Debt Collection Process

should i pay this collection now?

a bill has just recently gotten into collections. im breaking my back trying to pay off alot of debt and going broke in the process. since this collection bill was one of my bills i tried to pay off before it got into collections, should i rush to pay it off now since its already in collections? i got bigger fish to fry and since this bill has hit collections i minus well let it sit there until i can get the bigger bills out the way before they hit collections right? smart move? i will have payed off all my debt by the next two months ( ill be super broke!) and be debt free, and then i should pay off the collection bill right?

Public Comments

1. first thing to do is contact all your creditors and tell them that you are having trouble paying them.You should then be able to broker a payment system that will satisfy all your creditors including the one that is also in collection. much better to be up front so as they all don't go into collection. good luck
2. Go to Barnes and Noble and get Kevin Trudeau's book on how to get out of debt. He tells you how to call and deal with credit card companies, debt collectors (specifically what to say and how to act), and how to get thousands of dollars off the books. READ IT FAST and you'll be surprised how much power you have over the credit card companies....BE FEARLESS....you'll never even imagine what power you have have over your own money and how to pay it out.....BE STRONG my friend...you'll be ok
3. Forget the book, the guy KT is a scam artist, Google him and see. You want to improve your credit knowledge this isn't the place to do it. Visit Creditboards .com and your life will change for the better.
4. if it has already gone to collections, that means that the original creditor no longer owns the debt. that means that paying the original creditor will accomplish nothing. what the first poster said works in some cases, but not in all, and i wouldn't bank on it either. whether you should rush to pay it really depends on how big that the debt that they are asking for is and how old that it is. i think that a better plan would be to call up the collection agency and try to arrange a settlement with them. they might be willing to take 50 cents on the dollar as long as they get their money in either a lump sum or 2-3 payments in a relatively short amount of time. i would try to negotiate a "pay for delete", so that the neg gets removed from your credit report. do not send any money until you get this agreement in writing. send the money by check, certified w/ return receipt and make sure that it gets cashed. i think that you should keep the other bills from hitting collections, if you possibly can.
5. Depending on the delinquency of the debt, the bill may have simply gone to in-house collections. If this is the case, the debt can easily be paid to the original creditor without a problem. Even if it is sent to an outside collection agency, unless the original creditor states otherwise, most will accept payments from you. You do have the potential to negotiate on the payment of the debt. In some cases, you could do below, pay for delete, but you must ensure that this covers both the collection agency entry AND the original creditor entry. You do not want the collection item to drag out too long. Most collection agencies will allow up to 90 days for you to pay it before they physically report it to the credit bureau. By them not reporting to the credit bureau in that period, they are saving money and can encourage you to pay quicker... I hope that helps.. feel free to e-mail if you need further help on this matter..