In the past two days, we’ve discussed what mortgages to avoid and how to choose the best mortgage for your financial goals. Today, I’m rounding the whole discussion off with a post on improving your credit score.
After deciding on a total debt amount that is good for both you and the debt collector, you can negotiate payments. Realize that the debt collection companies uk has access to your credit reports and employment information. They know if you have other open lines of credit that can be used to pay off your debt with them.
It’s far worse too if there has been some mistake. The debt collectors say they rarely make mistakes but that is not my experience. They easily could have the wrong person or the wrong amount as they tack on all sorts of fees. They can also easily fail to serve a person the lawsuit so the jailed person may have no warning of what is coming.
I know this is hurting my credit report; LVNV has bought an old debt bill and tried to unsuccessfully to sue me for lots of money. When they did not show up at the hearing they requested I won by default. That was last summer but a recent check of my credit report shows they are still on there creating havoc.
According to the Fair Debt Collection Practices Act, a consumer has the right to request a debt validation. If the new company “debt collection agency” cannot prove that the consumer owes the debt to the new company, the collection agency must cease collection activity. This means that the debt collector must cease all efforts including any reporting to a Credit Bureau.
How you pay your debt is actually a main factor. First, determine whether they’re willing to accept monthly payments to repay the debt and if so, how much per month would it require and how much of the debt will be taken off if you pay as arranged. Also, you should find out how much of the balance will be taken off if you pay them completely with a single payment. This type of payment is desired by collection agencies because they are getting cash quickly and this decreases the risk of having to call back for payments or payments bouncing in the future due to change in checking accounts. Make use of this tool to negotiate your balance owed as it should give you a much clearer picture on what it would take to pay the debt.
Hopefully you’re beginning to feel very confident about getting a free credit card debt payoff and making some big bonus bucks on the side. Anybody can do it because it’s all about funny money. Don’t know what funny money is? Use the search term “the gig is up – money the Federal Reserve and you” cause you always save the best for last!