We were very late on one of our credit card bills, and now it has been turned over to a collection agency. The collection company has offered us three or four different payment options. Does the original creditor accept the agreement, too, if we accept one of the collection agency’s options?
In most situations of this type, the collection agency owns the debt outright or they’re directly representing the original creditor. It’s pretty much standard operating procedure when someone has defaulted on a loan.
My advice would be to accept the deal they’ve offered that makes the most sense for you and your current financial situation. It’ll ding your credit report, and show a settlement on the defaulted credit card, but that’s not the end of the world. There’s already a mark against you for it being turned over to collections.
If you want to keep things like this from happening in the future, you need to get control of your finances. Stop playing with credit cards!