advice  debt  money


Question by  chappystick (43)

What are my options with a debt collector who wants a lump sum payment?

It's for an old credit card.


Answer by  malone (4817)

Collectors are paid based on what they collect, so they pressure you for full/large payments. Get an address and send regular payments OR get a settlement amount OR file bankruptcy. Debt counseling rarely works.


Answer by  Aubs (1089)

You will need to contact a credit agency that specializes in debt reduction. They can put you on a payment plan that will allow you affordable monthly amounts if you cannot pay the lump sum. Keep in mind, though, that these agencies cost money, and may not be worth it. You could also ask the collector if they have ideas.


Answer by  MarkWatrous (729)

Offer the clown 20ยข on the dollar for payment. They will make a ton off of you if you pay the entire amount in full.


Answer by  brian7754 (243)

They say they want lump sum payment, but they'll take what you can give. Just stand firm. Also, only send them money orders - never personal checks.


Answer by  Maggie59 (33)

A debt collector asking for a lump sum payment wants one of two things. They will first demand payment in full and threaten further action if not done. They have already lost money, so a settlement for a percentage of the balance paid in one lump sum is possible

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