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Has anyone worked out long term monthly payment agreements with collectors?


confuseddebtor
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I placed this in the wrong category earlier. I'd like to know if anyone has successfullly been offered a settlement agreement with a collection office, and successfully paid off their debt(charged off account) over a few years?

If so, did the collector keep their end of the agreement? After your last payment a few years down the road, did they close the account as promised? What advice can you offer others considering the same. thanks

p.s. I don't feel my debt is high enough to file bankruptcy, so I've chosen not to go that route.

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Don't keep starting new threads on the same topic.

Direred I'm not sure what you're implying when you say "don't keep starting new threads on the same topic", as if this is a pattern. I explained that I accidentally posted this ONE topic in the wrong category. If you know how I can remove that ONE duplicate topic, I would be happy to do so. I didn't see an option to delete, which is the only reason there are two. I'm new to the board, and didn't realize there was a category specifically for "settlement agreements".

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  • 2 weeks later...

confused -

I would definitely not try and work out a payment plan with a collector - you most likely will never pay off the debt as they will keep adding on interest and fees and their records are generally terrible.

Wait until you can offer them 25% (minus interest and fees) of the debt and then pay them in a lump sum and make sure you have them agree to delete off of your credit report.

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I placed this in the wrong category earlier. I'd like to know if anyone has successfullly been offered a settlement agreement with a collection office, and successfully paid off their debt(charged off account) over a few years?

If so, did the collector keep their end of the agreement? After your last payment a few years down the road, did they close the account as promised? What advice can you offer others considering the same. thanks

p.s. I don't feel my debt is high enough to file bankruptcy, so I've chosen not to go that route.

I agree with admin. Her advice was useful.

As for me, I did set up a payment arrangement with OSI. Did they stick to it? Yes. Did I? No. Finances changed and I couldn't afford the stupid 100.00 I agreed to.

If I had it to do over again, I'd take admin's advice and avoid it if possible. If I could offer advice to anyone considering this--is IF you do end up agreeing on payments, make sure it's in writing. Also, make sure it's amount your absolutely CERTAIN you can manage no matter what.

Good luck!

Elyse

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Not to mention that some folks have set up arrangements only for the CA to 'change terms' later.....or even worse, the arrangement included a direct withdrawl from a checking account....and then the consumer suddenly has checks bouncing all over the place because the CA emptied the account!

NEVER negotiate with a CA.

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