I have out standing debt. Do I pay the...

[Dex]

...company or debt collectors first? Well it's time to man up. I have started to contact companies I owe money to but my phone is ring with more debt collection agency than returned calls. What's up with that? Do I pay the agency all or give it to the company and ask for change. (smile)

[drpepper_ugtz]

If it's gone to the collection agency you're more likely to be able to negotiate a lesser amount through them if you're looking for a deal. Just play hard ball, tell them you're negotiating settlements to get what you can paid off and the ones that can't do anything for you are going to the bottom of the pile. At the agency I worked at on most clients we could offer settlements anywhere from 80-60% of the balance without talking to the company that actually owned the debt.Good luck and don't be afraid to hang up...they'll call back probably singing a different tune.

[debt]

can I protect my credit standing?

[jjgross]

Originally Posted by debt

can I protect my credit standing?

Only if you can have them agree in writing they'll remove it.A settlement of 60-80% is not much of a settlement i would shoot for under 35%.If they remove it then you still have the oc reporting it,might try settling with the oc first.Also start reading the beginners guide on this site.