The debt collector bought your debt from the original company you owed and probably paid pennies on the dollar to buy it because of this debt collectors will often take less than you owe if you negotiate. How to settle debts with collection agencies written by kristy welsh settle debts on your own with our debt settlement techniques last updated june 12 2017 some people are skeptical saying it is impossible to settle a debt that is being handled by a collection agency we are here to tell you that you can settle an outstanding debt being . Obtain a debt settlement letter get your agreement to settle the debt in writing do not accept verbal promises instead insist on a settlement agreement letter and read it thoroughly before signing you want the agreement to state you are forgiven for the original amount of the loan. Before negotiating a settlement with a debt collector learn about the debt and plan for making a realistic proposal what is the best way to negotiate a settlement with a debt collector be wary of companies that charge money in advance to settle your debts for you dealing with debt settlement companies can be risky . For one thing your creditors will report to the credit bureaus that your debts were settled for less than the full amount this will be a negative item on your credit report for seven years lowering your credit score another potential problem with debt settlement is that there are companies that take advantage of indebted clients by taking
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