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Can There Be A Negotiation Between Creditor And Debtor?

Yes.
  1. Reduce monthly payments
  2. Refinancing a loan
  3. Deferring a payment for a short time
  4. Reducing or dropping late charges
  5. Paying interest only on the loan until you can resume monthly payments
  6. Voluntarily surrender or give back an item purchased on credit.

Other Alaska Collections-Creditors Rights FAQs

  • Q: Can A Creditor Take Legal Action?
    A: Creditors can take several kinds of legal action against you. These options are often written into the sales contract.
  • Q: What is acceleration?
    A: Many contracts for debts contain "acceleration" clauses.  This clause gives a creditor the right to "accelerate" the repayment when a payment … More
  • Q: What exactly is repossession?
    A: Repossession is when a creditor has the ability to seize the item you bought or the property you used as collateral for a loan. The creditor usually sells the property … More
  • Q: Can a creditor garnish a debtor's wages?
    A: Yes, wage garnishment is a court order that requires an employer to withhold part of an employee's wages and submit that portion to the creditor in order to … More

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