Where could I find help to pay off debt that is in collections?

I have about 2,000.00 worth of debt that is in collections. How do I go about cleaning this mess up and getting it off of my credit report?

Where could I find help to pay off debt that is in collections?
Talk to them and set up a payment plan. Make your payments every month until it's completely paid off.
Reply:What kind of debt?


Credit cards? Loans?





you'll want to pay on secured debt first and foremost before unsecured-- meaning youll want to pay auto loans and mortgages before credit cards-- they can take your vehicle/house away from you first, credit card companies dont have any collateral.





2nd, if it's mainly credit card debt, talk to CCCS- They will be able to get you on a payment plan to get you out of debt.





If the reason you're running late on your bills is due to something unexpected (like a death in the family, natural disaster, medical bills, loss of income {while collecting unemployment}) you may qualify for a month deferment on any loans. Just call and talk to the agency, most are more than willing to help you.
Reply:First of all, your choice of action would depend on the type of debt and the age of the debt. If these are old debts that are "time barred" from legal action, then only time will get them removed from your credit report.


If they are newer debts then your best bet would be to either negotiate for a settlement with them or work out a payment plan. REMEMBER this, if you make any arrangements or payments, then you have re-set the statute of limitations in your state for taking legal action against you. If they agree to settle for less, GET IT IN WRITING first before payment is made!!





Or, you might consider credit counseling, you can get it from various firms that are recommended by the FTC (many of those not-for=profit outfits just take your money and don't really help.





Here are some links to check out for more help





http://www.usdoj.gov/ust/eo/bapcpa/ccde/...


Govt approved credit counseling agencies.





http://www.ftc.gov/bcp/edu/pubs/consumer...


Building a better credit report.





http://www.ftc.gov/gettingcredit/


What you need to know about your credit.





http://www.ftc.gov/bcp/conline/pubs/cred...


Credit and your consumer rights.





http://www.ftc.gov/bcp/conline/pubs/aler...


Information on time barred debts.





Hope this answers your question
Reply:It will remain on your credit report until you pay it. They may delete it afterwards but highly unlikely - the judgement will be noted for 7 wonderful years.
Reply:There are sources of funds for paying off debts, but it may not be in your best interests to pay the debt at this time.





You don’t say what type of debt it is; you don’t say who is doing the collecting and you give no information about your personal resources or other financial situation.





It is hard to answer your question in such a vacuum.





However, just because someone is trying to collect a “debt” is not good enough reason to pay it, unless you know a few things.





1. Do you know the collector? By that I mean, is it the original creditor or is it a collection agency? It makes a difference. You need to be certain that, if you pay the collector, the obligation will actually be satisfied.





2. Does the collector have proof of the debt?





a. Whether it is the original creditor or a collection agency, it is important that they have the ability to prove that you actually owe them something and how much you owe.





b. If a collection agency that is attempting to collect the debt, they also have to prove that the obligation has been assigned to them.





c. Collection agencies also have to prove that they have the legal right to collect it in your state.





You have the right to require them to validate their claim.





Talking to the collector is generally not a good idea. You permit them to create a “record” of the conversation, based on the notes they take of the conversations you have.





Those conversations are almost never recorded. Consequently, their version of what was said becomes the “official” business record. Since it is a record they keep in the ordinary course of business, it may become admissible in court (if it goes that far) and it won’t matter what you say actually happened, their record will paint the picture.





You don’t want to give them the paints and the brush and let them paint whatever picture they want.





Your best bet in dealing with collectors, is to insist that everything be done in writing. The writing then creates a record of what actually occurred. You get to paint too.





The amount in question, $2,000, is not a lot of money (although it may seem like a lot at the moment). Most original creditors won’t actually take you to court over that amount. It costs them too much in time and legal fees to do that. They usually sell their claim to a collection agency.





Most collection agencies will call and harass you and make you feel guilty for not paying the debt. Some will threaten you with all sorts of horrible consequences, if you don’t pay up. There are actually severe penalties against COLLECTION AGENCIES for engaging in certain harsh collection practices under the Fair Debt Collection Practices Act, a Federal law.





That is another reason why requiring them to put everything in writing is important.





Over the phone, where it is your word against their official “business record”, they might overstep the bounds of what they can legally do. They will stick to the law if they have to put everything in writing.





Ordinarily collection agencies purchase the claims they are collecting for pennies on the dollar. So while you may have had a $2,000 obligation, the collection agency may have $50 invested in the claim.





They may be trying to collect the entire amount (or even more, if they are adding a “collection fee” to the claim), but the truth is, they really do not want to invest too much time and effort into collecting the debt.





Also, because they buy these claims in bulk and so little is involved financially on a per claim basis, it is not at all unusual for them to be collecting claims they do not have a formal assignment transferring the obligation to them. (In other words, they frequently are not able to “validate” their claim.)





If you properly demand that they validate the claim and they are not able to do it, they are legally required to stop collection activities and remove their collection from your credit report.





Also, if the claim was assigned to them, the original creditor has charged it off and moved on. It will not want to go through the effort of documenting a claim it no longer has an economic interest in collecting. Chances are, even if the collection agency asks for the proper documentation, the original creditor will not provide it.





In a nutshell, what this means to you is that, if you are dealing with a collection agency, you should be able to settle for far less than the $2,000 they claim you owe, if you choose to settle at all.





Since the obligation and the late payments are on your credit report already (as would be both the “assignment for collection” and the collection itself), you will need to make sure your credit report is cleaned up.





According to the Federal Trade Commission, you should be able to do remove derogatory items yourself.





However, it is not as easy as it sounds. You may want the help of a reputable credit restoration service. Some of them have excellent track records and have been able to remove, not only collections, but inquiries, late payments, charge-offs, repossessions, judgments, foreclosures, bankruptcies, student loans, child support, tax liens and more.





You may want to check some out.





Good luck!
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