I have about $1200 worth of credit card debt. i failed to make payments. now i want to pay it off.?

Question

i called my bank today and they say my debt has been sold. what does that mean? i know that they arent in charge of it. but this collector... what will they expect of me. i want to pay off my dept but i dont make a on of extra money. i could make small payments... any advice?

Answer 1

Before you start paying back , negotiate for an arrangement that favors you . It does not hurt to ask the creditor .Do not agree to a payment you can't keep

If you can pay off your obligation and it has not been reported to the credit bureau , Ask them to keep it from the credit bureaus and waive late fees.

Usually debts are not sold at full value, they allow you to settle your debt. But this will have a negative impact on your credit.

If it has been reported to the credit bureaus, Ask them to delete from the credit reports in return for paying back.

If they don't want to delete it ( they usually do it , especially you pay all back ) , Ask them to change a notation " collections , charge offs or settlements " to " PAID AS AGREED " . This means that you didn't pay your debt " when " you agreed, you did pay the " amount " agreed.

This is easy enough for the creditor to do .

Get any agreement in writing from the creditor before making the payment. After the creditor has your money , you have no leverage.

Answer 2

Be very careful! Because your debt was sold, it probably has grown a little. If they negotiate the debt down, make sure that it won't harm your credit more. Sometimes they negotiate and then say that they will report that the debt has been paid in full, thus not hurting u more.

Just ask enough questions to fully understand what will happen after you pay.