Information on recourses available if a creditor is calling - The Bills.com Blog

Bills.com Blog > Other Questions > Creditor calling

Information on recourses available if a creditor is calling

Monday, Oct 29, 2007

Question: one question, have a person renting here with a small bill of 400.00, having a creditor calling. I told him to just set up a payment plan, as he just started back to work. Can he set the payment amount and the time frame himself. I always could.

Answer: You are right; your friend can contact the creditor and ask for a payment arrangement himself. He should call first, and let them know that he is in financial difficulty. He should offer a repayment schedule that he can and will stick to. For example, if they want $100 a week, and he can only afford $20 to pay them, then he should say so. Then if things get better he can send more money.

The agents on
the phone will most likely not be allowed to agree to such a deal, and may even sound hostile. In that case, one should not get angry, just thank them for listening, and end the call. Make sure to follow up this information in writing by sending the company a letter stating the facts of the case. This shows
intent to make good on the debt.

Finally, he had better make the payments as promised! Breaking a promise to pay will have the collector calling even more than before.

You can read more about debt help options at http://www.bills.com/debt-help/.

I hope the information has helped you Find. Learn. Save.

Best,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

User Comments

1. Posted by dale on Saturday 28th February 2009 20:28

i was told that texas has a law that says that you can request to pay the original debtor nstead of a collection agency is this true and how does it work thank you

2. Posted by Bill on Sunday 1st March 2009 16:43

I am not familiar with that statute, so you may want to contact an attorney to be sure. I'm not totally sure why you would have a preference, but there is a great and easy way to figure out if you can... just call your bank and tell them that you are in collections but you would prefer to repay them directly. I'd be surprised if they did not accomodate you. Good luck Dale and report back on how it goes.

Submit questions/comments about this post:
Name (required)
Email (required never displayed)
Comments

Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

Information provided by Bills.com is for general informational purposes only and is not be construed as legal, financial, bankruptcy, tax or other professional advice. Should you require more detailed information or specific professional advice tailored to your situation you should consult an attorney, financial planner or tax advisor.

While we believe all information provided by Bills.com to be accurate as of the date of its posting, we cannot ensure its accuracy. Use of this site and any information contained on or provided through this site is provided without any representations, warranties or guarantees. Bills.com is not responsible or liable for any decisions or actions anyone may take based on the information provided. Please see Terms of Use.
Subscribe to Bills.com RSS Feed