The unexpected phone call from a third party debt collector such as Harris & Harris Ltd. has the gears inside your head moving faster than ever. Panic first sets in, before you begin to experience a level of anxiety that keeps you up at nights. Do you ignore the phone call?
Do you dispute the claim you owe an alleged debt. Has the statute of limitations expired for the collection of the outstanding credit card or personal loan balance?
If a debt collection agency contacts you about an alleged debt, you might be better off trying to negotiate a settlement that placates the bill collector and keeps your head above financial water. Sending a debt settlement to Harris & Harris can be a life changing event that stops the letters and phone calls.
Writing a debt settlement letter appears to be the best move. The question remains how do you write an effective debt settlement letter?
The Reasons for Hiring a Lawyer
Writing an actual letter to Harris & Harris Ltd. to propose a compromise on the collection of a delinquent debt is much more about the structure and wording of the letter. You also have to determine what percentage of the outstanding debt in question you can afford to pay back.
In addition, you have to consider what Harris & Harris Ltd. will deem acceptable as a compromise. The best strategy for coming to a debt settlement compromise involves hiring a licensed consumer protection attorney.
Your lawyer will ensure the debt settlement letter sent to Harris & Harris Ltd. contains all the proper legal language. Legal representation for handling debt collection agencies also includes knowing every provision written into the Fair Debt Collection Practices Act (FDCPA).
Maybe a bill collector like Harris & Harris Ltd. violated one or more provisions of the landmark consumer protection law. Your FDCPA attorney will make sure Harris & Harris Ltd. informed you about their identity, as well as the name and contact information of the original creditor.
Sample Debt Settlement Letter Sent to Harris & Harris LTD.
How your FDCPA lawyer drafts a debt settlement letter depends on unique financial circumstances. The letter should include the date and the name of the debt collection agency at the top of the letterhead.
After that, the debt settlement letter should look something like this:
To whom it may concern
Your debt collection agency recently sent me a letter asking I take care of an outstanding credit card balance of $3,350. Attached is the photocopied letter for your reference. Although I want to resolve this issue, there is no way I can afford to pay the full amount of the debt.
I send you this letter to request a debt settlement of 40% of what I owe on the outstanding credit card balance.
My FDCPA attorney has advised me to settle the debt for 40 cents on the dollar. If you agree to the proposed debt settlement, please sign and date this letter for prompt return to my home address.
If a third party debt collector has contacted you about a delinquent debt, you should consult with an experienced consumer protection lawyer to craft a compelling debt settlement letter. Your attorney will also investigate to see if a representative from Harris & Harris Ltd. has violated one or more provisions of the FDCPA.
*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 Harris & Harris Ltd. or any other third-party collection agency, you may not be entitled to any compensation.