I am a college student with delinquent accounts from 4 years ago and want to pay off the accounts. I wanted to know the best way to approach and accomplish this. Do I call the collection agencies and tell them I want to pay off this account #? Is it possible to reduce the lump-sum payment?
You need to develop a strategy for resolving your unsecured debt, and then learn the tactics you need to work the plan.
There are several strategies for resolving your debt on your own, including bankruptcy, but if you want to avoid a bankruptcy on your credit report here is one strategy to consider. Debt negotiation is a process by which your lenders agree to forgive a part of your balance, saving you up to 60% of what you owe. You then pay the new agreed-upon sum. In some cases, you make monthly payments, in others you make a lump-sum payment. Aside from bankruptcy, debt negotiation is usually the fastest way to debt freedom. You can negotiate debt on your own, or hire a company to do the heavy lifting. (Visit the Bills.com debt resolution savings center to get no-cost quotes from pre-screened service providers.)
Read Debt Negotiation and Settlement Advice to understand the negotiation process and tips and tactics for working with collection agents. I will not repeat that entire article here, and encourage you to read it several times before you start your negotiations.
Here are several tips you might find helpful:
I hope this information helps you Find. Learn & Save.