Consumers have several options when it comes to dealing with debt collection agencies. The least favorable outcome is to expect the outstanding credit card or personal loan account to disappear.
Third party debt collectors are determined to collect delinquent consumer debts, especially since they reap a substantial financial windfall by paying original creditors pennies on the dollar. You can invoke your state’s statute of limitations or contest the legal validity of a bill collector’s debt claim.
Perhaps the wisest strategy in handling a debt collection agency such as Glass Mountain Capital, LLC. involves writing a debt settlement letter that appeals to both parties. Writing a compelling debt settlement letter requires the assistance of a licensed consumer protection lawyer to ensure you cover all the legal bases.
You might have to take a financial hit, but the short term cost of eliminating an outstanding debt is much less than the benefits of cleaning the debt slate. By paying off a delinquent credit card or personal loan balance, the account is consider “paid in full” or “closed by request of cardholder.”
You should see a boost in your credit score because you paid off an outstanding consumer debt.
Work with an Experienced Consumer Protection Lawyer
Having a third party debt collector like Glass Mountain Capital contact you can feel like a strong punch to the gut. In many cases, consumers forget about delinquent debts and when they receive a letter or phone call from a bill collector, they panic and make bad decisions.
One bad decision made by consumers is communicating with a third party debt collector, without using the legal expertise provided by an experienced consumer protection lawyer that understands the Fair Debt Collection Practices Act (FDCPA).
Enacted in 1977, the FDCPA grants consumers multiple protections that range from enjoying the right to dispute debt collection agency claims to receiving phone calls at odd hours of the day.
Although not specifically covered by the FDCPA, writing a debt settlement letter to Glass Mountain Capital, LLC also requires the services of an accomplished FDCPA lawyer. Your lawyer will know how to word the debt settlement letter to help you gain the most favorable terms.
Debt collection agencies have seasoned legal teams on their staffs. You should have a FDCPA lawyer on your team to balance the legal scale.
Example of Debt Settlement Letter for Glass Mountain Capital, LLC
Your FDCPA lawyer will follow a template for writing a persuasive debt settlement letter that looks something like this:
To whom it may concern:
Your debt collection agency recently sent me a letter concerning an outstanding debt I owe on a credit card balance with Bank of America. Attached is a copy of the letter you sent me.
I am sending you this letter to propose a settlement on the delinquent debt with Bank of America. Since I cannot afford to pay the entire amount of $2198, I propose a debt settlement of $1,000. If you agree to my settlement offer, please sign and date the bottom of this letter to confirm your approval.
It is crucial you do not send any money until a representative from Glass Mountain Capital, LLC. signs and dates the letter. In addition, make sure to put the account number at the top of the letter, along with your complete contact information that includes a primary email address.
Speak with a FDCPA lawyer today to ensure you receive all the protections granted to consumers by the landmark federal law.
*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 Glass Mountain Capital, LLC. or any other third-party collection agency, you may not be entitled to any compensation.