Legal Question in Credit and Debt Law in Georgia

Billions of dollars of debt is sold daily in the US, from home mortgages to bad debts to corporate bonds. This is not the place for you to learn how that works. It is not in your favor if you avoided paying a debt for so long that the creditor had to salvage what they can from it. If a collector holds your debt, that is who you owe. However, if you contact the original creditor with the full amount of your debt, they can probably direct you to the appropriate place. If paying the debt is your desire and the reason for your question.

Read your loan agreement. The answer is actually there.

If you can't pay your bills, you may need to look into bankruptcy.

Oftentime, loan agreement allow assignments and purchases of the debt.

If you have a debt, you may want to negotiate a lower amount than what is owed.

Indeed, if the debt collector purchased your debt for pennies on the dollar, it can still make a substantial profit if you agree to pay 1/3 or 1/4 of what is owed. With the horrible economy, this lower amount can benefit both parties and prevent the debtor from filing bankruptcy.

If you decide to negotiate the debt, you may want to have an attorney negotiate this for you. Oftentimes, debtors negotiate the matter over the phone in good faith. However, the creditor still manages to sue the client or take out more money from an account than what was originally agreed.

If you need more information about negotiating with a creditor, you can contact me at [email protected].

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