Q: I am being sued by a creditor that bought my debt after original creditor refused to work with me to catch up on it
I had been trying to work with them for six months with no responses to my letters. I sent a third letter asking to follow up on previous letters and I received a letter of sale from the creditor. The debt was a result of my business failing and having to go back to a regular job. All other creditors with with me and removed the information from my credit except this one. They sold the debt and refused to work with me during the COVID hardship that ruined my business. How do I go about working with the new creditor without losing more than we already have?
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- California
- (916) 704-3009
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- Answered
A: When dealing with a new creditor who purchased your debt, it's important to take a few steps. First, carefully review the letter of sale to understand any changes to the terms of the debt. Next, initiate open communication with the new creditor, expressing your willingness to work towards a resolution and providing details about your financial situation and hardships faced, such as the impact of COVID-19 on your business. Discuss the possibility of negotiating a manageable payment plan that fits your current financial situation. If you find it challenging to negotiate or face legal actions, it's advisable to seek guidance from a qualified attorney specializing in debt and credit issues. They can provide personalized advice based on your circumstances and help protect your rights.
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