If you have been contacted by a collection agency to settle your outstanding debts, you will want to know how to negotiate with debt collectors for a lower settlement amount. You have several options to pursue before agreeing to pay the full amount owed. However, if you feel uncomfortable or are unsure of how to proceed, there are professional companies that can help you negotiate a lower settlement to help avoid a potential lawsuit. First, you should always be polite and professional when communicating with the collector. Even if you do not recognize their name or type of license, deal with them as a real person. This is important if you are looking for a settlement to help avoid a law suit. The representative may not appear to be a lawyer but they are still representing the company. Second, when working with debt collectors make sure to pay them first. Most people that owe money to credit card companies do not want to be contacted again until they have fully paid off the debt. Ask them how much they will get at this point in the settlement. If they give you a price that is less than what you owe then you may want to negotiate further. Here are more details on exactly how to negotiate a debt settlement. Third, when doing business with debt collectors always ask for a receipt for payment. If the collector sends you a check without it then you can challenge the check. Typically the credit card company will send you a check for the full amount due, however, the check should have a signature indicating that it was paid in full. If the collector cannot produce a signature for the check, you should demand a refund and keep records of the original amount owed and the amount for which you are seeking a refund. Fourth, never pay a settlement over the phone or directly. If you do, you will only be reported as paid an unsecured loan and you will endanger your credit rating even more. Debt collectors cannot report late payments to your credit card company if you pay a settlement over the phone or via direct deposit. This will also affect future debt collections. Fifth, learn as much as you can about debt collectors before negotiating with them. They will attempt to intimidate you with false claims and exaggerations. If they do, simply know that you have many options. Knowledge is power and knowing your rights will make the process less threatening and beneficial to you. To get more enlightened on the topic, check out this related post: https://en.wikipedia.org/wiki/Debt_settlement.
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