Debt Collector refusing payment

[JGraham1992]

Hi, my husband has an unsecured loan around $4800. We ran into some financial hardships over the last few years and stopped making payments on it June 2007. We now have a debt collector calling our house and offered a settlement. The problem is I don't have the amount he is asking for. I offered to split the payments into two payments in 2 consecutive months, but he refused saying he needed at least half of the settlement now. What am I supposed to do when I want to pay them off, but they refuse to negotiate? Please help!!!

Jennifer Graham

[Credit Expert]

If a debt collector does not want to negotiate and you cant afford the full balance, there is not much you can do other then not pay. If someone wants to sue you, there is nothing you can do to stop them. The good news is, there are laws in your favor(FDCPA: http://www.expert-credit-advice.com/sta ... ations.htm) that regulate these debt collectors and most of them are in your favor. They cannot harass you, so if their demands are unreasonable; tell them to cease and desist communication and thery must. If I were you, I would save up some funds to offer what you are able. If they agree, get it in writing before paying.