First, what happens when a debt is sent to collections? Most debts that are sent to collections do not actually stay in collections indefinitely. In fact, most credit card debts and other types of unsecured debt can be removed from collections within a couple of months if you are persistent with paying them. However, the reason that most debt goes into collections is because the credit card companies do not get their money back. They simply want the debt paid.
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If you do owe money and are having trouble getting it paid, you can try to contact the credit bureaus and request that they remove your listing from your credit report. You will need to write to each credit reporting agency separately requesting that your debt is deleted from your credit report. It is also important to remember that if a collection agency calls you and threatens you that they will report your debt as being “paid in full”, you need to ask yourself whether you think they would be appropriate to tell this to any of your friends or family members. I believe that they would be.
Finally, what happens when a debt is sent to collections if you cannot pay it off in full? Generally, if you cannot pay more than 50% of the outstanding debt you have in collections, your debt is assigned to a collection agency for that percentage. If you do not have the money to pay this debt off, then your debt is transferred to another collection agency. The good news is that most collection agencies are now able to work with people who have money problems, but your credit report is still showing your debt as being owed to the original creditor.