If you have a debt that you cannot pay and it has been turned over to a debt collection agency, negotiating with that collector may seem intimidating.
Just don’t ignore creditors that try to contact you because they may file a lawsuit against you. Debt collection lawsuits are no joke. For example, debt collectors may garnish your wages or even place a lien on your property to collect on a debt.
Sometimes, paying a debt to a specific collection agency makes sense. We do recommend this option only if you do not have other debts to deal with, or the amount of other outgoing debts are under $10,000. Otherwise, you are still losing money in the long run. There are better options how to deal with all debts at once.
Remember, collection agencies buy debt for pennies on the dollar. As a result, you may be able to negotiate paying off your debt for a much lower amount than you owe. Debt collectors may also send you a letter stating that your debt is paid. You can use this letter to remove evidence of the debt collection from your credit report.
Important ⬇️
✅Verify that it’s your debt
✅Understand your rights
✅Consider having experienced debt settlement specialist representing you
✅Offer a lump sum payment only, not outgoing monthly payments with accumulating interest
✅Get the settlement agreement in writing
✅If cannot reach agreement with collector, consider debt relief programs
A lump sum settlement is usually the most attractive option to a collector. Please do not forget, debt collections calls are often designed to catch you off guard and create worry and fear. Enter the conversation as calmly and knowledgeably as possible, with an understanding of your rights as a debtor and risks associated with you proving a personal information to the collector.
You can do this on your own or having a Canadian Debt Advisors to negotiate on your behalf.
Our reputable experienced debt settlement specialists understand the importance of knowing how to negotiate with debt collectors and will help you work out a payment solution that helps you take care of the debt collection account for good.
Real results. We’ve helped thousands of Canadians to get out of debt and to restore financial balance in life and we are here to help you.
We offer FREE, confidential, and no-obligation consultation!
Best Regards,
Canadian Debt Advisors
