A site reader recently wrote in to ask about dealing with a large debt collection agency by the name of Radius Global Solutions, who they are, and whether to settle a debt with them. The submitted questions are great, and as is the case with much of the site, I publish the exchange so others […]
debt collection
Resolving Debt with Velocity Investment LLC
If you are hearing from Velocity Investment LLC it is likely because they have purchased an unpaid account from one of your creditors. Like with many debt buyers, Velocity bids on accounts that have gone unpaid more than 4 months in the case of fixed loans, and more than 6 months late in the case […]
Debt Collection: Something Different This Way Comes
By some estimates, more than a third of the adult population in the US is going to come in contact with a debt collector at some point. If you have never had to deal with debt collector before, your only exposure to the industry could be from the media, and perhaps by way of this […]
Recognize and Review a Debt Collector
Complaints about debt collectors number in the ginormous every year. The volume is somewhat understandable. I mean… how many other professions do you spend nearly all of your time trying to get someone to do something they cannot or will not do? Let’s face it, getting people to pay bills they likely can no longer […]
How will contacting a collection agency restart credit reporting or time limits to sue?
Dear Michael: “My daughter has medical bills from 2008 when an emergency situation arose and she was not covered under insurance. She recently checked her credit report and contacted the collection sites to see if they were really hers. If you contact the collection agency, does this restart the ‘7.5’ years on your credit report? […]
Should I settle my Discover credit card or request debt validation?
Short answer If your goal is to resolve the debt, and you have the means, settle it. Sending canned dispute or validation letters, or electing arbitration, is a good way to lose a settlement you could have had at 40 to 50 percent before the account charged off. Key points on this page Current trends […]
How To Reduce Debt Buyer Collection Lawsuits
Last week the CFPB and the FTC held a workshop to address what happens to unpaid debts at different stages of the debt collection cycle. Part of which discussed the frequency and challenges faced by consumers when debt buyers file lawsuits in order to collect. The workshop brought together state and federal regulators, economists, major […]
Getting Debt Settlement Letters and Agreements
Short answer A verbal agreement is not a settlement. Get the deal documented in a settlement letter, check that the letter contains the items that protect you, and only then send money. Paying off a settlement without a written agreement is a mistake you will regret if the account resurfaces later. Key points on this […]
The Best Way to Pay Collectors After Negotiating a Debt Settlement
Negotiating and settling debts that are past due at all stages of debt collection is thoroughly discussed throughout this site. With all of this detailed information and discussion, don’t forget to plan and prepare for one of the basic elements of settling your credit card debt. All successful debt negotiations have two things in common…a […]
Tips For Handling Debt Collection Calls
In the main debt settlement article series,I have stressed the importance of being in communication with your original creditors, and sometimes their contingency debt collectors, during first stage collections. You should know at this point that debt collection phone calls, and dealing with debt collectors and bank recovery personnel, is part of your debt negotiation […]