Request re-age of past due accounts
Not all creditors will re-age your past due account. Creditors are not obligated to do so.
However, when re-negotiating your past due debts, you should always take the opportunity
to ask.
Re-aging an account simply means that the creditor agrees to record your next payment as
an 'on-time payment'. From then on, all sub-sequent payments will be on time and your
account will reflect no late payments.
It's almost like re-opening the account all over again.
However, when re-negotiating your past due debts, you should always take the opportunity
to ask.
Re-aging an account simply means that the creditor agrees to record your next payment as
an 'on-time payment'. From then on, all sub-sequent payments will be on time and your
account will reflect no late payments.
It's almost like re-opening the account all over again.
Explain as completely as you can that
you truly want to satisfy your account
but that you will need time.
Explain to the person that your are
speaking to how dire your situation
has become.
Be prepared to make an offer that is
reasonable and that you can afford
to pay.
The last thing you want to do is make
an offer and default on meeting the
terms of the agreement.
If you cannot make a reasonable
offer then it is probably best that you
you truly want to satisfy your account
but that you will need time.
Explain to the person that your are
speaking to how dire your situation
has become.
Be prepared to make an offer that is
reasonable and that you can afford
to pay.
The last thing you want to do is make
an offer and default on meeting the
terms of the agreement.
If you cannot make a reasonable
offer then it is probably best that you
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do not initiate the call until such time that you can make a reasonable offer.
Do not be surprised if the creditor does not agree to re-age your account until after you
have made three payments. However, do all that you can to request the terms in writing
and have them authorized by a manager or a supervisor.
If they refuse to put the terms to re-age your account in writing, send them your own letter
with a self-addressed return envelope noting the terms discussed over the phone and also
request in the letter that they ‘sign and return’ the letter BEFORE you send the creditor any
money.
It is important that you document the details of the call, the name of whom you spoke with,
their extension and include the date and time of the call.
Do not be surprised if the creditor does not agree to re-age your account until after you
have made three payments. However, do all that you can to request the terms in writing
and have them authorized by a manager or a supervisor.
If they refuse to put the terms to re-age your account in writing, send them your own letter
with a self-addressed return envelope noting the terms discussed over the phone and also
request in the letter that they ‘sign and return’ the letter BEFORE you send the creditor any
money.
It is important that you document the details of the call, the name of whom you spoke with,
their extension and include the date and time of the call.