Do the creditors accept a lump sum debt settlement ?

bearnard1033 · Apprentice Joined: 04 Jan 2010 Posts: 3

I have recently got into a debt and the lender has sent a debt collector several times now. I have already told them that I will pay in full in very short time, but he is still bothering me at my office. I would like to know do the creditors accept a lump sum debt settlement? If anyone could help me, that would be great. Thanks in advance.

winslow · Apprentice Joined: 26 Jul 2005 Posts: 12

Debt collectors have very strict rules for conduct towards the people that owe the money. First of all, they can, of course, contact them at home, but that contact must not be in inappropriate hours (except in the case of explicit agreement). Now, if you want to get rid of all that bothering as soon as possible, which seems to me to be the case, you can negotiate with them. They are usually satisfied to get any kind of debt settlement, as they are aware that you may not be in position to pay in any other way. Best of luck.

ashleywatson · Apprentice Joined: 10 Feb 2011 Posts: 10

Not sure.... but it may be that they accept, i think you should consult with some legal counsel for this. As i know If you are looking to negotiate your credit card debt, it is a good idea to take a look at your credit report. This report will give you an exact picture of what your debt is, and how the debt affects your credit report.