Get rid of your debt faster with debt relief
Choose your debt amount
Or speak to a debt consultant 844-731-0836
Can an individual work out a repayment plan for a collections account?
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.
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
Get rid of your debt faster with debt relief
Take the first step towards a debt-free life with personalized debt reduction strategies.
Choose your debt amount
Or speak to a debt consultant 844-731-0836
Struggling with debt?
Mortgages, credit cards, student loans, personal loans, and auto loans are common types of debts. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Housing debt totaled $12.82 trillion and non-housing debt was $4.88 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
The amount of debt and debt in collections vary by state. For example, in Indiana, 28% have any kind of debt in collections and the median debt in collections is $1721. Medical debt is common and 16% have that in collections. The median medical debt in collections is $748.
While many households can comfortably pay off their debt, it is clear that many people are struggling with debt. Make sure that you analyze your situation and find the best debt payoff solutions to match your situation.
