<prompt> Human: Just read in a post that it is possible to negotiate a debt with a collector. Firstly, can someone explain the process of collections? From what i understand a debt owed is sold to a collection agency who then tries to collect the full amount of money owed. Am i correct in this understanding? I currently owe my previous university approximately 3500 in fees and they sent it to collections and will not give me my transcripts. I have about 2000 for payment, can I negotiate this as a lump sum payment. Also is there a way to get this negotiation in writing so i can finally get my transcripts!?  <response>: It all depends on your specific situation. The most common is selling the debt like you mentioned. The collections agency might buy a 3500 debt for 100. That means they might be willing to only get 2000 for it as theyre still making money. Those numbers and ratios are completely made up.If you negotiate with a collections agency, especially over the phone, do not pay a cent until you get the deal in writing.The other situation is that the collection agency is contracted to service the debt. They are basically a bounty hunter at this point and are used to find and harass you until you pay either them or the original owner of the debt. Youre less likely to be able to negotiate with anyone at this point. 