowed to turn down money you are offering them, something is better than nothing.

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Jan 27, 2011
 Reduced payments on collection account
by: DebtCollectionAnswers.com

Cynthia,

Unfortunately there is no requirement that the collector accept the payment amount you feel you can afford. However, if you can't pay more than that, then you can't and you will have to stand firm.

One thing we often suggest in these situations is that you get a consultation with a bankruptcy attorney. We recommend this for two reasons:

1. It can give you some negotiating leverage with the collector (you can tell them that you have talked with a bankruptcy attorney and are hoping to avoid filing but only if they can work with you) and

2. It will help you understand your options if they don't want to work with you.

We hope this helps!

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