Collections?

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Get a payment plan setup. Collections will ask you questions about your income & expenses to try to figure out how much you can afford to pay. It pretty easy to tell when a debtor is lying about income because their story doesn't add up (no income means you wouldn't be surviving, someone is helping). Most collectors will ask for a payment that you can afford but you'll need to cut back on unnecessary expenses to pay. It's in their best interest to accept reasonable payments so the payments go through. However, you also need to pay this money back within a reasonable amount of time. It's not a lifetime loan. If you need a 10 year loan, barrow the money from family or something & pay them back with $50 month.

If you can barrow the money and make a lump sum payment, then you have the means to negotiate the debt down. You won't be able to get out of the initial ballance, but you can probably get all the extra interest, late fees, and collection fees cut off.

It doesn't matter whether the account has been sold or if the original creditor is hiring the collection firms to collect the debt. It's still owed either way.

Bottom line is collection agencies will work with you if you are willing to work with them. They have all the rights and you are in the wrong here. Money isn't free!!! You can go ahead & wait this out till 3 years have passed & put it on other people to pay your bill. Or, tough it out, figure out a way to pay, and know you take care of your obligations.

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Collections?

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