Can I Make Payment Arrangements on a Debt Collection?
Can I Make Payment Arrangements on a Debt Collection?Sometimes a debt collection is too large to pay all at once. When that happens, a payment arrangement where you make smaller monthly payments is more beneficial to you.Answer: Whether the debt collector will accept a payment arrangement depends on the debt collector, the debt, the amount you’re proposing to pay, and the amount of time the collector has had the debt. If you’re only able to make smaller monthly payments on your debt, contact the collection agency handling the debt and ask for a payment arrangement. Debt collectors typically hold debts for about six months, so if you’ll have more success making a payment arrangement in the first month or two after the collector contacts you. On the other hand, if you wait a few months before proposing a payment arrangement, the collector might refuse or push for a higher payment since it will be losing the account soon. Note that if you make a payment arrangement with a debt collector,
