First, validate the debt. They should provide proof that you owe them the money if the collection agency is legit. According to the law, they must deliver this if you have asked for it. If they cannot verify it, they are not legally allowed to try to collect on it further any longer.
If it is a true debt, do not neglect it as this will attract charges and interests on the amount that had been borrowed. Consequently, reach out to the agency discuss your financial condition, and attempt to come up with a reasonable payment structure or offer to pay for the amount owed in the agreed-upon number of installments. It is always better if you can put the information in writing.
Debt solutions such as debt management schemes, debt consolidation, debt advice, budgeting, or even debt relief through bankruptcy may also be useful in case one cannot afford to meet their debts. You need to ensure that you ask and comprehend all available options.
If a debt collections agency is not cooperative, you can file a complaint against them with the Consumer Financial Protection Bureau if they are engaging in some unlawful practices or violating laws related to the collection of debts. It may help in solving certain problems but it will not leave out a genuine debt.
In conclusion, it can be stated that the chances of getting a debt legally erased without paying the amount if one is indebted is very slim. It is better to aim at improving the strategies of bargaining achievable repayment terms rather than steering clear of the debt in the first place. Taking care of finances is not easy but it is possible to do it perfectly, which means an ethical way, if there is someone to help and to guide, and also if one can make the correct decisions from time to time.
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