How to set up a debt payment plan

I Owe Money and I Want to Set Up a Payment Plan With a Creditor. What Should I Do? 

Here are some considerations:

• Do you only have income and assets from government or disability benefits?
• Can you afford to make payments? 
• Is it your debt?

If you decide to set up a payment plan:

• Figure out how much you can afford to pay per month
• Agree on a total amount you will pay off over a specific period of time
• If you can afford it, negotiate to make one lump sum payment.
• Get any agreement you make in writing
• Request notice of a missed payment and the opportunity to cure (fix)
• Keep proof of every payment
• If your address changes, send a written notice to the creditor

This article will help you make an informed decision about setting up a payment plan with a creditor. It includes information on what money is exempt (not included) in debt collection.