Let's talk debt collectors ...
medical bills
credit cards
collection companies
even old traffic tickets
If you’re being chased down by Midland Credit Management or some law firm trying to collect a debt …
Here's what you do:
Step 1: call and negotiate with creditors.
Companies like Midland Credit Management purchase consumer debt from other lenders (think retail credit cards) and then file lawsuits in Texas courts. They purchase the debt at a discount, so there's always room to negotiate!
The rule of thumb is that some money is better than no money, so creditors (or the companies that represent them) are usually willing to negotiate.
Step 2: ask for a payment plan.
Even if you've negotiated down your debt, they may let you pay it over a period of six to 12 months or even longer!
That's almost always the case with medical bills, old traffic fines, or settlement agreements with debt collection companies.
Step 3: hire a lawyer.
f you're being sued by a company that is trying to collect a debt, hire a lawyer and she can often get that settlement amount lowered. You'll owe less, even after attorney's fees.
I've saved clients thousands of dollars with a simple phone call.
These big companies file suits in the Justice of the Peace Courts in El Paso, County (or whatever county you live in). They have to pay local lawyers to represent them and legal fees can rack up fast. It's in their interest to settle. We use that to our advantage!
Pro tip: as soon as you are served with a lawsuit or receive a debt collection letter, reach out to your favorite local attorney. Lawsuits are time sensitive and you will need to have your attorney file what's called an "Answer" so that you don't get a default judgment against you.