Given today’s economy, more and more consumers and business owners alike are working to retain their credit score, repair their relationships, and repay their debts. Remember not paying your contractor may prevent your creditor from paying his supplier. If the supplier cannot get paid, he may in turn fail to pay the manufacturer. If the manufacturer cannot collect he may be forced to file for bankruptcy to keep the banks off the bank which may make it more difficult for that brand or product line to be acquired in the future. It is this type of ripple effect that is delaying the economic turnaround we all so desperately seek.
First thing is first. Reassess your finances. You need to start by examining your budget and finding areas where you can cut corners and find alternative ways to earn the money to clear up debt. Maybe you can put in five hours a week in overtime or take a part-time job. Consider selling personal items to pay off debt. Look to family and friends for help. They may be willing to assist you by loaning you the money to repay your debt in your time of need. It never hurts to ask!!
Make Contact with Maxwell, Turner & Associates. Do not ignore the letter or subsequent phone calls from the company. Avoidance will not solve the problem and in doing so, your credit score could fall and your creditor may opt to send you to litigation. Litigation is costly and you may carry the burden of you and your creditors attorney fees and courts costs if you are ordered to repay the debt. As soon as you have assessed your financial situation, come up with a plan to pay and call Maxwell, Turner & Associates to negotiate. the collectors are usually willing to discuss payment plans.
Express your desire to pay off your debt, and make an offer. It is best to tell the collector what you are able to do, such as sending a set amount every month or paying off 75 percent of it at once and having it considered settled in full.
If you know you cannot make as big a payment as you had been making to the original creditor, offer to pay what you can afford. Keep interest and time in mind when you make an offer. A smaller monthly payment usually means a longer payment schedule with added interest. Regardless of whether or not you pay off the bill in full or negotiate for smaller payments, a positive report to the credit reporting agencies should be one of your stipulations. Most creditors will be willing to report that you are paying upon receipt of the first payment, but they may not do so without encouragement from you.
If you do not believe you owe the debt, then do not pay it. Voice your dispute with Maxwell, Turner & Associates and they will record your dispute and notify your original creditor and attempt to reach a compromise. If it is the amount you dispute, pay the UNDISPUTED AMOUNT to Maxwell, Turner & Associates and notify MTA in writing why you dispute the remaining amount. If you disagree with the amount or the validity of the debt at all, contact MTA and tell them you are disputing the debt and explain why you do not believe the debt is valid. Dispute the debt with the credit reporting agencies as well. Be prepared for challenges to your claims. Maxwell, Turner & Associates understands there are instances involving identity scams, identity fraud, and credit card rip offs that you report to our company as reason not to pay a debt. If this is the case notify our office at once.
If compromise is not reached, Maxwell Turner & Associates may retain the services of their affiliated attorneys to assist in the collection of the account.
For more information on ways to repay your debt to clients of Maxwell, Turner & Associates or information on how to dispute your accounts, please visit us on the web at www.maxwellturner.com