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So i have roughly $12,000 In debt that's in collections we're getting $9000 back should I pay almost everything or save some money?

+5 votes
by (980 points)
So i have roughly $12, 000 In debt that's in collections we're getting $9000 back should I pay almost everything or save some money? I know our credit is already ruined as we have a repo on there.  
So i have roughly $12,000 In debt that's in collections we're getting $9000 back should I pay almost

4 Answers

+4 votes
by (1.7k points)
 
Best answer
See if you can get a settlement reduction with paying a lump sum on some of them. Also make sure you have a $1000 minimum emergency fund.  
+1 vote
by (3.3k points)
Do you have an emergency fund?  
+8 votes
by (1.9k points)
Negotiate with the collections people. Save 1500 for emergency but put it somewhere you can't access it in case of emergency.  
+5 votes
by (2.4k points)
Do you have any active debt? If so, definitely pay that off first. If the only debt you have is in collections, look up pay to delete letters. You can often settle for less and sometimes have them agree to remove the negative mark from your credit.  
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