Is it too late to settle with collections, or should I try?

So I have a debt that’s already with collections. Is it still possible to negotiate with their lawyer, or am I out of options at this point? Thinking about offering a lump sum or setting up a payment plan, but I don’t know if they’d even consider it. Anyone had success with this?

Definitely still possible. They’d rather get something than nothing. Have you reached out yet?

Ren said:
Definitely still possible. They’d rather get something than nothing. Have you reached out yet?

Not yet, just wanted to see if it’s worth trying first.

Ren said:
Definitely still possible. They’d rather get something than nothing. Have you reached out yet?

It is. Just make sure you don’t agree to anything until you get the terms in writing.

If you’re considering bankruptcy, that could be a bargaining chip. They know if you file, they’ll get nothing.

Reese said:
If you’re considering bankruptcy, that could be a bargaining chip. They know if you file, they’ll get nothing.

So just mentioning bankruptcy might push them to negotiate?

Reese said:
If you’re considering bankruptcy, that could be a bargaining chip. They know if you file, they’ll get nothing.

Yep, but only if you’d actually go through with it. If they think you’re bluffing, it won’t work.

Check your state’s statute of limitations first. If the debt is too old, they might not even be able to sue you.

Lorin said:
Check your state’s statute of limitations first. If the debt is too old, they might not even be able to sue you.

Good idea. Where can I find that info?

Lorin said:
Check your state’s statute of limitations first. If the debt is too old, they might not even be able to sue you.

Your state’s attorney general’s website should have it, or just search ‘[your state] debt statute of limitations.’

If you decide to settle, start with a low offer. They often accept way less than the full amount.

Roan said:
If you decide to settle, start with a low offer. They often accept way less than the full amount.

How low are we talking?

Roan said:
If you decide to settle, start with a low offer. They often accept way less than the full amount.

Sometimes as low as 30% of what they’re asking. Just don’t let them pressure you into paying more than you can afford.