Results 1 to 9 of 9

Thread: Advise for Paying off a Debt

  1. #1
    Veteran Member drearea's Avatar
    Joined
    Jun 2012
    Posts
    590
    Thanks
    2,801
    Thanked 1,390 Times in 408 Posts
    My Mood
    Inspired

    Default Advise for Paying off a Debt

    Does anyone have any experience settling with apartment complexes or property management companies (or their debt collectors) for broken leases? I owe $4,500 for a broken lease I would like to pay it but really can't, but if I could settle for less I would be able to get that shit done!

    I'm positive it's in collections and it's from late 2009.
    "Well then it's a good thing your faith in me has no impact on how much I make." - MissEgo

  2. #2
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Advise for Paying off a Debt

    threaten bankruptcy

  3. #3
    Veteran Member Joanna_Kaary's Avatar
    Joined
    Jul 2012
    Location
    Cleveland Ohio
    Posts
    372
    Thanks
    929
    Thanked 608 Times in 220 Posts
    My Mood
    Fine

    Default Re: Advise for Paying off a Debt

    this probably isn't the "right" way to "fix" it, but if you just want to get them off your back until you are in a better position financially, change your number. I have a broken lease from late 2009 as well and was also in collections. I got a new number in spring 2011 and still haven't heard from them...

  4. #4
    Veteran Member drearea's Avatar
    Joined
    Jun 2012
    Posts
    590
    Thanks
    2,801
    Thanked 1,390 Times in 408 Posts
    My Mood
    Inspired

    Default Re: Advise for Paying off a Debt

    They aren't "on my case" or anything. No letters no phone calls, it's just a debt I really want to pay but can't afford to pay in full.
    "Well then it's a good thing your faith in me has no impact on how much I make." - MissEgo

  5. #5
    Veteran Member annabellz's Avatar
    Joined
    Feb 2011
    Posts
    383
    Thanks
    14
    Thanked 800 Times in 260 Posts

    Default Re: Advise for Paying off a Debt

    Most collection companies will settle for less then amount owed. usually the older the debt the less theyre willing to accept. Do you know the name/phone number of the collection company handling it?(if you dont contact the apartment complex and find out who they sent it off to) call them up and plead your case. But before you do run your numbers. Know how much youre able to afford each month. Dont offer them a number let them offer you a number first because you may offer a number greater then theirs. For example say- I do want to take care of this debt but Im interested in a settlement. What is the lowest settlement amount you can offer me and see what the rep says. They'll offer different deals depending on how you'll pay. For example if youre going to make a one time payment in full they may say pay 3800 now. Or if you make two payments of 1950 which would bring your total up to 3900.

    So have a calculator with you when you talk to them. Whatever you agree to, have them send you something in writing as well.

    If the collection agency rep is rude or mean or not very helpful just hang up and try again later or another day. Chances are you'll get someone else. If its a small place and you keep getting the same person or the same rude unhelpful answers and they wont offer you a settlement after repeated tries with different reps- then ask for a supervisor.

    There is no law or rule that says they have to offer settlements, its just something they do because collecting something is better then collecting nothing.

  6. The Following User Says Thank You to annabellz For This Useful Post:


  7. #6
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Advise for Paying off a Debt

    ^^^ also note that any 'settlement' will almost certainly be listed on your credit report in a negative manner ... even though you made the adjusted repayment as agreed to during the settlement, it was less than the amount you actually owed to the 'creditor' thus the 'creditor' took a loss on your 'loan'.

  8. #7
    Veteran Member
    Joined
    Aug 2007
    Location
    South West
    Posts
    551
    Thanks
    1,360
    Thanked 655 Times in 279 Posts
    My Mood
    Confused

    Default Re: Advise for Paying off a Debt

    Hey Melonie what do you mean by threaten bankrupty?

  9. #8
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Advise for Paying off a Debt

    ^^^ tell the creditor that you're 'one step away from filing bankruptcy' ... at which point the creditor would receive next to nothing. This may prompt the creditor to volunteer a settlement proposal in hopes of receiving 'something' instead of nothing. If the creditor originates the settlement proposal, that puts you in a position of requesting that the creditor 'throw in' no negative credit reporting as part of the settlement terms.

  10. #9
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Advise for Paying off a Debt

    I agree with Melonie.

    The only thing I would add is that make sure you get any agreement in writing. Often these agreements are made over the phone, debtors pay their part, and the creditors change their mind. Suddenly an agreement was never done and they never said they would take if off your report! So get the agreement in writing before you make a payment or give them any information to pull a payment. They will be assholes about it but if they want their money they will do it. Make sure everything you want is listed in the agreement.

    If you can not get them to agree to take it off the credit report DO NOT SETTLE. Settling debt looks worse on your credit report then outstanding debt or bankruptcy. Bankruptcy gives you legal protections and looks like you took responsiblity for your situation. Outstanding debt looks like you couldnt pay your bills. Settling looks like you never had any intention of paying. Yes your credit score will be low but your credit report tells a story to lenders in the future. That story is just as important as the score.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  11. The Following User Says Thank You to Vamp For This Useful Post:


Similar Threads

  1. Replies: 17
    Last Post: 11-10-2011, 10:03 AM
  2. Replies: 5
    Last Post: 04-20-2009, 05:33 AM
  3. Paying off debt
    By NewMoon in forum Dollar Den
    Replies: 2
    Last Post: 05-29-2008, 10:08 PM
  4. paying off student loan debt vs. buying a house
    By mina loy in forum Dollar Den
    Replies: 25
    Last Post: 09-18-2006, 02:09 PM
  5. Paying off Old Debt...
    By AngelEyezXYZ in forum Dollar Den
    Replies: 3
    Last Post: 03-15-2006, 04:23 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •