Should You Ever Give a Debt Collector Money? And What If You Have?
Should you ever give a debt collector money? You could be asking for big trouble if you do.
Giving the debt collectors money can have many bad legal results. It can revive a debt, starting the statute of limitations all over again. And the debt collectors will argue that you admitted the debt if you make a payment. So should you ever make a payment? Rarely. And you should make a part-payment even far less often than that.
Instead, you could make a payment if you have a written agreement AND HAVE IN YOUR POSSESSION at that very moment all the money you agree to pay. If it’s an old debt, agreeing to terms to pay over time is a recipe for disaster.