Tip 3: Negotiate Lump-Sum Settlements

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Episode 3397:

Kumiko of The Budget Mom shares practical and empowering advice for handling debt in collections, emphasizing research, knowing your legal rights, and negotiating smart settlements. Her tips help demystify the debt payoff process while offering strategies that could protect your credit and bring peace of mind.

Read along with the original article(s) here: https://www.thebudgetmom.com/3-tips-for-paying-off-debts-in-collections/

Quotes to ponder:

"Not paying a collection account because you can’t afford it right now doesn’t mean you plan to ignore the debt forever."

"A lump-sum settlement could cost less. Collection agencies buy debts for pennies on the dollar."

"Taking care of old debts can give you peace of mind."

Episode references:

Annual Credit Report: https://www.annualcreditreport.com

Consumer Financial Protection Bureau (CFPB) - Debt Collection Scams: https://www.consumerfinance.gov/consumer-tools/debt-collection

Fair Debt Collection Practices Act (FDCPA) – FTC: https://www.ftc.gov/legal-library/browse/statutes/fair-debt-collection-practices-act

Fair Credit Reporting Act (FCRA) – FTC: https://www.ftc.gov/legal-library/browse/statutes/fair-credit-reporting-act

Credit Karma: https://www.creditkarma.com

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