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Debt collection agency question

  • 10-01-2014 12:01PM
    #1
    bizzyb
    Registered Users, Registered Users 2 Posts: 356 ✭✭


    Hi

    Being a new year i want to get my finances in order.I have two debts with 2 different debt agencies,one is a €500 Airtricity bill and the other is an €1,800 credit union loan. My father has offered to help out if i get the outstanding balances reduced,has anyone experience of doing this before or am i wasting my time as I've never heard of it myself.


Comments

  • #2
    CramCycle
    Moderators, Sports Moderators Posts: 25,918 Mod ✭✭✭✭CramCycle


    Debt collection agencies usually buy the debt from the original group you owed money to at a significant discount. Worth ringing them up and saying, I can't afford this but am willing to make a one off payment for them to write off whatever you can't pay. It might work, it might not but I can't imagine it would be the worst thing in the world to ask?

    Another possibility would be offering them a small, interest free repayment scheme, never heard of it but for them it is better than getting nothing from you, ie ring up and offer to pay off 100 per month for the next 5 and 18 months respectively?

    No experience though, had one debt collector send me a letter before but I had already paid the bill (12 months prior), so gave out stink down the phone and never heard from them again.


  • #3
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • #4
    Santa Cruz
    Banned (with Prison Access) Posts: 3,126 ✭✭✭Santa Cruz


    bizzyb wrote: »
    Hi

    Being a new year i want to get my finances in order.I have two debts with 2 different debt agencies,one is a €500 Airtricity bill and the other is an €1,800 credit union loan. My father has offered to help out if i get the outstanding balances reduced,has anyone experience of doing this before or am i wasting my time as I've never heard of it myself.

    I think the best approach would be to get the debt agencies off your back. To do this you will have to engage with the Credit Union and Airtricity.
    Would the Credit Union be favourable to you changing the terms of your payments by helping you clear the Airtricity loan and working on the Credit Union loan perhaps by increasing your weekly or monthly payment ? If this payment could be arranged by direct debit it would be ideal.
    At the end of the day the figure is only 2,300 which is manageable over a mid term arrangement. Of course if you have a good look at all your expenditure you would be surprised where a saving could be made which could be put towards the loan


  • #5
    No Pants
    Closed Accounts Posts: 3,347 ✭✭✭No Pants


    bizzyb wrote: »
    My father has offered to help out if i get the outstanding balances reduced,has anyone experience of doing this before or am i wasting my time as I've never heard of it myself.
    It's quite easy really, you make some repayments and the balances will lower.


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