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Steps to Settle With a Debt Collection Agency

admin by admin
September 6, 2022
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Steps to Settle With a Debt Collection Agency
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If a debt collection agency contacts you, there is a high chance that they will try to gain from you as much as possible. The debt collector is trained to interrogate individuals and use their words against them. However, if you are alert, you can easily tackle the questions and give them nothing to use to your disadvantage.

 

You likely won’t get out of paying the debt unless the statute of limitation has expired. So the better option here is to negotiate and settle as much less debt as possible with the debt collector. 

 

While it is not easy to tackle these people, you can take help from a professional Illinois debt collection defense attorney who will teach you how to talk and deal with the debt collectors. Moreover, you can use some steps from your side to negotiate the debt and try to make as little as possible. 

 

Steps to settle with a debt collection agency

 

  • Ask them about your debt.

 

To negotiate your debt, you first need to know all about it. Ask them questions like who the original creditor is, the actual debt amount, and how much you owe. While asking these questions, look for loopholes and lack of information that will act as leverage in your negotiation. According to this TurboDebt review, TurboDebt has experts who can help you with debt validation and consolidation, as well as debt management. These experts can help you determine your financial goals and develop a realistic game plan.

 

If you think the debt is not yours, you can file a dispute against the debt. Once you file a dispute, the debt agency or collector is not supposed to contact you for the next month or 30 days until they give you written verification of the debt. 

 

  • Make a plan for the settlement proposal.

 

To negotiate the settlement with the debt collector, you must plan your settlement proposal well. Remember that the proposal is realistic and feasible for both of you. If you make unrealistic demands in your proposal, it will immediately get rejected. Due to the prior inconvenience, the debt collection agency might not entertain any of your further settlement proposals, and you might end up paying more than you deserve. 

 

Before negotiating with the debt collector, talk to your debt defense lawyer about your proposal. They will prevent you from making an unnecessary mistake that might result in your loss. 

 

  • Negotiate your proposal in a systematic way

 

When you plan to shoot your settlement proposal, ensure you are fully ready and have not left any loopholes. Start by explaining your proposal and then discuss the best possible way for both of you. 

 

Once you agree on common grounds, do not forget to record your statements for future security reasons. 

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