Consumers saddled with outstanding credit card and/or personal loan debt do not have to throw in the towel. In fact, you have several options for dealing with a debt collection agency such as Ad Astra Recovery Services, Inc.
You can simply ignore the letters and phone calls, but better solutions to your debt woes include disputing an alleged debt or invoking the state statute of limitations to end all debt collection efforts. Consumers also have the right to send debt settlement letters to third party debt collectors.
A proposed debt settlement represents a legally binding agreement between a consumer and a bill collector like Ad Astra Recovery Services, Inc. Typical debt settlement terms allow consumers to get rid of delinquent debts by settling credit contracts for a percentage of what they originally owed.
You can arrange a lump sum payment to eliminate an outstanding credit card or personal loan account, as well as set up a payment plan that spans several months. Whatever option you choose, the best strategy for proposing a debt settlement involves working with a licensed consumer protection lawyer.
How a Consumer Protection Lawyer Can Help You
Facing an aggressive debt collection agency can trigger immense fear and anxiety. By hiring a consumer protection lawyer, you receive all the legal protections granted by the Fair Debt Collection Practices Act (FDCPA).
Passed by the United States Congress in 1977, the FDCPA prevents third party debt collectors from implementing aggressive and deceptive techniques to coerce consumers into paying off outstanding credit card and personal loan balances.
The landmark consumer protection law also clearly presents the road map for filing a claim against an unethical bill collector. If you decide to settle a delinquent debt, you will face a debt collection agency like Ad Astra Recovery Services, Inc. that has hired a team of accomplished lawyers that closely scrutinize every sentence of your debt settlement letter.
You need the same caliber of legal advice to have a chance of completing a debt settlement deal, which wipes the outstanding credit card or personal loan account from your credit report.
Example Letter for Ad Astra Recovery Services, Inc.
Although several templates exist to help you write a persuasive debt settlement letter, the following example should read like the letter your FDCPA lawyer sends to Ad Astra Recovery Services, Inc.
To whom it may concern:
Your debt collection agency recently sent me a letter requesting I take care of the balance on an outstanding account with MasterCard worth $3,600. I have attached a copy of the letter for your reference.
Because of personal finance issues, I cannot afford to pay off the entire amount of the delinquent debt. Instead, I propose a debt settlement of $2,000 to wipe my credit slate clean, as well as compensate your company for the time and effort put in for the effort to collect the debt.
If you agree to my debt settlement terms, I propose sending your company a check for $200 per month until the $2,000 balance is reduced to zero.
Be sure to list the debt collection agency’s contact information at the top of the letter. In addition, never send any money to a third party debt collector until you receive a signed and dated return letter that confirms the acceptance of your debt settlement terms.
Contact a FDCPA lawyer today to draft a compelling debt settlement letter for Ad Astra Recovery Services, Inc.
*Disclaimer: The content of this article serves only to provide information and should not be constructed as legal advice. If you file a claim against Ad Astra Recovery Services, Inc. or any other third-party collection agency, you may not be entitled to any compensation.