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Can I Consolidate My Accounts That Are With Debt Collectors
Monday, Nov 2, 2009
Question: I am wondering how I can, or if there is a way to put all of my debts into one. In other words, I want to be able to make a payment to one debt collector and have it divided among all of them. Is it possible?
Answer: I am unclear as to what is happening with your situation. If your accounts are with a debt collector, also known as a collection agency, then you may not have many options. If your accounts have gone to a third party collection agency then it means that your accounts have gone more than several months past due. If you do not have enough money to pay off these accounts then the two options you may want to consider would be a debt relief program or bankruptcy.A debt relief program is where you hire a company to negotiate, on your behalf, with your debt collectors to reduce the amount you owe to each creditor. You make one monthly
payment, and the debt settlement company will use that to negotiate on your accounts. To be clear, the payments are not made directly to your creditors on a monthly basis. You have to wait until enough money has accumulated with your debt settlement program in order for the settlements to start taking place. In most cases, you need to saved up between 25-40% of your balance in order to start negotiating on the accounts. It will not be an overnight quick fix of the situation. These programs normally last 24-36 months
to complete. You can feel free to check out a review of a debt settlement company we wrote about at Freedom Debt Relief Customer Review .
The other option you can consider is bankruptcy. I would advise you to visit Bankruptcy Advice to Help Avoid Bankruptcy to find out more.
Finally, you can visit our page which discusses the various different debt consolidation and bill consolidation options. Like I said before many of them may be out of your reach if your accounts are so far past due that they have gone to a collection agency.
I hope this information helps you Find. Learn & Save.
Best,
Bill
The other option you can consider is bankruptcy. I would advise you to visit Bankruptcy Advice to Help Avoid Bankruptcy to find out more.
Finally, you can visit our page which discusses the various different debt consolidation and bill consolidation options. Like I said before many of them may be out of your reach if your accounts are so far past due that they have gone to a collection agency.
I hope this information helps you Find. Learn & Save.
Best,
Bill
Also, make sure to get a free financial health check-up with Bills IQ!
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