Should I accept a settlement offer from a collection agency?

There is absolutely no difference scorewise between paying in full or settling for less, so it's almost always better to accept settlement offers if available. There are a few cases where paying in full may be the better option, but not many.

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Sample Letter to Opposing Attorney Declining Settlement Offer

Settlement Offer Rejection Letter Sample With Collection Agency In New York

Category:

Letters - Legal - Settlements

State:

Multi-State

Control #:

US-0014LTR

Format:

Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

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FAQ

There is absolutely no difference scorewise between paying in full or settling for less, so it's almost always better to accept settlement offers if available. There are a few cases where paying in full may be the better option, but not many.

Your debt settlement proposal letter must be formal and clearly state your intentions and what you expect from your creditors. You should also include all the key information your creditor will need to locate your account on their system, which includes: Your full name used on the account. Your full address.

What Percentage Should I Offer to Settle Debt? Some collectors want 75%–80% of what you owe. Others will take 50%, while others might settle for one-third or less. So, it makes sense to start low with your first offer and see what happens.

Sue the Debt Collector in State Court You may bring a lawsuit against the debt collector in state court. In the lawsuit, you must prove that the debt collector violated the FDCPA. If successful, you might be able to collect $1,000 in statutory damages and possibly more if you suffered harm from the violations.

Specifically, the rule states that a debt collector cannot: Make more than seven calls within a seven-day period to a consumer regarding a specific debt. Call a consumer within seven days after having a telephone conversation about that debt.

After careful consideration of my financial situation, I am offering to settle this debt for (Proposed Settlement Amount), which is (Specify the Percentage, eg, 50%) of the total outstanding balance. I believe this is a fair and reasonable offer given my circumstances.

Dear debt collector, I am responding to your contact about collecting a debt. You contacted me by phone/mail, on date and identified the debt as any information they gave you about the debt. I do not have any responsibility for the debt you're trying to collect.

Keep your emotions out of the letter and stick to facts, such as the extreme pain and suffering you have had to endure and the frustration and hassle of attending medical treatments. Be professional, courteous, and confident, and never attack the claims adjuster personally in your counteroffer letter.

I am writing in response to the settlement offer you presented on Settlement Offer Date, related to claim number Claim Number for the incident that occurred on Incident Date. After careful consideration, I must reject this offer as it does not meet my needs based on the severity and ongoing nature of my injuries.

More info

Here is a quick template for those looking to send a settlement offer to a collection agency or Pay for Delete. Feel free to copy and paste the letter below into your word processor.A debt settlement letter is all you need to negotiate debts with your creditors. It asks you to pay a certain settlement amount to the collection agency. Learn how to write an effective collection dispute letter with our guide and templates. Use this letter to help you negotiate a full and final settlement offer with a creditor. This material is provided to answer general questions about the law in New York State. If you doubt that you owe a debt, or that the amount owed is not accurate, your best recourse is to send a debt dispute letter to the collection agency. Add a description of what you would like in return from your creditors. New York City residents can use this letter to dispute a debt, to verify a debt under NYC law, and to tell a collector to stop contacting them.

Settlement Offer Rejection Letter Sample With Collection Agency In New York

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FAQ

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