Pay yourself first, even if you’re in debt. When you attempt to validate a debt, the collection agency must give you certain specifics. Ultimately, you can ignore the debt when you have zero interest in paying it, but bear in mind that collection efforts can continue indefinitely. This process is advised for individuals that are not able to consolidate their debt as a result of bad credit or other difficulties.
The payment would be locked in for an entire calendar year, and should you want to continue with the program, you must certify every 12 months. Meanwhile, if you wish to make payments on your account before you’re officially required to produce payments, you can do so at your discretion. When negotiating, remember that you not only must negotiate a lower payment, you will need to be clear that you want to have an agreement in writing that when the debt is repaid it’ll be taken off your credit report without derogatory remarks.
A collection company can’t collect any sum of money that isn’t permitted by law or by agreement. What’s more, it would be required to show the terms of that agreement in court. Because the original charge card company doesn’t keep this information, they don’t sell it to the collection agency.