It starts with a letter from General Revenue Corporation asking you to pay off the entire amount of an outstanding debt owed to a credit card company. Then, the debt collection agency becomes much more persistent by calling your home several times a day.
How do you handle the relentless drive of a third party debt collector? Do you simply not do anything and hope the problem goes away? You know the answer to that question. What you should do is work with licensed consumer protection lawyer to find common ground with General Revenue Corporation.
You can send a debt settlement letter to a bill collector proposing terms that allows you to pay less than what you owed the original creditor.
The debt settlement letter should establish a clear timeline for responding to the letter, as well as proposing a reasonable amount of money that both parties can accept. The benefits of settling a delinquent debt include having the credit blemish wiped off your credit report.
Why Hiring a Consumer Protection Lawyer Makes Sense
By working with a highly rated consumer protection lawyer, you dramatically increase the likelihood General Revenue Corporation will accept your debt settlement terms. Your lawyer will carefully word the letter to avoid using emotionally charged language, as well as determine the amount of money you can afford and the debt collection agency will accept.
Hiring a lawyer also ensures you receive the legal protections granted under the Fair Debt Collection Practices Act (FDCPA). Enacted by the United States Congress in 1977, the FDCPA prohibits bill collectors from implementing deceptive debt collection techniques.
Deception can include impersonating a law enforcement agency and/or claiming you can go to jail for failing to take care of a delinquent credit card or personal loan balance.
In addition, a FDCPA lawyer will represent you in civil court, if you decide to sue a debt collection agency for violating one or more provisions of the landmark consumer protection law.
![Debt Settlement Letter to General Revenue Corporation*]()
How to Write a Persuasive Debt Settlement Letter
Despite the seemingly impossible to overcome barrier of getting a third party debt collector to accept your proposed debt settlement terms, the fact remains that bill collectors like General Revenue Corporation would rather settle for a percentage of the entire amount of the original debt than receive nothing at all.
Most debt collection agencies set a minimum amount to accept from consumers at around 50%, although some consumers have succeeded in lowering the minimum acceptable amount to 25% of what was originally owed.
Your FDCPA lawyer will write a debt settlement letter that proposes reasonable terms and set up a timeline for you to pay back the settled debt amount. The letter will start with the date, account number, and agency contact information at the top.
Within the heart of the debt settlement letter, your lawyer will propose the terms, including how you will pay off the balance of the settlement amount. The letter should conclude with two spaces for the third party debt collector to sign and date the return letter.
Signing and dating the debt settlement letter verifies the bill collector has accepted your proposed terms.
You can expect a debt collection agency such as General Revenue Corporation to have a polished team of lawyers representing the company’s best legal interest. Make sure you counteract the strong legal team by speaking with an experienced FDCPA lawyer today.
Additional Resources
*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 General Revenue Corporation or any other third-party collection agency, you may not be entitled to any compensation.