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How to Settle the debt


kphan83
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JUst got a letter from Porforlio Recovery Associate. They said if I am not accept this offer they will take legal action again me. So I am going to pay it now but I do not want to pay the full amoutn $1311. I want to pay only $350 to settle in full.

I talked to them over the phone and they refuse it.

How can I make them agree with me that I am only pay $350 to settle the debt in full. Can somebody show me the steps by steps.

I found this but I am not sure it is a correct steps.

step 1: send them a letter state that i will pay $350

step 2 : wait 10-90 days

step 3 : send them the $350 check

please help

thanks

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DON'T SEND THEM ANY MONEY WITHOUT A WRITTEN AGREEMENT FROM THEM.

The best way to settle (if you would rather do that than fight) is to make the offer every time they call. If they refuse, tell them that you have nothing more to talk about and you will talk to them again in 2 weeks. If they call before the 2 weeks, tell the collector on the other side that you will not talk to them until 2 weeks has passed and then hang up.

If they threaten lawsuit, tell them to bring it on as you will simply talk to the lawyer who might have more brains than the collector.

You will wear them down eventually or they will sell the debt on.

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there isa lot of good information on this board and on this site on how to settle debts, negotiate debts. Do a search of the forums for "Settle Debts."

20%-40% is a reasonable offer, esp if it's around 180 days late or later. But you might have to use a variety of tactics (i.e. skilled negotiation) to get there.

Good Luck! :mrgreen:

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I know some of them are sticking it to the lower end amounts. For instance mine is 300 bucks they are trying to get me for 2400 and then reduced it to 1200. When I told them I maxed out at 1000. But they refused they have a judgement against me. Which I dont know how they got it in the first place. Wasnt properly served, heck wasnt even residing in the state. But they did now they are trying to bring it to where I live. I am saying bring it on! I am ready. But then at the same time I am thinking it might cost me more then they want to settle for. But still 1000 is 3 times and change then the amount I owe. Yet they are settling 10's of thousands of debt for way less. I just dont get it.

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Should we offer 20-40% of the original debt?

Never. Ever. Settle with a JDB.

If it's the OC, you may want to negotiate to pay, but there's a strategy for that as well. Just go to the top of any page, it will guide you how to do all of it.

This board is designed to help everyone beat JDB's, CA's and others who abuse the system. It will also help you find the best strategies to pay down legitimate debts with OC's if that is your goal.

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Why would you ever settle with Portfolio? Check your local District Court Websites, every person who has filed suit agains portfolio has been settled out of court, at least here in Arkansas. They Are JDB's and they most likley have no evidence to connect you to the debt.

There will be an angry mob at your door if you settle with thes people. I think Coltfan1972 has already threatened somebody on this forum with that :D

Me

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Why would you ever settle with Portfolio? Check your local District Court Websites, every person who has filed suit agains portfolio has been settled out of court, at least here in Arkansas. They Are JDB's and they most likley have no evidence to connect you to the debt.

There will be an angry mob at your door if you settle with thes people. I think Coltfan1972 has already threatened somebody on this forum with that :D

Me

OK, I am going to answer this. These boards are more than just fighting and now paying JDBs. These boards were designed to help those navigate the world of credit. This includes dealing with JDBs but is much more than that. Fighting has its place but as the song goes, "You gotta know when to hold them and know when to fold them."

There are people that legitimately owe the debt and want to pay or settle on it. That is just as fine as fighting with the JDBs as long as it is done properly. Those people are just the same as those who are willing to fight the JDBs to the ends of the earth whether they own the debt or not.

Now, for anyone who disagrees with this, you are certainly welcome to civilly discuss this over coffee (or your beverage of choice). However, I will not discuss this with anyone who has pitchforks and torches.

We are all consenting adults here and how we decide to handle our own issues should be our decision in the end. It is fine for those willing to fight and they should get help in that arena but if someone is willing to settle and feels that is the best path to take for their situation, then they too should be welcomed and helped to the best of their ability.

Now I will get off my soapbox.

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:mrgreen:

OK, I am going to answer this. These boards are more than just fighting and now paying JDBs. These boards were designed to help those navigate the world of credit. This includes dealing with JDBs but is much more than that. Fighting has its place but as the song goes, "You gotta know when to hold them and know when to fold them."

There are people that legitimately owe the debt and want to pay or settle on it. That is just as fine as fighting with the JDBs as long as it is done properly. Those people are just the same as those who are willing to fight the JDBs to the ends of the earth whether they own the debt or not.

Now, for anyone who disagrees with this, you are certainly welcome to civilly discuss this over coffee (or your beverage of choice). However, I will not discuss this with anyone who has pitchforks and torches.

We are all consenting adults here and how we decide to handle our own issues should be our decision in the end. It is fine for those willing to fight and they should get help in that arena but if someone is willing to settle and feels that is the best path to take for their situation, then they too should be welcomed and helped to the best of their ability.

Now I will get off my soapbox.

:mrgreen:

Thanks!

You're right, whocares1000, Forums are for debate and information. It is ultimately up to one's own self to decide what is best for them to do. One knows their own situation better than anyone else. It is each person's individual choice to be made.

We may not like the "secondary toxic asset acquisition and recovery market" or whatever you want to call it, but that's the system. And I don't have sympathy for people that abuse the system either, and I hate bullies too.

What's easier, a 5 minute phone call to a creditor (or collection agency) or months/years of aggravation and legal problems? Having said that, it's your prerogative to either fight or settle (civilly of course.)

Some of us don't have the time, energy, skill or resources to give it a proper fight. And to that I say shame on the JDBs who know this and abuse the system.

Hopefully, the scales may tip in consumers' favor, it might be a FDCPA settlement or a fight won against a questionable affidavit (like Midland v. Brett 2009), but sometimes it's not worth the trouble.

So to answer this thread: How to settle a debt?

Skilled negotiation.

It means getting on the phone sometimes, and saying "this is all I am able to give you. Take it or leave it." They may counteroffer, or they may not. Then politely hang up. You might say, hey I might file bankruptcy (to which theyll then get nothing) or you can only offer this today or this week, but be tough, be a hard negotiator, make them counteroffer with something reasonable, say "meet me in the middle" (of 20% to 40%) if phone person wont, ask to speak with supervisor/manager, then they might.

Some lawyers charge money to negotiate settlements like this. Save your money and negotiate yourself!

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ok guys, I apologize for my sarcasm, but that is exactly what it was. I did not mean to infer that he should fight them.

My personal belief is that if they have a legal claim and can prove it, then pay it, but if they don't then don't pay it. But as for my earlier post, it was sarcasm, directed more to Coltfan1972 than anything.

David

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