Term: debt collection
8 found

Can You Get a Debt Collector to Settle for Less Than You Owe?

By Steven Shaw on 8/29/2014

Can You Get a Debt Collector to Settle for Less Than You Owe?

A reader, Ron, wanted to know if he can force a debt collector to accept less than the full amount due, and clean up his credit at the same time. How? By putting a mini-contract on the back of the check — something on the order of “Endorsing this check means you agree to accept it as payment in full for the debt owed and to remove the collection from my credit reports.” A neat trick if it works, right?

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Debt plan
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What Happens If I Ignore Debt Collectors?

By Steven Shaw on 5/30/2014

What Happens If You Ignore a Debt Collector? 

In 2010, a Credit.com reader lost his condo to foreclosure, leaving an unpaid second mortgage of $40,000. “I ignored their letters, never signed any of their notices, etc.” he wrote. While he may have hoped that debt would just disappear, it recently resurfaced. “Now it came (through) a lawyer to pay the amount,” he wrote.

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The Ultimate Guide to Debt Collection

By Steven Shaw on 1/13/2014

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Your first reaction when hearing from a bill collector may be panic or avoidance, or perhaps a combination. But those reactions won’t help the situation and could make it a worse.

Most collectors are just doing their jobs, and some of them are so good at dealing with consumers that they get love letters from their clients! But even if you don’t get a warm and fuzzy feeling when you are talking with a collector, you don’t have to deal with abusive behavior. There are laws that protect you against that.

Here we have assembled some of our best advice from years of answering consumers’ questions about collection accounts.

Credit Card Debt
Credit Card Debt Consolidation
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Fair Debt Collection Practices Act
get out of debt

5 People Who Paid Off Massive Debt

By Steven Shaw on 1/3/2014

5 People Who Paid Off Massive Debt

Digging out of deep debt can seem like an insurmountable task, and for some people it is. More than a million American households filed for bankruptcy last year in an effort to put their debt behind them.

But bankruptcy court isn’t the only way consumers shed debt. These five people have paid off very large amounts of debt using just about every strategy in the book. Here’s how they did it.

managing debt
Credit Card Debt
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Debt Utilization Ratio
debt vs savings
Debt-Free
Debt-to-Income Ratio
get out of debt
managing debt
non-mortgage debt
stay out of debt
student debt
What Your Debt is Really Costing

Can a Debt Collector Garnish My Wages?

By Steven Shaw on 7/18/2013

can debt collector garnish your wages

If you’re late on your credit card payments, should you be worried about whether a debt collector can garnish your wages?

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How to Avoid a Debt Collection Snowball

By Steven Shaw on 6/12/2013

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If a creditor gets a judgment against you for a debt collection item, you may wind up paying more than you bargained for. Our reader, Catherine, recently shared her experience with this:

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4 Ways to Deal with Student Loan Collection Companies

By Steven Shaw on 4/23/2013

4 Ways to Deal with Student Loan Collection Companies

At the beginning of March, I authored an opinion piece in which I proposed radical changes to the higher education business model. I also put forth a plan to address the nation’s staggering student loan crisis that would hold those who helped cause the debacle economically accountable for its resolution.

I started receiving emails in response to the story from former students with some pretty terrible tales to tell. They wrote about debt loads that are crowding out the things my contemporaries and I took for granted when we were their age: settling down, having kids, buying houses and cars.

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Debt Collectors Killing Your Credit? Here’s What To Do

By Steven Shaw on 4/17/2013

5 Steps to Cleaning Up Collection Accounts

“I want to clean up my credit. How do I take care of collection accounts?” It’s a question we hear often, often from readers like Kim, who wrote on the Credit.com blog:

I have to admit that I have a few collection accounts… Until a year ago, I just stuck my head in the sand and completely ignored the debt because it seemed too overwhelming to tackle. But now I’m trying to face my fears and eventually reclaim my “good/excellent” credit score standing.

If your credit report lists one or more collection accounts, here’s how to tackle them in five steps.

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