What happens if you cannot pay debt collectors?

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When the statute of limitations has expired, the collection agency can no longer sue you to recoup the debt. So let’s get back to the original question: Is it possible to get out of debt without paying anyone anything? Unfortunately no, not really. Simply identify the debts and indicate that they have been paid and that they should remove them. To ensure that the collector does not violate any part of the Fair Debt Collection Practices Act (FDCPA), ask them to submit the payment arrangement in writing.

Can you get away from paying for collections?

After you’ve confirmed this, you have 3 options to pay debt collection, negotiate a settlement that offers a lump sum payment to start a payment plan. If a collection agency tries to collect more than one debt from you, the collector must make every payment you make on the debts you select. Collection accounts may affect your credit rating, but paying off or settling a debt that is in debt collection may not necessarily improve your credit rating. The start of the debt repayment process is a big step towards saying goodbye to collection agencies and finally to debts.

What shouldn’t you tell a collection agency?

Some collection agencies knowingly or unknowingly rely on false information to get money out of you. A mistake somewhere along the way could mean that the collector contacting you has incorrect information. The Consumer Financial Protection Bureau provides sample letters to collection agencies to ensure that you don’t say the wrong thing or give out more information than necessary. If you are unsure whether you owe a debt, send the collector a letter with a return receipt by registered mail asking for more information.

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