Having a debt collection agency hound you for payment on an outstanding credit card or personal loan account can cause considerable anxiety. The stress caused by deciding on the best course of action can lead to one or more poor decisions that include sending a debt settlement letter to Medicredit.
Right after hearing from Medicredit for the first time, the legal clock begins to tick on your outstanding debt case. The quicker you seek legal representation, the more likely a third party debt collector will accept your debt settlement terms.
Bill collectors purchase delinquent debts for pennies on the dollar. However, most debt collection agencies come after consumers for the total balance owned, plus costly late fees and interest charges. The primary goal of any debt settlement compromise involves paying less than what you owe.
By working with a licensed consumer protection lawyer, you have a much better chance of getting Medicredit to accept most, if not all of your debt settlement terms.
Why Speaking with a Lawyer Makes Sense
Hiring an experienced consumer protection lawyer makes sense for several reasons. First, your attorney will possess the negotiating skills to help you receive the lowest possible debt settlement. Second, you lawyer knows exactly when to send a debt settlement letter to Medicredit.
Timing is crucial in helping you get what you want out of a compromise worked out with a bill collector. Finally, your lawyer should have considerable experience litigating cases covered by the Fair Debt Collection Practices Act (FDCPA)
Enacted by the United States Congress in 1977, the FDCPA requires debt collection agencies to verify consumer debts within 30 days of the initial contact. The FDCPA prohibits third party debt collectors such as Medicredit from harassing friends and family members in regards to the collection of an alleged delinquent debt.
Harassment comes in the form of issuing threats and/or using abusive language. Under the FDCPA, bill collectors are not allowed to make constant attempts to collect delinquent debts from consumers.
Example of a Debt Settlement Letter for Medicredit
Highly rated consumer protection attorneys draft persuasive debt settlement letters. Just as important, your FDCPA attorney will know when to send the letter, preferably after a bill collector makes the first offer.
Here is an example of a debt settlement letter:
- Name of debt collection agency
- Contact information
Re: name of account and account number
To whom it may concern:
Medicredit recently sent me a letter asking that I pay $5,892 to take care of an outstanding personal loan taken out with US Bank. I do not have the money to pay off the entire amount of the loan, which means I want to settle the account for 50% of what I owe.
If your debt collection agency accepts my proposal to pay half of the outstanding personal loan balance, I can send you cashiers or personal check within just a few days.
What You Can Do Next
Your lawyer will keep the debt settlement letter short and on point to ensure Medicredit clearly understands the terms of your debt payment compromise. As you see, the sample letter does not contain any emotionally charged language, such as questioning the truthfulness of the third party debt collector.
Contact an FDCPA attorney today to send Medicredit a debt settlement letter that allows you to pay off a delinquent debt in a timely manner.
*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 Medicredit or any other third-party collection agency, you may not be entitled to any compensation.