I have been doing alot of reading on debt. I have my credit report and added all my debt up and its only 4,555.00 and a lot of them are small amounts so i dont think i should consolidate. I would like to negotiate with the collection people. I would like to get them to settle with me with me paying just a % of what i owe and agreeing to remove the item from my report. A lot of these are 4-6 yrs old so they will be falling off in a year or 2 but i need to do something now. Where can i find a good proposial letter to send them? Free would be good but if i have 2 pay for one i will do that as well. I read where alot of collection people would settle for around 25% 35% of the ballance. Any help would be great.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.