Comments on: In Debt And Cannot Repay? Tips To Work With Debt Collectors

By: Cash Money Life Celebrates 3 years of Blogging

Cash Money Life Celebrates 3 years of Blogging — Sat, 20 Mar 2010 11:40:20 +0000

[...] In Debt And Cannot Repay? Tips To Work With Debt Collectors. [...]

By: Joseph | kickdebtoff

Joseph | kickdebtoff — Fri, 12 Mar 2010 15:01:02 +0000

Several years ago i went to the hospital and i had just terminated my Individual plan for health insurance. the total bill for all test was about $4,500. I was stil in school and there was no way i was gonna pay that money at once. I worked with the billing company and told them my situation and agreed on $30.00 per month…. just cleared two years ago.
My point.. as arthur pointed above work with the creditors before the debt goes to collection.
Joseph | kickdebtoff´s last post ..Getting Out Of Debt – What Motivates You?

By: Arthur @ FinancialBondage

Arthur @ FinancialBondage — Tue, 09 Mar 2010 11:29:51 +0000

Be honest, tell them you plan on repaying as soon as you can. Send them something each month even if you can’t send the full amount. If you owe $200/month and can only send $100, send the $100. Tell them you will send more when you can.

Send them a copy of your written budget so they know where you are financially. They can see where your money is going.

Call them every 2-3 weeks to keep them updated on what you are doing. If you plan on getting another job or to sell stuff to get money, tell them so. Then do what you say you will do. Do not make empty promises.

Communication and honesty are key. This works. I had a $600 oil bill I fell behind on. Because I was honest and communicated, they did not send the account to collections. I ended up getting a second job and paying the bill off.

Also realize that debt collectors lie (and harass) and break federal laws daily. Any deals must be in writing before sending them money or you will find out you don’t have a deal. Do not give them electronic access to your money and accounts or they will take everything you have.

It’s best to do this stuff with the creditor before it goes to collections.

By: David/Yourfinances101

David/Yourfinances101 — Tue, 09 Mar 2010 03:22:37 +0000

I believe in all the tips given here, as long as the collectors are acting ethically. i would never by any means let myself get run over by any of them, and from what I have heard, they'll try just about anything to get you to pay, regardless of your ability to. David/Yourfinances101´s last post ..Save Money on Garbage Pickup? Why Not?

By: myfinancialobjectives

myfinancialobjectives — Tue, 09 Mar 2010 02:11:39 +0000

I too agree with the constant communication. It is key. I would also add keep track of specific dates that things happen. For example: Date received notice of ________ Date spoke to ________ and was told ________ regarding the _______ of my account This information is good to have on hand when you end up in a dispute, or disgruntled with CC companies practices. myfinancialobjectives´s last post ..Chile Earthquake

By: Ken

Ken — Mon, 08 Mar 2010 21:14:35 +0000

I agree with consistent communication (on your terms). One should never duck or ignore responsibility about a debt you owe.
Ken´s last post ..What Are You Working For?

By: Lillie

Lillie — Mon, 08 Mar 2010 17:45:58 +0000

The best approach is always to deal with the creditors if you are experiencing a problem rather than ignoring it. Many of the creditors have hardship problems available and are willing to work with you providing you don't ignore them. It's always better to be proactive to help solve the problem before it compounds. Lillie´s last post ..I See Deals and You Can Too!