Credit Repair - IN WRITING - NO Verbal Agreements
Credit repair can be tricky. One way to protect yourself is to not ever, ever, ever, ever,
agree to anything verbally with a debt collector or a creditor over the phone, EVER! This is
important to your credit report.
If a creditor or a debt collector offers a re-payment plan or an agreement to settle for less
than what is owed over the phone, and it is something that you can do, it is in your best
interest to request that any agreement be put in writing and mailed to you. Further, you
should request a credit manager that is authorized to approve such an arrangement sign
this letter.
Because I can almost guarantee that if you do not request the agreement in writing, the
original debt collector that you entered into this verbal agreement with, will not be there
the next time you call.
agree to anything verbally with a debt collector or a creditor over the phone, EVER! This is
important to your credit report.
If a creditor or a debt collector offers a re-payment plan or an agreement to settle for less
than what is owed over the phone, and it is something that you can do, it is in your best
interest to request that any agreement be put in writing and mailed to you. Further, you
should request a credit manager that is authorized to approve such an arrangement sign
this letter.
Because I can almost guarantee that if you do not request the agreement in writing, the
original debt collector that you entered into this verbal agreement with, will not be there
the next time you call.
Be aware, that in this business of
debt collections, there is a high turn
over rate of debt collectors. This
particular debt collector that ‘verbally
agreed’ with you, can be promoted,
fired, quit, die, or get a job elsewhere
and you will be left with no one to
verify the arrangement.
And I can hear the conversation now.
You will receive a call from the new
debt collector handling your account
and this new debt collector will not be
‘aware’ of any arrangement that has
been made. You don’t know him and
he does not know you.
debt collections, there is a high turn
over rate of debt collectors. This
particular debt collector that ‘verbally
agreed’ with you, can be promoted,
fired, quit, die, or get a job elsewhere
and you will be left with no one to
verify the arrangement.
And I can hear the conversation now.
You will receive a call from the new
debt collector handling your account
and this new debt collector will not be
‘aware’ of any arrangement that has
been made. You don’t know him and
he does not know you.
- Date and Time of conversation
- Name of the debt collector you are speaking with
- Name of his supervisor and credit manager
- amount of payment
- date of payment
- total debt pay off amount
- agreement to report on-time payments to your
credit report
If it is a re-payment arrangement, do not use a credit card as payment. It is very important
that you make your payments on time. Missing just one payment will allow the creditor to
cancel the arrangement and charge additional late fees and interest. In addition to reporting
a negative mark on your credit report.
that you make your payments on time. Missing just one payment will allow the creditor to
cancel the arrangement and charge additional late fees and interest. In addition to reporting
a negative mark on your credit report.
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But you will inevitably say, “The debt collector I talked to before you, agreed to these
terms.”
And his response to you will be “I am sorry, but I don’t have any record of the arrangement
that you mention in my system.” Since you do not have any written proof of the
arrangement, the new debt collector will proceed to demand the payment in full, plus any
and all back due interest and late fees.
Hear me when I tell you, DO NOT EVER, EVER, EVER, EVER accept a verbal agreement.
Always get it in writing. The standing rule is this: “If you can not prove it in writing, it did not
happen”
It is important that you record and document the following details of any agreement in
writing:
terms.”
And his response to you will be “I am sorry, but I don’t have any record of the arrangement
that you mention in my system.” Since you do not have any written proof of the
arrangement, the new debt collector will proceed to demand the payment in full, plus any
and all back due interest and late fees.
Hear me when I tell you, DO NOT EVER, EVER, EVER, EVER accept a verbal agreement.
Always get it in writing. The standing rule is this: “If you can not prove it in writing, it did not
happen”
It is important that you record and document the following details of any agreement in
writing: