When creditors refuse payments, it’s usually because company policy prohibits it.
It can’t hurt to ask and if your first offer is declined, ask what they feel is an acceptable payment.
You may have to negotiate for awhile and what ever you do, DO NOT agree to terms that you cannot afford.
Can creditors refuse an offer of payment?
Sometimes creditors refuse to freeze the interest altogether or only agree to reduce the interest that they are charging. If your offer of payment is less than the interest that is being added on, then the debt will just increase. This means you are never going to pay the debt off.
Can I ignore a collection agency?
The debt collector may file a lawsuit against you if you ignore the calls and letters. If you then ignore the lawsuit, this could lead to a judgment and the collection agency may be able to garnish your wages or go after the funds in your bank account. (Learn more about Creditor Lawsuits.)
How can I get out of paying debt collectors?
Pay for Delete
Send the collector a letter stating your interest in paying the account. Offer to make payment if the collector agrees to remove the entry from your credit report. If the debt collector agrees, ask for a signed copy of the letter to you to seal the agreement. (Sample Pay for Delete Letter.)
What happens if you Cannot pay debt collectors?
Lawsuits. Many people think collectors won’t sue for debts over a certain amount, but truthfully, collectors can sue you for a debt of any amount. If the creditors get a judgment against you, they could also ask the court to garnish your wages to enforce the judgment.