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Collection agencies may be unwilling to negotiate a settlement, even after months of payments to a debt settlement company. Having accounts in collections can damage your credit score .
Debt settlement is the process of negotiating with creditors to reduce overall debts in exchange for a lump sum payment. A successful settlement occurs when the creditor agrees to forgive a percentage of the total account balance. Normally, only unsecured debts, not secured by real assets like homes or autos, can be settled.
Sample dunning record, from a 1913 business manual. Dunning is the process of methodically communicating with customers to ensure the collection of accounts receivable . Communications progress from gentle reminders to threatening letters and phone calls and more or less intimidating location visits as accounts become more overdue .
Getting debt relief through debt settlement If you have over $7,500 worth of unsecured debt and your credit is in bad shape, then seeking a program through a good debt relief company may be your ...
The collection agency makes money only if money is collected from the debtor (often known as a "No Collection - No Fee" basis). Depending on the type of debt, the age of the account and how many attempts have already been made to collect on it, the fee could range from 10% to 50% (though more typically the fee is 25% to 40%).
The settlement website says people who change their mailing address after submitting a claim are responsible for alerting the claims administrator about their new contact information. To do that ...
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