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my husband want this debt to go to collections

i see it harder to make a settlement when in collections but am i wrong? anyone learn the hard way or know if we should settle now or when in collections. thing is we really don't have the money to pay it right now.


Asked by melody77 at 9:34 PM on Jun. 11, 2009 in Money & Work

Level 18 (5,435 Credits)
This question is closed.
Answers (5)
  • when a bill is sent to collections you can usually get them to settle on an amount less than what is owing. However with that being said, you will have to pay the agreed upon settlement amount in full at that time. The longer a account stays in collection the bigger the hits on your credit score.

    ALSO...FY if you do decide to settle....get the agreed upon terms IN need to have the company state that if you pay 500.00 the account will be considered paid in full. Often times they will agree verbally and then renig(sp) after the fact. Send me a msg if you need more info. I do this on a daily basis with clients.

    Answer by mamakirs at 11:01 AM on Jun. 12, 2009

  • You can't really work with the company if it's in collections. If it goes to collections, your credit will go to crap. Before hand, a lot of companies will work with you to make the payments because their entire goal is to get the money, one way or another.

    Answer by kittyhasclaws at 9:38 PM on Jun. 11, 2009

  • Go to
    Read Suze Ormans website.

    Go to someone who can help you before you let it get worse. I used Springboard and I am a few months from having my debt paid. They negotiate for you and work with your budget. If they cannot help you they will tell you so... and all the debt stays in the original card name... It is not a shady consolidation company.

    Answer by Anonymous at 1:18 AM on Jun. 12, 2009

  • Either way you're going to have to scrounge up the money to make them an offer. But yes, once you are late- sometimes you can make a deal to pay say 25 to 75% of the debt that you actually owe.

    If you do go this route, make sure you get it in writing, and send them a cashiers check. Do not give them your account information.

    Sorry you are going through this.

    Answer by Erica_Smerica at 6:12 PM on Jun. 12, 2009

  • *ETA sorry- not once you are late- once you are very late and they are considering sending it to collections then you can sometimes work with them.


    Answer by Erica_Smerica at 6:14 PM on Jun. 12, 2009