Forums
If the debt collection company asks for my income at any point of negotiation, am I obligated to give? The debt collector says that they need that information to justify the settlement negotiation. Can someone throw a light on this? Thanks
I do not believe you are obligated to give them this information.
Hi Masterp
Although it is not essential for you to give information to the company regarding your income, I think you should disclose the same if you have a very low or a moderate income. This would help the company to prepare a repayment plan which you would be capable of paying. Now if you have a high income, it is upto you, whether you choose to disclose your income or not.
Debt Negotiation
You are not obligatged to give them information, it is none of their business. Are you trying to negotiate a settlement ot make payment arrangements?
Yes, you can disclose your income and other information only if they are negotiating for debt settlement, because this information is necessary for determining your repayment plan. However, if they are calling you up and ask you to pay off the debt in full, then you should not give any details.