Trying to dodge bankruptcy....Can I negotiate payment terms even after the debt has gone to the collection...?

Answers:3   |   LastUpdateAt:2012-10-01 23:11:03  

Asked at 2012-08-15 18:15:03
The story is that after a failed business , my house was lost to foreclosure , mounted on various bills and now I have a means of debt repayment . The other day I was successful in obtaining an agreement to pay $ 50 a month on a balance of 5k and it is my hope that can get to do it with all my debts. The monster in the closet is a home equity loan was secured by 20k to my house which is no longer mine. When I approached the office that normally would make my payment that gave me the number for the collections department and before he could reach them DCS (collection agency ) contacted me . Now I told you I would start making payments , but with my other debts I'm trying to honor that is added to the monthly expenses , payment of age in the home equity loan ( 250/month ) is quite difficult to handle. Is it possible to negotiate with these people? They offered an array of 13k 20k on the loan , but I have that much money . Actually I was hoping to go through the same company that had provided the loan it back in good standing with the hope that in time to help me restore my credit status after being hit by foreclosure. any ideas? I want to avoid bankruptcy , heck I think after you get back taxes that put me on the median income for my family is just my son and I anyway. Not sure what to think about Chapter 13 either.
Answer1Timmy AdamsAnswered at 2012-08-21 03:09:25
Hey Urban Dancer - MedlinePlus MedlinePlus It's great that you are trying to avoid bankruptcy . Not a good choice all around. After entering the collections , it is rather difficult , but can be done . Remember that the person collections and has a negative view of you . MedlinePlus MedlinePlus " Gimmee the money now " is their best weapon . It usually works . They work on commission so they try everything . MedlinePlus MedlinePlus Ask the person , " What are my payment options? If you go bankrupt , both lose. Want to pay but can not do it now." MedlinePlus MedlinePlus In my series of articles on how to get help with credit card ( http :/ / www.household - budget -made-
Answer2N-UNCOUNT-COLL Answered at 2012-08-25 11:19:19
Maybe a debt consolidation loan ?
Answer3irshaAnswered at 2012-10-01 23:11:03
To answer your question: Yes , you can negotiate your debt with the collection agency . Remember MedlinePlus be happy getting anything from you . MedlinePlus I suggest you take part in the Financial Peace University Dave Ramsey . It costs about $ 110.00, but it is worth the cost , I have to drive this course in my church twice and hope to do so in the future. The answers you get and the things you learn in these classes are exactly what you are asking here .
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