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I owe $37,000 to a credit card company, a debt collector told me on the phone that they will settle for $15,000, If a can make monthly payments for 30 months.
The collector sent me an agrrement for judgement stating that I owe the $37,ooo and I should sign the agreement, nothing was said about the about the reduction of my debt, they said I have to sign the agreement bofore they can send me the payment schedule for the settle payment.
Can I sign this settlement, or is there a catch.
Thanks,
John
Well John, I would not sign the agreement. Have you done your research on the debt collector? Are they legitimate? Hope you are done with the basics of asking for debt validation. I would suggest you ask them for a payment summary before you sign any agreement with them. Tell them your attorney suggests he goes through their payment schedule that they have planned for you. If they force you into signing the agreement or anything for that matter, I would back out if I were you.