Legal Question in Credit and Debt Law in California
credit card default.
I owe about 25,000 dollars in unsecured debt...If I do not pay it and it goes to collections can I negotiate with collections a lower amount to pay it off. If they agree to a lower amount can the credit card company sue me for the remaing balance..EVen if I full full what the collection agency wants?
Asked on 1/27/08, 3:23 pm
1 Answer from Attorneys
Robert F. Cohen
Law Office of Robert F. Cohen
Re: credit card default.
As the creditor's agent, the collector has authority to negotiate repayment of a debt and it is binding on the original creditor. However, to protect yourself, get your agreement in writing.
That said, if it goes to collections, there's less of a likelihood of negotiating a reduced amount than directly with the original creditor.
Answered on 1/27/08, 3:40 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
