TRI QUEBEC

Most debt collectors have the ability to accept substantially less than they’re asking for, naturally, since they receive payment a percentage of what they collect, they’re going to try to keep the total amount as close to the initial total amount as possible, notwithstanding they may accept less should you press the point, a large majority of debt collectors know that 40% of $1,000 is better than 100% of nothing. Part of the agreement should include a commitment on the debt collector’s part not to put any additional black marks on top of what could already be on your credit report. You should take that one step similarly and insist they report instantly any payments you do make and to adjust any total amount owed.

Acquire in writing the agreement prior to you sending anything more than a token good faith payment, it’s ok to forward a little money to demonstrate the seriousness of your commitment to the agreement, forward too much and they have little incentive to make the effort to comply with the terms binding them.

Patience, realism and maintaining your calm during discussions will go a long way toward making an inherently bad situation less stressful.

Financial decisions are personal, based on an individual’s situation. Many of the financial decisions people make today are completely based on the current level of interest rates and have little consideration of long-term impact. Once we’ve identified what truly makes us tick, our financial decisions will be guided in alignment with our values. The key to successful financial management is effective budgeting. Once you do, you’ll be well on your way to much healthier, happier financial future.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. With so many options available, and very little in the way of comprehensive information, it was easy to make the wrong choice and go further back financially. Don’t allow yourself to be rushed into a making a decision; wait until you have gathered enough information to make an informed, thoughtful decision. You may wish to consult your financial institution or financial advisor for additional information and advice.