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Hello all,
I have a debt from a bank that was charged off, and was transferred to a collection agency. I don't want to do the debt validation thing, I know the debt is mine.
Now, I got a new job and I want to start making payments on this debt but I've heard so many bad things about debt collectors. I even got a letter saying that they want the full amount, which I cannot do. Can they take payments? I can't do a settlement, I only have saved up $700 so far for this month.
Do I need to give them my ssn?
Thanks for the help
reply
Hi Tessa,
Even if you are sure that this debt is yours, you need to know the exact outstanding amount that you owe. For that too, you can try validating your debt.
Send a debt validation letter to the collection agency through certified mail, requesting a return receipt (CMRRR). You can use the sample debt validation letter available with this community.
After the debt validation negotiate a payment plan with them. If you can prove that you won't be able to make the full payment, they may agree to debt settlement. Settlement will lower your outstanding debt amount by 40-60%. You can also request the collection agency to agree to a repayment plan. Get the agreements in writing, and send the payments through CMRRR.
As for the social security number, don't give that out to collection agencies.
Thanks,
Aaron