Moore Income posted:
The best advice I could give that could potentially help is to get in contact directly with the companies you owe money to and see if there is any way to work something out that would make your payments more manageable and avoid getting reported for late payments to the credit bureaus.
I believe communication is key and a lot of times these companies are willing to work with people because it is better for them to get their money over a longer period of time than to not get their money at all due to worse circumstances caused to the person who owes the money.
I've found that these companies, for the most part, are ruthless and not interested in communicating good outcomes for the consumer. They do things like not remove the poor payment history once its paid off or label the account as Settled in Full which is not PAID in full. Refuse to remove the debt from your report after you pay it off or accept a settlement. Usually, once it is a write off paying the debt will not change your credit score if it has reached collections. It still remains a bad debt paid off or not.I suggest that people look for more specific answers related to their type of debt and its status before sending everyone a payment plan.
Get it in Writing! which I have yet to find a collector to do for me!