Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

How to get a debt collector to lower the debt you owe

People tend to panic when a debt collector comes calling. Especially because debt collectors tend to use scare tactics in effort to get people to comply with their demands. 

However, even though debt can make you feel pretty powerless, you actually do have some leverage that you may be able to use to your advantage. As a article explains, debt collectors are often willing to settle the debts for much less than you owe.

Often, the best chance at getting your debt reduced is by offering a lump sum settlement. In many cases, debt collectors try to convince you that they won’t take anything less than the full amount, but this isn’t necessarily the truth.

In some cases, debt collectors may even be willing to mark down your debt by as much as half if you are willing to put down a large payment. But even if you cannot afford to make a lump sum payment, you could still have success at getting your debt reduced.

As the article explained, some debt collectors are willing to work with you on a monthly payment that you can afford, which means that you can work on repaying the debt without having your credit score ruined in the process.

The key when negotiating with a debt collector is to let them know that full payment on the debt isn’t going to happen. They will probably try to scare you and entice you to pay in full even if you can’t afford it, but it’s important to hold your ground. Eventually, they will often accept a lump sum or monthly payment plan.

However, negotiating with a debt collector can be very difficult, time consuming and frustrating. That’s why many people turn to an experienced attorney for help. Keep reading for more information on how an attorney can help you through the debt negotiation process. 

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.