There are few things more overwhelming than discovering a debt you owe is in collections. Unfortunately, many people feel shame surrounding these matters despite the majority of Americans reporting that they owe debt. However, when collection transforms into a lawsuit, it’s critical to ensure you understand all of your options. One thing many people aren’t aware of is that they can negotiate with a debt collector. If you’re interested in this option, you’ll want to keep reading to discover what you must know and how a Los Angeles, California debt defense lawyer can help you.
Why Might I Need to Negotiate With a Debt Collector?
When a debt in collection turns into a lawsuit, you may find that trying to handle the complexities of fighting your case in court is overwhelming. However, you may be able to negotiate a settlement with the collector.
Generally, the first step you’ll want to take is to confirm you owe the debt. It’s not uncommon for mixups to occur, and the debt collector may contact you over a debt that’s not in your name or inaccurate. As such, you’ll want to obtain a validation notice to ensure the information is correct.
You’ll also want to calculate a realistic figure of how much you can afford to pay toward the loan each month before contacting the collector and explaining your circumstances. If the collector agrees to the terms, get a signed contract before making a payment.
What Are the Benefits of This Option?
When you can negotiate a settlement with a debt collector, one of the primary benefits is avoiding a lengthy and costly court battle. Taking time out of your day to appear in court can cause you to lose income if you need to take time off of work.
Additionally, the stress of a court battle can cause anxiety that impacts your daily life, making it hard to focus on your other responsibilities. You’ll also find that negotiating the terms of your agreements gives you greater control over the amount you pay each month to avoid putting additional financial stress on yourself.
Though it may seem simple enough to contact the collector assigned to your case and explain your circumstances, this is not always true. Unfortunately, negotiations with these individuals can be complex and take considerable time. As such, it’s in your best interest to enlist the assistance of an experienced attorney to guide you through this process.
At Los Angeles Legal Solutions, we understand how complex it can be to navigate these circumstances by yourself. That’s why our dedicated team will do everything we can to assist you during these times to help you achieve the best possible outcome for your debt situation. Additionally, our team will ensure your rights as a consumer are protected throughout this entire process. Contact us today to connect with our dedicated and compassionate team.
