Is it true that as long as I make some sort of minimum monthly payment they cann
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I owe $2,500 on a re-flooring job in my apartment. I’m already a few months behind, and they gave me 30 days to pay before it goes to collection. Since I’m in a tight spot at the moment I’ve offered them a payment settlement, but they refused.
I was told that as long as I make some kind of minimum monthly payment – they can’t send it to collection. Is that true? And if so, how do I know what is that minimum payment?
Thank you
It’s an urban myth
It’s a common misconception that lender must accept any payments you offer to make. They have no obligation to take those payments. In fact, they can take them and still sue you or turn you to collection.
It all depends on what payment plan you ask them to agree. If you’re willing to pay $25 a month – forget it. On a $2,500 debt they may agree for a $250 – $500 a month. But once again, they don’t have to agree to any king of payment. If they do – it’s only because it’s worth more to them than selling it for a few cents on the dollar to the collection company.
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