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Thread: Should I pay the collection agencies?

  1. #1
    Bronze Member
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    Should I pay the collection agencies?

    Ok guys my life is in a rut right now. I owe 4 collection agencies and I am going to pay them so I can settle my debt and eliminate this stress. What would be the best way to handle these collection agencies?

  2. #2
    Gold Member WombatShadow's Avatar
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    I mean, do you have the money on hand to pay them? Don't go into further debt trying to rid yourself of debt in the interim.

    Talk to the claims caller and see if they have a payment plan you can start on.

  3. #3
    Bronze Member
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    Well if you owe A LOT of money and are unsure how you can realistically pay it all of there are debt settlement companies who will reduce the rate for you. However the downside is I believe it affects your credit so that for a few years after you can't really have much credit or anything like that. I believe this is only for people who are super in the hole and owe tons.

    If the sum is manageable just get in contact with the companies an set up a plan!

  4. #4
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    If they're in collections you can probably settle for less than you owe. Just make sure you have a lump sum you can give them. Get the settlement agreement in writing and do not allow them to have access to your account. Send them a cashiers check or something else not tied to your bank account.

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  6. #5
    Platinum Member Hell_On_Heels's Avatar
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