However, when you owe money, there are rules that limit what debt collectors can do; you have to expect your creditors to try to recover their debts. Many collectors follow all the regulations. Some may not, though, so understanding your federal and state debt collection laws is helpful. A web search can show you the rules, but the basics of how debt collectors can be handled include:More tips here https://chieforganizer.org/2014/08/07/bank-of-america-record-settlement-with-remorse/
1) Know your financial situation and do not bid more than you can afford to pay to settle for. It is a dilemma for many people on which creditor to try to repay first. Creditors who are polite or who have influence (for example, those planning to sue you for a judgement) are more likely than rude collectors who have no real leverage to obtain any payment.
2) Clarify your economic condition. If you are unable to pay back the debt collector in full, explain why. Show them any proof that you have had a financial struggle and do not have the requisite savings to pay the whole sum back. Do not waste time on trivia, on your life storey, or on how wrong the debt was, unless you can prove that there was really a mistake made.
3) Be aware of what your rights are. These privileges include that debt collectors are unable to harass you or threaten you with jail time before 9 AM and after 9 PM, or threaten to sue you unless they are genuinely prepared to sue you. If your rights are violated, let the collector know that you are aware of your rights and that, if necessary, you will take the necessary steps.
4) Try to communicate in writing as much as possible. Consider submitting all letters with a submission for a return receipt using certified mail. Take down the name of the person you have spoken to and the time of the call if you have to use the mobile. It could come in handy later on.
5) Without a formal agreement in effect, do not pay anything. Anything that does not appear in writing will turn into a misunderstanding.
6) If there is a judgement against you, you do not have to provide any private details to the debt collector, such as where you live. (If anyone has a decision, they should arrange an audit of the judgement debtor and record requests to learn the sources of finance and income.)
7) Be careful, refusing the first settlement offer would start with most debt collectors. Your first offer can become more appealing to them over time. Having the best deal calls for patience.