I want to settle a debt held by a collection agenc

I want to settle a debt held by a collection agency (CA). I am a single mom with 2 children; we receive food stamps and my children receive free school lunch. Should I let the CA know that I have little to no resources when I attempt to settle? Debt is $4,000. Although it may appear to make me look weak I'm hoping it will let them know that there is nothing to gain by suing me and settling is the best option.

3 Answers

The CA is most likely to evaluate your income and assets before suing you. They would want to make sure that they can recover money by suing you. Otherwise, they are less likely to sue you. You can explain your financial situation to the collectors. They may agree to arrange a payment plan with you. You can also check out the following page to know about the steps to settle debt:

http://www.debtconsolidationcare.com/steps.html


Lee, you have to save enough money so as to accumulate a lot and be able to make an upfront payment before you go for debt settlement. If they see that you don't have enough money for settlement, they will not allow you to go for this option. As you're financially weak, they may agree not to sue you but you have to make the payments on time to live debt free. Pull out all your finances and save money to be able to settle your debts.


Unless you have cash up front, you will not be able to settle.  They may offer you a payment plan and provided you stick to you, they may agree not to sue you.

 

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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