Byron Moldo Featured By MoneyGeek Discussing Paying Off Debt in Collections
Byron Z. Moldo, Partner in ECJ’s Bankruptcy, Receivership and Creditors’ Rights Department, was a featured expert in MoneyGeek’s recent article, “How to Pay off Debt in Collections."
The article offers insightful recommendations for dealing with debt going into debt collection. Specifically, Byron addresses what a consumer should do when their debt has been sold by banks, credit card companies or other creditors, noting that while an individual is still accountable for the debt, “a consumer … should feel entirely within their rights to ask for the current owner of the debt to supply proof that the creditor actually owns the debt.”
He also offers advice for an individual who is going to pay off a debt in collections highlighting various options to negotiate the outstanding amount owed, such as paying a lesser amount as a lump sum when installment payments were previously agreed to or hiring an attorney to negotiate down the amount owed on their behalf.
Started in 2016, MoneyGeek strives to make personal finance more approachable and accessible. Their writers and experts bring their readers’ finances into focus so they can make choices with their money that will really pay off.