| 12 tips for negotiating with debt
collectors |
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"Taping the conversation may keep them
on their best behavior," Detweiler says.
Take notes.
File all collection letters and keep detailed notes of collection
calls. Note the day and time of each call, the name of the collection
agency, the first and last name of the caller and what was said.
"Make sure there's a record," Ventura
says. "If you've made a deal with them, get proof."
Get proof of payment agreement in writing.
"Get it in writing," says Jerry Jarzombek, a consumer
attorney in Fort Worth, Texas. "If they told you half of it
satisfies the obligation and that's what you want to do, have it
in writing."
Send a letter to the debt collector outlining
the payment agreement. You'll want to send this letter via certified
mail so you'll receive a receipt once the letter is delivered. Keep
a copy for your records.
If you plan to pay by check, add the following
disclaimer: "Cashing this check constitutes payment in full."
Write this right on the check.
Wipe your credit clean.
Ask a debt collector to remove any negative information they've
placed on your credit report. At the very least, insist that your
account be listed as paid in full rather than paid in settlement.
Once they agree, get it in writing.
Don't be rushed.
A debt collector will push and push for you to send them money immediately.
Don't do anything until you have confirmation of a payment agreement
in writing.
"Because you need it in writing, you have
to resist all those demands and quick offers to do it overnight,"
says Mary Fons, a consumer protection attorney in Stoughton, Wisc.
Negotiate at the end of the month.
Because commissions for debt collectors are based on what they do
each month, you may want to try negotiating near the end of the
month. You could land a really good deal.
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