Is it wise to a settlement offer of 70% of the debt amount?
Date: Tue, 03/20/2018 - 00:08
I have 2 questions:
1. I am somewhat sure that the debt is mine but is it necessary to verify the debt?
2. is it wise to agree to the offer?
Ask them to validate the debt
Ask them to validate the debt. You can negotiate the settlement amount. Request them to lower the amount. If you are in financial hardship, they may agree to lower the amount.
Even if you know that the
Even if you know that the debt is yours, you should validate the debt. You need to be sure that the debt has been assigned to this debt collection agency. Send a debt validation letter that works.
Frankly speaking, the offer doesn't sound good to me. You should negotiate more and try to lower your payoff amount by another 10%.
I agree with SC. You should
I agree with SC. You should ask for validating your debt before you start negotiating.
Try to lower the settlement amount to about 40% of what you owe. It depends on how well you can negotiate and convince your creditor. See how much you can negotiate for; the less the better for you.
You must validate your debts
You must validate your debts and make sure the debt debt has been assigned to this debt collection agency. You can choose the debt validation letter from here - https://community.debtcc.com/letters/index.html
70% settlement offer isn't good enough, try to get it atleast 60%.