A letter from Gatestone & Company International Inc. requests you pay off the entire balance owed on a credit card or personal loan account. It does not take you much time to realize you do not have the financial resources to honor the request. What should you do?
If you receive a letter from any debt collection agency, chances are good the third party debt collector will want you to pay back the entire amount of the original debt, as well as interest that has accrued on the balance.
However, you can send a debt settlement letter that proposes you pay a percentage of the original debt. Instead of receiving nothing for its effort, a bill collector such as Gatestone & Company International Inc. will negotiate with you to find a compromise both parties can accept.
How a Consumer Protection Lawyer Can Help You
By hiring a consumer protection lawyer, you counteract the legal team put into place by Gatestone International Inc. Your attorney will not send a debt settlement letter at the start of negotiations, but only after a bill collector proposes debt settlement terms first.
This negotiating tactic gives you more leverage to pay what you can afford to pay. Working with a consumer protection lawyer also ensures the wording of a debt settlement letter does not cross the line into emotionally charged language that motivates Gatestone & Company International Inc to come after you harder.
A consumer protection attorney can also ensure a third party debt collector complies with every provision written into the groundbreaking Fair Debt Collection Practices Act (FDCPA).
The FDCPA grants consumers the right to seek financial damages for violations of one or more provisions of the federal law.
Sample Debt Settlement Letter for Gatestone & Company International Inc.
Your consumer protection attorney will follow a time tested template for writing a debt settlement letter to a collection agency. At the start of the letter you should add the date of the letter and the contact information of the third party debt collector.
Make sure to include the account name and number under the date and contact information. Here is what the rest of the debt settlement letter should look like:
To whom it may concern:
Your debt collection agency recently sent me a letter asking that I pay $2,400 to take care of an outstanding account I have with Target. I have attached a copy of the letter for reference.
Since I am unable to afford sending you the entire amount of the outstanding debt, I propose paying you $1,200 that I can send you as a lump sum payment. If you agree to my proposed debt settlement terms, my attorney has advised me to request you to sign and date the bottom of this letter to confirm your acceptance of the proposed terms.
Never send a bill collector any money until the company returns the letter signed and dated. You need to have evidence to present in a civil court proceeding that Gatestone & Company International Inc. accepted your debt settlement proposal.
Speak with a licensed FDCPA lawyer today to write and send a debt settlement letter that proposes terms Gatestone & Company International Inc. can accept.
*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 Gatestone & Company International Inc. or any other third-party collection agency, you may not be entitled to any compensation.