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Monthly Payments to Collections – Don’t Do This!

A common question that I get regarding Monthly payments is:

Should you make monthly payments to a collection agency?

My suggestion is that you do not do that. The reason is that every time you make a  monthly payment you’re waking that sleeping dog and it’s showing up like a brand new derogatory account

My recommendation is to save that money and be disciplined. Once you have say 40% to 60% of whatever that collection balance is offer it to them in a lump sum settlement.

Do not forget to request a letter of deletion!

To recap: Do not make monthly payments to your collection agency. Save the money and offer them a lump sum.

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