As the bills pile up on the home office desk and the phone calls from a debt collection agency increase in number, you might wonder if there is any way to extricate yourself from the deepening financial hole.
You cannot simply ignore letters and phone calls from a third party debt collector such as Wakefield & Associates, Inc. You have to take action by writing a debt settlement letter.
Although a debt settlement letter is not for every consumer, it is a sound strategy not only to eliminate the burden of an outstanding debt, but also to improve your credit score. A settled delinquent credit card or personal loan account should eventually show up on your credit report as “Paid in full.”
Instead of having to deal with declined credit applications, removing the blemish from your credit history turns your credit report into one creditors view as worthy for approval on a credit card or personal loan application.
Hire a Lawyer to Send a Debt Settlement Letter to Wakefield & Associates, Inc.
On the surface, writing a debt settlement letter appears to be something that you can do on your own. You propose a settlement figure that you can afford and inform the bill collector how you plan to pay off the outstanding credit card or personal loan account. However, most consumers do not understand how to persuade creditors and debt collection agencies to accept their debt settlement terms.
They use emotionally charged language and/or do not follow the timelines created by the landmark federal consumer protection law called the Fair Debt Collection Practices Act (FDCPA).
The FDCPA requires third party debt collectors to inform consumers they have 30 days to dispute an outstanding debt. By hiring a FDCPA lawyer, consumers ensure they are protected against the unethical behavior of a bill collector.
Unethical debt collection agency behavior can include using deception to coerce you into paying off a delinquent consumer debt. By hiring a licensed consumer protection lawyer, you put Wakefield & Associates, Inc. on notice that you are serious about protecting the rights granted to consumers by the FDCPA.
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Actual Debt Settlement Letter
Writing and sending a debt settlement letter to Wakefield & Associates, Inc. is not a legal step you should take lightly. In fact, working with an experienced FDCPA lawyer ensures the debt settlement letter you send contains all the information needed to negotiate a debt settlement you can afford.
Your lawyer will date the letter to create a time stamp that influences several legal deadlines. You also need to put the contact information of the third party debt collector, as well as the name and number of the credit account, at the top of the letter.
You do not have to explain why you cannot afford to take care of the entire credit card or personal loan balance. All you need to explain is that you cannot afford to pay off the entire debt and instead, you propose to pay a percentage of the entire debt to wipe the financial slate clean.
Finally, your debt settlement letter should include information on how you plan to pay off the delinquent consumer debt.
Dealing with a bill collector like Wakefield & Associates, Inc. can cause considerable anxiety. Make the anxiety go away by speaking with a highly rated FDCPA lawyer today.
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*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 Wakefield & Associates, Inc. or any other third-party collection agency, you may not be entitled to any compensation.