Need help with debt collectors?

Question

I want to start paying off my old credit card and (1) cell phone debts, but now 4 of them are up to $1,000. And 1 is $500. I didn't even get up to those amount on each debt. It was all the debt collector companies. Is there a way I can settle with them for what my original bill was? I thought that was allowed, (to only pay what you originally owed). They are all asking for more than they should because they want money in their pockets and I'm not paying them! I want to pay my original bill and be done with it. Is that possible? And I don't mean call the original company because I know that they don't own the bill anymore, but most of the added on fees was from the debt collector and I don't want to pay them. Also, A lot of them say, "No debit card numbers, only bank number and check numbers." I refuse to give my bank account numbers! And I don't trust money orders. What if it gets lost in the mail somehow and I put $800 on one.. Then I would have just lost $800 dollars. There is no insurance on the things. At least if I give my debit card numbers, if something goes wrong then I can cancel my debit card and get another. So, what should I do? I want to get all these debts settled before my bf and I get our first apartment that he has to put under his name because i'm an idiot and screwed up my credit at 18! Doy!

Answer 1

I know how you feel Sweetie. I am just trying to get back on my feet as well and I'm 35. You will be ok. I am in much worse shape. My credit is now very good yet I have a judgment from my early 20 standing in my way of getting a mortgage. They won't settle at all or let me make payments. There are no options for me until I am able to get a personal loan to pay it off. But here are a few BBB accredited debt consolidation companies that may be able to help you.

www.careonecredit.com

www.debtconsolidationcare.com

There are a bunch more if you google it. However, make sure you check and see that they are BBB acredited for at least have a satisfactory rating with them.

http://search.bbb.org

Good Luck.  

Answer 2

What company is trying to collect the debt owed?

Maybe I can help.

Answer 3

Don't pay anyone to negotiate with these companies. Do it yourself.

First you need to protect yourself and send them a debt validation letter. If you send them money without validating the debts, then you might end up paying money to a company that legally does not owe the debt.

If they do validate the debt, you need to stay off the phone with these companies and start negotiating settlement of these old debts in writing.

You might also want to try negotiating a pay for deletion agreement. Basically, you give them payment in full in exchange for them deleting the accounts from the credit bureaus. If they do not remove the account and you just pay them, then you will be out the money you paid AND you will still have bad credit.