Debt Collection Agency / Refinance Advice

[ChadBloyer]

hello,my name is chad and i got a call from my collection agency tonight stating that they want me to pay my debt off pretty soon 6700 dollars to be exact. Well i agreed to make monthly payments of a 100 dollars and ive never been late or anything like that. Now, they want me to possibly refiance my house and im not sold on that idea either. Im confused on what to do just keep making payments or refiance please helpthanks chad

[guest]

My initial reaction is yes, they can insist on you paying it in full but doing something about it is a different story. If you have an agreement to pay $100 a month; they should stick to it.

Do you have the $100 per month agreement in writing is my first question?

Do you have enough equity in your home to get cash out?

If you do have equity to settle; have they offered a reduced settlement if you paid in full?

Your answers to my questions may change my opinion but for now I recommend offering a reduced amount to settle the account in full and get the debt eliminated once and for all. This MUST be submitted in writing certified mail return receipt. If they agree, you can refinance and settle for a reduced amount.