Legal Question in Credit and Debt Law in Michigan
Won't take monthly payments
We have been turned over to collections for a credit card debt. They want us to borrow money to pay this debt. Obviously we are not in standing to obtain more credit. We have offered to make a monthly payment to them, but they refuse. They had us contact another place to inquire about a loan to pay the debt, however, we do not want to take out a loan to pay this. We want to make a monthly payment to them, can they refuse to take a monthly payment? What can they leagally do to us if we refuse to take the loan?
2 Answers from Attorneys
Re: Won't take monthly payments
This sounds like a scam: do NOT take out a loan until you have thought this through. You can go to a reputable credit counseling service [don't use one that advertises on the TV] and get this worked out.
Re: Won't take monthly payments
The collection agency cannot require you to take out a loan. They can refuse to accept monthly payments not to their liking, however it is usually in their best interest to have monthly payments coming in as opposed to having to sue on the debt. If a payment arrangement or settlement agreement cannot be worked out between you and them, they (or the original creditor) may take you to court. Should you have any questions or require assistance, I give free office consultations. Please contact me at www.lawgreg.com
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.
