Being in debt is bad enough, but what do you do when a debt collector refuses a payment plan? You can try negotiating a settlement, but be sure to verify the debt. Why? You can dispute errors & it's easy w/help from a pro like Credit Glory.
Can a debt collector refuse your payment plan?
Yes, they can. There are no laws that say debt collectors have to accept a plan that fits your budget. Debt collectors want to collect the debt as quickly as possible — which can mean expensive monthly payments.
It gets worse. If you pay less than the agreed amount — or don't pay at all — debt collectors can take legal action against you. This means going to court and facing liens or worse — bankruptcy! Not good.
What to do if a debt collector refuses a payment plan
Facing high monthly payments — or worse, payments you can't make — is scary. Luckily there are options available if a debt collector refuses a payment plan. You can:
- Negotiate a settlement - In some cases, you may be able to negotiate a settlement with the debt collector. Debt settlement agreements often allow you to make a lump-sum payment in return for settling the debt. However, it shows up on your credit report that the debt was not paid in full — which hurts your score.
- Verify the debt - Debt records aren't always accurate — and you don't want to be stuck with a debt that isn't yours. Having the debt verified is essential. Not only does the collection agency have to provide proof it's yours, but if they don't, you can dispute it.
- Dispute the debt - If there's no evidence proving the debt is yours, you can dispute it. Sending a dispute letter to credit bureaus with evidence for your claim to get it removed. A faster (& easier) alternative is having a credit repair company (like Credit Glory) dispute it for you.
Why disputing inaccurate collections is important
Inaccurate collections on your credit report have serious consequences. That's why it's crucial to dispute & remove them. A strong credit score opens the door to things like:
- Better options for mortgages, personal, & auto loans
- Qualifying for lower (& better) interest rates
- Faster approval on loans (great for financial emergencies)
While you can identify and dispute errors yourself, it's challenging (& time-consuming). Credit repair pros (like Credit Glory) make finding and disputing errors fast (& easy).
Bottom line (& why it matters for you)
While you can check your credit, look for errors, and dispute them yourself, it takes time (& hard work). Looking for an easier alternative (that's less hassle)? Consider working with a credit repair expert — like Credit Glory. They do the work for you, so you don't have to.
Why repair your credit w/Credit Glory vs. DIY?
Removing inaccurate collections (& other errors) helps improve your credit (& boost your score). DIY credit repair is a headache. Partnering w/Credit Glory is often a simpler alternative. Why?
- Easier - Making a mistake disputing DIY costs you. Credit Glory helps you build a strong case for disputing inaccurate collections (& boosting your score).
- Saves you money - An unsuccessful dispute leaves you stuck with debt (& poor credit). Credit Glory helps you boost your score — which means saving money on loans (& interest rates).
- Top-class customer support - Credit Glory has best-in-class customer service to answer questions and keep you updated. Credit Glory even offers an industry-leading 100% money-back guarantee (if no errors are removed in the first 90 days).
Start building better credit w/help from Credit Glory
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!