US Legal Forms
Debt Adjustment Agreement with Creditor

Debt Adjustment Agreement with Creditor

Q: Is it good to take a settlement offer from a creditor?

It&#039;s a service that&#039;s typically offered by third-party companies that claim to reduce your debt by negotiating a settlement with your creditor. Paying off a debt for less than you owe may sound great at first, but debt settlement can be risky, potentially impacting your credit scores or even costing you more money.

Q: Is it better to pay the original creditor or the collection agency?

It&#039;s much better to deal with creditors than debt collectors. Whatever the past-due debt is for doctor bills, credit card payments, car loan the creditor may still see you as a potential return customer. A debt collector&#039;s only interest is squeezing money out of you.

Q: Can I settle a debt with the original creditor?

It&#039;s possible in some cases to negotiate with a lender to repay a debt after it&#039;s already been sent to collections. Working with the original creditor, rather than dealing with debt collectors, can be beneficial.

Category:

Contracts - Creditors

State:

Multi-State

Control #:

US-1106BG

Format:

Instant download

Description

Boundary line disputes involving real estate are common. They generally arise as a result of some or all of the following four factors: (1) Formerly unsurveyed property owned by amicable neighbors passes into the hands of an outsider who orders a survey and discovers the boundary lines are in a different place than previously thought; (2) Formerly amicable neighbors who did not care about a 10- or 20- foot discrepancy in boundary lines suddenly care when oil or gas is discovered under the land, or the property becomes so valuable that it is being sold by the square foot rather than by the acre; (3) Advances in surveying technology would have placed a property corner in a different location than the original survey or placed it, and when this is discovered, the neighbors go to court; or (4) Someone mistakenly builds a house or other improvement with a portion located on the neighbor's land and the parties resort to the court system to resolve their differences. Consequently, there are very specific rules for resolving boundary line disputes: (1) Advances in technology make no difference because the property corners are where the original surveyor placed them according to his or her own state-of-the-art technology for the time, not the absolutely accurate location according to today's technology; (2) If there are mistakes in the description, courts follow a hierarchy of things to consider and things to ignore if there is a conflict among descriptions within a deed; and (3) If someone innocently builds an improvement that encroaches on another's land, most courts will figure out a way to either give the property to the encroacher or will order the person to sell a minimal amount of land to the encroacher.

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FAQ

If the collection agency bought the debt from the creditor (rather than the creditor just assigning the debt to the agency for collection), the agency owns the debt. If you negotiate with and make payments to the creditor, the collector may refuse to credit you for those payments.

Sometimes the creditor will hire a collection agency to chase the money for them. Ask the debt collector if they own the debt. If not, you still might be able to negotiate with the original creditor.In this case, the debt collector owns the debt, so any payment is made to the collection agency.

It's a service that's typically offered by third-party companies that claim to reduce your debt by negotiating a settlement with your creditor. Paying off a debt for less than you owe may sound great at first, but debt settlement can be risky, potentially impacting your credit scores or even costing you more money.

It's much better to deal with creditors than debt collectors. Whatever the past-due debt is for doctor bills, credit card payments, car loan the creditor may still see you as a potential return customer. A debt collector's only interest is squeezing money out of you.

It's possible in some cases to negotiate with a lender to repay a debt after it's already been sent to collections. Working with the original creditor, rather than dealing with debt collectors, can be beneficial.

You can be sued on unpaid debts after charge off, so settling is a good idea when it makes sense for you financially. A collection agency making an offer you did not solicit often means there is room to negotiate an even better outcome.

Make Initial Contact. Have a Strategy. Start Your Offers Low. Keep a Professional Tone. Get a Written Settlement Agreement. Effects of Debt Settlement.

Generally, you can negotiate the best settlement on a debt if you can come up with a lump sum amount to resolve the debt. If you agree to a payment plan, you will likely pay more over time. If you do agree to a payment plan, make sure you understand the total amount you will pay.

If the lender agrees, your debt is reported to the credit bureaus as "paid-settled." The best-case scenario is to negotiate with your creditor ahead of time to have the account reported as "paid in full" (even if that's not the case). This does not hurt your credit score as much.