Bohemia, NY (PRWEB) March 12, 2013
On March 12, 2013, Rapid Recovery Solution responds to a column posted by the Sheboygan Press website. The article discusses various concerns related to written-off debts and options to resolve potential problems.
The Sheboygan Press column is written largely in response to a question that asked about the technicalities of debts that have been written off and what it could mean for future debt. The author points out that debts can be written off if they acknowledge the limitations of the person in debt and their ability to pay off a loan of a certain size. A consumer asks if they “really owe” money that was written off five years ago. The author responds: “The short answer is yes. Just because a debt has been written off by a creditor doesn’t mean the debt goes away.”
But consumers whose debts are older than seven years may have more options, says the author, recommending that a collection of paperwork be compiled in order to confirm existing debt and understand the nature of the scenario. It is also stated that a collection agency is required to halt a company's collection efforts until the debt is verified.
Three options are provided with regard to how an individual in debt may respond. The options include not paying any alleged debt, making arrangements to pay off the debt in increments, or pay the debt in its entirety.The final option is noted for the potential to pay off less than the total amount in hopes of avoiding further complications and allowing the party collecting money to receive a comparable payment.
“In all cases, when dealing with collection issues and disputed debts, I suggest you send anyone trying to collect a debt a letter within 30 days of receiving a written notice of the debt. Explain that you are disputing the debt and would like the debt verified. Ask for proof of the debt including any original paperwork, records of any charges, interest charges, fees, or payments relating to the debt.”
John Monderine, CEO of Rapid Recovery Solution, responds to the columnist’s advice with respect to settling debts. “By the time a collection agency gets involved, the individual in debt is already in some kind of trouble. Either they don’t know what to do and they are trying to hide from their debt or they are just refusing any form of cooperation. As the column suggests, a collection agency is often willing to work the person they are trying to collect from because it’s in everybody’s best interests. As long as there is some willingness to cooperate, a solution can be found.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We do not alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.