Can I negotiate with a debt collector?

Yes, you can negotiate with a debt collector in Virginia. Under the Virginia Consumer Debt Defense Law, consumers have a right to negotiate with debt collectors in order to reach a reasonable repayment plan. This means that if you cannot afford your current payments, you can request to pay a lower amount or a payment plan that you can actually afford. Debt collectors must also provide you with certain protections and information. First, they must provide you with a Notice of Rights, which explains the specific rights you have as a consumer, including your right to dispute the debt. This notice must also include a description of the debt that you owe, including the name of the creditor, the amount of the debt, and the date the debt became due. If you are able to negotiate a repayment plan with the debt collector, they must put it in writing and sign it. Once this document is signed, the collector must also stop their collection efforts against you for the duration of the agreement. This means that they cannot call you or send letters about the debt until after the agreement has been fulfilled. You should be aware, however, that even if you reach an agreement with a debt collector, they may still report the debt to the credit bureaus. This means that you may still have a negative impact to your credit score. Negotiating with debt collectors can help to reduce the amount of the debt or allow you to pay over a longer amount of time, but it is not a guarantee that the debt will be removed from your credit report.

Related FAQs

What is a debt relief order?
How do I settle a debt?
Can a debt collector take money from my bank account?
Can a debt collector report a debt to the credit bureaus?
What is the statute of limitations on debt collection?
Can I be sued for a time-barred debt?
What is the statute of limitations on medical debt?
What is a settlement offer?
What is a debt collector’s duty to disclose?
Can a debt collector contact me at my place of employment?

Can I negotiate with a debt collector?

Related FAQs

Related Blog Posts