How to Talk to a Bill Collector

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Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Last Bill Received
• Telephone Number of the Collector
• Information on the original account

1. Call the collection agency and speak directly to an agent whenever possible. Automated answering systems are usually set up to answer the calls and direct you to the appropriate department. Follow the instructions to lead you to an collection agent.
2. Have them pull up your account information and have THEM give you the details. If the agent gets hostile and mean, request to speak to a supervisor or manager. You are calling to negotiate, not get an earful from a collection agent.
3. After you have the balance owed, simply request from the agent a payment schedule to pay off the debt. You’ll be able to make small payments to pay the debt off, save your credit, and make the creditor happy.
4. If you feel the amount is too much, request a settlement amount from the collector. From the balance owed, figure out a percentage you are willing to pay. Most collectors will settle for a 40 percent payoff of the balance and delete the account from your credit file.

Tips & Warnings

• Have your information and amount you are willing to pay prior to negotiations.
• Write down your “script” so you know what to say.