5 Ways To Make Payment To A Debt Collection Agency Like Cedars Business Services

kavita paliwal
Ways To Make Payment To A Debt Collection Agency

The times when you have to deal with debt can be very stressful. If you have a large amount of dues to repay, then there are high chances that you might receive a call from the debt collection agency. Instead of getting disturbed because of a call you should relax and work towards a solution to repay your debt. Based on a recent study done by the Urban Institute, around 71 million Americans are currently living in debt. Hence, there is no need to panic as there are many more like you in this situation. Debt collectors are here to help you with the situation and reach out to you so that a plan can be made for the dues payout.

In this post, we will try to explain some steps that you can take to work in sync with the debt collectors. Let’s have a look at the steps one by one:

Cross check your debt: There could be a possibility that there has been an error or fraud against your name and hence debt has shown up. Firstly, you need to make sure that only you are truly responsible for debt payments. You can check this by looking at your credit report, contacting your creditors, checking with your bank, etc. If you feel that there is something fishy about the debt, you can file a dispute under FDCPA (Fair Debt Collection Practices Act). It could also happen that due to system error the debt payment acknowledgment isn’t generated. Hence, you need to be careful and verify such minute details related to your default account.

Calculate payment: Once you are sure that you only have to clear the debt that the debt agency has contacted you for, then start making a plan towards its payment. Review your budget and then have a discussion with the debt collection agency. You can work with them to create a plan for debt payment. You can either pay a lump sum amount to pay off all or partial debt or you can pay in installments. Installments can help you in managing your budget and monthly expenditure easily. You can even negotiate with the debt collection agency on the amount to be paid against the debt.

Contact the agency: Once you have planned your payment process you can reach out to your debt collector. It is better to contact him or her directly instead of involving a third-party for negotiations. You can hire a third-party to negotiate with the debt collection agency, but this can be expensive and add a strain on your budget. You can find the contact details of your debt collector in your credit reports. Make sure that you ask the following once in contact with the debt collector:

  1. Updation of credit report post dues payment.

2. A written copy of the agreement with the payment details

Global debt recovery organizations like Cedar business services go to every extent to help people suffering from high amount of unpaid debts. They believe in people first approach and that’s what make them the best in their operations of debt collection.

Complete the payment: Once you have received the original copy of the agreement from your debt collector, review it thoroughly. This is important to make sure that you have a clear idea about the deal that you are getting into. Once you or your lawyer are satisfied with the agreement you can release the payment to the debt collector based on the discussed mode of payment. Don’t give your bank account details for automatic withdrawals as this can be risky. Have control on our payment always.

Keep records: Once the payment process has started, keep a record of all the payouts that are begin made to the debt collection agency. Also, keep the agreement copy with yourself as proof of the initiation of the payment process. Once all the payouts are complete then you should request for the letter of completion from the agency. Check your credit report post-payment completion to ensure that it is updated with the current dues clearance. You should see an update in the credit report 30 days after payment completion.

You anyway have to pay your debts; hence it is advised that you do it at the earliest. Ignoring it will only attract high interest and debt agency will have to contact you for the payment. Pay on time and avoid such hassles.

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