How to Deal With a Collection Agent That Says He Won't Settle
- 1). Check the statute of limitations on the debt. Collectors have a certain amount of time during which they may sue you for non-payment, so if your debt is too old, collectors are stuck. Check the Credit Infocenter's website to see if your debt is too old for creditors to pursue you. If it is, tell bill collectors who call you that they are trying to collect on uncollectable debt and to stop calling you.
- 2). Continue trying to settle. Most collection agencies buy bad debt in bulk from credit card companies for just a few cents on the dollar, so even just offering 25 percent of the original sum owed would be a profit for them. If they keep trying to play hardball, wait it out, or even consider threatening to declare bankruptcy and that this is their last chance to get something out of it. Most collection agencies want to settle and move on, so use this to your advantage and don't back down.
- 3). Pay off the debt in full if you are able to do this. While you may save money in the short run settling on a debt, it does not look good on your credit report to potential future creditors if you showed you were unable to pay back a loan of any sort, and it may make them reluctant to lend to you. Paying off the debt will result in a "paid" notation on your credit score that looks much better.
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