The dirty little secret of debt collecting is that most of them are not working directly for the original company you ran up the debt with. They're an outside third party and they bought your debt for pennies on the dollar. The debt collector's goal is to get the most money out of you for the least amount of effort. This means all you have to do to make this calculus work to your advantage is settle with the debt collector for around the same price he paid to buy your debt. So start low.
Make an offer like 30% of what you owe. Or somewhere between 10 to 25 cents on the dollar. If you owe $1,000, offer to pay $250. If you owe $5,000, see if they will take $500. At this point it's all in the art of the deal and how good a haggler you are.
3 comments:
one problem. it's already hit your credit report and effected your score. even if you settle it will still be there for a number of years. f'em.
some companies treat their customers badly and get what they deserve.
Comcast?
Verizon?
If you care about your credit score, this isn't the way to go. Or if you care about integrity.
integrity?what the hell is that? I haven't seen any for past decade at least. on anybody's part.
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