Get It In Writing - No Verbal Agreements
Credit repair can be tricky. One way to protect yourself is to not ever, ever, ever, ever, agree to anything verbally with a bill collector or a creditor over the phone, EVER!
If a creditor or a bill collector offers a re-payment plan or an agreement to settle for less than what is owed over the phone, and it is something that you can do, it is in your best interest to request that any agreement be put in writing and mailed to you. Further, you should request a manager that is authorized to approve such an arrangement sign this letter.
Because I can almost guarantee that if you do not request the agreement in writing, the original collector that you entered into this verbal agreement with, will not be there the next time you call.
Be aware, that in this business of debt collections, there is a high turn over rate of employees. This particular debt collector that ‘verbally agreed’ with you, can be promoted, fired, quit, die, or get a job elsewhere and you will be left with no one to verify the arrangement.
And I can hear the conversation now.
You will receive a call from the new debt collector handling your account and this new collector will not be ‘aware’ of any arrangement that has been made. You don’t know him and he does not know you.
But you will inevitably say, “The person I talked to before you, agreed to these terms.”
And his response to you will be “I am sorry, but I don’t have any record of the arrangement that you mention in my system.” Since you do not have any written proof of the arrangement, the new collector will proceed to demand the payment in full, plus any and all back due interest and late fees.
Hear me when I tell you, DO NOT EVER, EVER, EVER, EVER accept a verbal agreement. Always get it in writing. The standing rule is: “If you can’t prove it in writing, it did not happen”
It is important that you record and document the following details of any agreement in writing:
>Date and Time of conversation
>Name of the collector you are speaking with
>Name of his supervisor and manager
>amount of payment
>date of payment
>total pay off amount
>agreement to report on-time payments to the credit bureaus
If it is a re-payment arrangement, it is very important that you make your payments on time. Missing just one payment will allow the creditor to cancel the arrangement and charge additional late fees and interest.
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