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Q:
When negotiating with collection agencies about old charge card debt, is it better to call or to write?

When negotiating with collection agencies about old charge card debt, is it better to call or to write? I've ordered copies of my three credit reports and I want to negotiate for the lowest possible amount. I had planned to get some form letters to use and then get a signed statement from them with the terms agreed upon. Is it better to deal with them by phone? -Steve

Steve,

You are on the right track. Getting a signed statement is definitely recommended. You can initiate negotiations over the phone (this will be faster), but once you have come to an agreement, you’ll want to get it in writing.

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