debt settlement refused

by Diane
(NH)

I offered to settle a $2079 debt for $700 to a law firm representing a collection agency. They refused and say the collection agency will accept no less than 75% of the debt and want payment in 6 days. I can not afford 75% of the debt, what is my next step to resolve this debt?

Comments for debt settlement refused

Click here to add your own comments

Feb 04, 2011
 Debt Settlement Offer Refused
by: Debtcollectionanswers.com

Thanks for getting in touch.

You have a couple options. If you can afford to pay more than your initial offer on the debt that you owe, you may want to increase the amount that you are willing to pay and see if the law firm will accept the higher amount. It may actually be willing to settle your debt for less than the 75% it's demanding now. Refusing your initial offer could be part of its strategy to get you to pay more. However, do not offer more if you cannot afford to. Also, if you and the law firm are able to reach a settlement agreement, do not pay the firm a penny until you have all of the terms of the agreement in writing.

Another option is to meet with a consumer law attorney in your area who helps consumers resolve debt collection problems. You may want the attorney to do the negotiating for you. Sometimes, an attorney can get results when a consumer cannot. Also, the attorney can advise you about any other options that may be available to you to resolve your debt based on a review of your finances.

Best of luck.
Feb 11, 2011
 i dont know....they may be playing hardball
by: Anonymous

I had a 2,000.00 debt for which a company wheycor capital Group was sending me letters at first, then phone calls, concerning making payments. I must say, they were stern but did everything by the book. i recorded all conversations as i was instructed do to at a website.

I was very busy and traveling from state to state for work, and every time i set up an arrangement, i failed to meet it. I Finally want to take care of it, and now they are not budging. In fact my debt was placed with an attorney who has contacted me about the litigation procedures she will initiate. I can't afford the whole amount and it looks like a ran out of options. im stuck

Reply from DebtCollectionAnswers.com:

Have you contacted a
bankruptcy attorney to find out if you are judgment proof? If so, they may have no option but to work with you.

Click here to add your own comments

Return to Debt Collection Questions.

Learn how debt collection laws can help you!
This website does not provide legal advice.
All information is for educational purposes only.
Copyright 2007 - 2018 by Mary Reed and Gerri Detweiler.
All rights reserved.
Read our Privacy Policy here