Can a Debt Collection Agency Force Me To Pay More Than I Can Afford?

Debt collection agencies have quite a few tactics.

One of them is trying to force a huge payment so they can close out the account as soon as possible. Some might paint a horrible picture of what might happen to you if you don’t make this payment; however, the ball is really in your court.

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They’re trying to shock you into action

However, they’re generally not inclined to take expensive legal action unless they feel other options no longer exist.

You can approach them with a reasonable payment schedule that you can afford.

When a debt collection agency contacts you, the first step is ensuring the debt is real and yours. If you know the debt and wish to make good on it, it is time to start negotiating or taking appropriate advice.

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  • Write off debt and lower monthly repayments
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  • No more calls or pressure from creditors.
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Be prepared to negotiate

When the debt collection agency starts out, they might put a figure on the table that will eliminate the debt as quickly as possible, garnering them the largest profit.

However, if you could not pay the debt in the first place, you will unlikely be able to meet their opening demand. Listen to what they have to say and consider making a realistic counteroffer. They may not like it, but as long as you are willing to pay, they must receive the payment against your account.

If the agency refuses your amount, it might be time to end the conversation and document the call. Get the agent’s full name and record the time of the day. Keep this information in case you are required to go to court. You might also send a letter with proof of receipt outlining the conversation, making a specific note that you offered payment, and they refused to accept it.

You can then tell the judge or arbitrator that you tried to make good on the debt, but the agency refused to accept payment.

Be diligent before signing anything

If they are reasonable, you may agree to their terms. Get the agreement in writing. They will often ask for a good-faith payment on the debt, which is generally fine if you can afford to pay it.

Over time, if you are able to save extra money and want to wipe the debt completely out, you may want to contact the debt collection agency to see if they have a settlement figure that they’ll provide to you. This is a common practice after scheduled payments have been made over a period of time.

In many cases, debtors can settle for pennies on the pound. Again, just make sure everything is in writing, and you have an agreement stating the debt is paid in full or that they’re waiving their rights to collect the remainder of the balance when they receive the agreed-upon amount.

Debt collection agencies can be very intimidating, but they understand that you cannot pay the money which you don’t have. Working with them, or getting a debt adviser to help you by working with them, is the sensible strategy. Ignoring them makes more severe action to recover the money owed much more likely.

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