Partial Debt Repayment

Try to Get the Best Concessions from Your Creditor If You Are Making a Partial Repayment of Debt

Can I pay at least 40% of my debt thru the credit card company instead of the collection agency?

Francine

I don't see why not, although the collection agencies usually work on a commission basis and might not like it. (Sometimes they actually own the debt.)

It would better to work something out with the bill collector or the creditor rather than doing something on your own.

Your account is in collection and you might already have a charge off on your credit report. I don't know if you only plan to pay 40% and no more or if this is just a partial payment.

If you want to renegotiate your debt down to 40% of the whole, you will have to work with your creditors. You can't do this unilaterally.

Even if you are planning to pay the bill in full, call the creditor or collection agency, tell them what you're doing and ask for a written agreement to the effect that collection efforts will cease and negative entries on your credit report be reworded to make them more favorable to you.

Just making a partial payment on your own will do little to help your overall financial situation.