collections offering a reduced payment plan

Hi guest,

Welcome to the forums. As per your post, this collection agency is trying to recover your debt as much as possible within the shortest time.

As your account is charged off, your credit rating has already been affected badly and nothing can go beyond that. Now, you have the freedom to pay this debt at your convenience and you can convey the message to your collectors that you will be paying the amount at some time in the near future without panic.

Seeing your approach, it is greatly possible that the collection agency will accept your proposal that you intend to do in the near future. You can consolidate the debt in easy monthly installments and at lower rate of interest to pay through the debt consolidation program.

You can figure out the amount that you will be separating each month for paying towards this debt. Although the collection agency will try to imply force on you to make faster and higher payments, but you need not to worry about it as explained in the beginning. You can continue with your payment plan and slowly clear this debt.

If the collection agency further harasses you regarding this debt, you can state that you do not want to be contacted regarding this debt anymore. As per the laws of the Federal Fair Debt Collection Practices Act, you can write a letter to them for stopping all modes of communication. After they receive your letter, they are restricted from contacting you further.

Please let us know how we can assist you further in your debt related queries. Hope to see you active participating in the forums for regular updates on debt consolidation and related issues.

Regards
Roxette