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Hello,
I have three collection accounts that have been verified. I keep getting the constant phone calls every single day but I continue ignoring them. I have no money to pay them, as I'm in a money tight situation.
I don't even have the money to afford gas. What should I do? I don't have the money but I don't want to keep ignoring it. I'm scared of judgments, and wage garnishments. How bad will this hurt my credit score if I continue to ignore them?
Please advise me on this. What are my best options?
paying off collection accounts
Hi Deanna,
Sorry to hear about your situation. You can talk to the collection agencies about repayment pans. However, you can also start from the debt validation process itself. Rather than ignoring the validation calls, you should send the debt validation letter to the collection agencies through certified mail, requesting a return receipt. Without validating the debt, the collection agencies won't be able to continue with the collection process.
If the debts come back validated, talk to the collection agencies about repayment plans, or if this does not work out then debt settlement. Debt settlement lowers the outstanding debt amount by 40-60%. However, settlement hurts your credit score. If these are all credit card accounts, then you can consolidate all the debts into one through balance transfer.
Thanks,
Aaron
verified by the credit reporting agencies or validated by the Collection Agency after you sent a DV letter?
write a letter do the collection agency with or without DV letter, that says "phone calls to my home and work are inconvenient, please communicate in writing" Send by CMRRR and any further calls will be illegal.
Are you considering BK?
you can sit down with a non profit credit counseling agency. NOT one of those scams where they promise to cut your debt in half.
http://www.nfcc.org/
this is required by the bankruptcy court and it will help you decide what to do.
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