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Question By
Beazle72

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Old debt collections wants me to take a loan to pay
I have an old debt of about $2,500 left on at $75 a month I've been paying since 2009 for credit card debt. I have 2 interest bearing payments left, then just the non-interest bearing interest payments. The collector is pressuring me to use my unused credit (18-22%) to pay this old debt off...or else! He'll go back to the issuing agency. I don't want a new debt at any interest to pay a no interest bearing debt. I want to keep paying my $75 a month. What's the agency going to do if I don't take a loan?

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Do you have this payment agreement in writing?  If so, send this guy a copy and advise them that you intend to continue making the payments as scheduled and agreed to.

If this was done by a verbal agreement, it would help if you had the information on the date and person you spoke to to make this arrangement.  That  way a letter could be formulated to reinforce the agreement. 

If there is any way you can make larger payments to get this issue more quickly resolved, that would be something to write them about. 

Always negotiate payment arrangements in writing so you have a copy of what they said as well as what you said.  Written proof helps a lot in court cases.

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