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Will collection agencies make a payment plan with you?


Asked by Anonymous at 5:25 PM on Nov. 29, 2009 in Money & Work

This question is closed.
Answers (7)
  • We made reduced payment deals when we were swamped with CC debt. Now five years later, we have gotten some calls wanting the rest of the debt paid in full....I thought we had made a deal, and all was well.

    NOW, we find out the original companies we dealt with were sold, and the new companies want the remaining balance paid off. They say that we did not make a deal with them.

    I am not working with these companies.. I gotta love caller ID.

    I sign this anon because I do not want to risk anyone who may read this and work for the collection companies, to see this and harass me more.

    Answer by Anonymous at 5:56 AM on Nov. 30, 2009

  • Yes most will work out a payment plan with you.

    Answer by AProsser at 5:26 PM on Nov. 29, 2009

  • Sure, whether they honor it or not depends on if they are a reputable company. So many collection agencies are buying old debts and some are not very nice about honoring something they agreed to accept. Check with the Better Business Bureau to see if anyone has made complaints about the collection agency pestering you. Also check the Federal Trade Commission's website to see if they have complaints, too

    Answer by admckenzie at 5:33 PM on Nov. 29, 2009

  • One of my neighbors fell behind on a credit card bill several years ago. In moving to our neighborhood, she admittedly tried to "hide" from making payments. A collection agency finally caught up with her, and demanded payment in full that day! Maybe it was because she had defaulted and was considered "risky" or because she was living in a $500,000 home and had newer cars, and was working full-time (all of which can be easily found via your social security number).

    Point it, if you have income or assets in excess of what you owe, chances are you will likely have to pay in full. Otherwise, if you can show that you genuinely do not have any assets or money to pay, they will likely set up a payment plan.

    Answer by Anonymous at 5:38 PM on Nov. 29, 2009

  • Be careful, most of these "collection agencies" are 2nd hand parties that have bought your debt from the original company and tell you anything they want to get a little money. Check it out first bc even if you pay them, the debt has already been charged off and will NOT be changed on your credit. Read Debt Cures by Kevin Trudeau,,,,it saved me THOUSANDS of $.

    Answer by southernstyle88 at 6:47 PM on Nov. 29, 2009

  • Possibly-- like someone else said it depends on the company
    If you do make a payment plan (especially if it's for less than you owe) make sure you get it in writing. Never give them access to your checking account and it's probably best if you send them a certified check since they can use the information on your check to take more money from your account. Sure it's illegal, but then again, so is calling you ten times a day--

    Answer by Anonymous at 7:20 PM on Nov. 29, 2009

  • most will.. i pay $25 a month for the next 5 years to our pediatrics office.. and others i pay 10 a month .. call them.. if you have a bill pay some before it goes to collections..the lady at the hospital told me to do that..she says as long as you send something they dont care.. so i take the hospital 5-10 a month.. and more if i can but if i cant screw it...

    Answer by Anonymous at 1:00 PM on Nov. 30, 2009