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DON'T BE HAMMERED BY YOUR DEBT

DON'T BE HAMMERED BY YOUR DEBT

Monday, February 09, 2009

Simplest Advice In Settling A Debt

This is a simple piece of advice that you may not already know.  Debt collectors almost always work on some form of a commission basis.  Those commissions and every facet of a collector's performance are calculated at the end of the month.  Therefore, the absolute best time to settle a debt is at the very end of the month.  The deal you may be able to negotiate at the end of the month can be literally thousands of dollars less than the deal you could negotiate at the first of the month.  

3 comments:

Foggy said...

Wonderful to see you back! Advice is as great as ever!!

Anonymous said...

With an outside agency, perhaps. With your original creditor, not likely. Employees of your original creditor get commission on how much you pay up front, which in the case of a settlement is more than the total due payment, bringing the account current. This is the primary goal of the in-house collector. The amount an in-house collector can write off is not going to change unless your account goes further delinquent.

Anonymous said...

What if the lawyers that are for the credit card company don't communicate well with you and the court time is getting close...still no clear records have been shown of the debt in question...