<prompt> Human: I was recommended from the legal advice forum to post here I am 10,000 in debt to Well Fargo that I racked up through college and after trying to find jobs. I paid my bill every month on time for the last 6 years since May 2009. I lost my job in August of 2014, spent my savings and accumulated more debt traveling to cities for job interviews. Finally, I was able to secure a job, but I am only making 1800 a month. If I do well at this job, there is a lot of possibilities for advancement because I have a BS degree and that is who they promote and 40,000 in student loan debt.I received a letter yesterday from a debt collector notifying me that they are now trying to collect the debt I owed to Wells Fargo.I dont have any possessions. I rent a crappy apartment; my car is worth 1500 in mint condition mine is in meh condition; I was robbed last year so I dont own a couch, TV, etc. I own my car, my computer, and enough clothes to pack into a suitcase. Really, I am the definition of piss poor...but at least I have a job.I dont think I should ignore the debt collector, because they will just sue me. If I call them, I cant pay them anything.The other thread mentioned that I should negotiate the 10,000 I owe. I dont even know how because I am fully responsible for paying that debt, and I intend to when if? I ever get enough money. However, how do I negotiate when I own next to nothing, I make next to nothing, and I can barely support myself right now?tl;dr: I am broke with a debt collector attempting to collect a legit 10,000 loan. What should I do when I only make 1800 per month which covers my basic living expenses?Edit: I am in Nebraska and it appears the SOL is 4 years. My last date of delinquincy was August 17, 2015. So, SOL would be August 17, 2019.Assistant: Sounds like this debt is old debt which is good news because that means they probably bought this debt for pennies on the dollar.Dont ignore them but scrape up 1000 or 2000 and call them telling them you know you owe the money but just dont have it. You are barely making ends meet but would like to offer 1000 to settle the debt. But THIS is important so read carefully!! They will first decline but simply tell them and be cordial even if they are not that is all you have and when they are ready to accept then give you a call. If they start to cuss at you tell them quickly and firmly that you are willing to talk with them but will not be spoken to like that and if they continue you will hang up. And if it continues then hang up. They most likely wont sue because you dont have the assets or income to make it worthwhile. Then call them a month later and offer 1000 again. If they are rude then end the call. Then call a few weeks later and offer the 1000 again. Eventually they will probably take it. But, again, THIS IS VERY IMPORTANT!!1 Get in WRITING that they will accept the 1000 as FULL PAYMENT on the debt!! Without it in writing what they tell you doesnt matter. Tell them you need an email and the email must be from the company email domain!! or need a letter on their letterhead. BTW, dont EVER throw that letter out!! Keep in a file FOR LIFE!! That is your only proof of the agreement to settle for a lower amount.2 Do NOT give them automatic access to your checking account. They will take every penny in that account. Tell them once you receive the offer to accept IN WRITING you will send a certified check and purchase registered receipt meaning you get a confirmation it was delivered.If you only can scrape up 500 now then offer that BUT you need to contact them. If they wont accept 500 tell them to call you in a month and you might be able to get a little more. Then when they call the next time tell them you have, say, 750 you can offer. But with old debt try to stand firm on about 10 to 20 1000 to 2000. But you should be able to get this cleared for about 1000. But dont forget the rules: Must be IN WRITING and do NOT give them access to your checking account.Good luck!!Human: Thanks for the advice. This is definitely what I needed.It isnt old debt though. My first delinquent payment was July of this year. So, its been 4 months. Within 90 days of being delinquent they shut down my credit card and within 30 days of that happening a debt collector has already sent me the notice. This all happened so fast.I mean, damn. 6 years of paying my card on time and Wells Fargo just throws me out within a few months. That hurt because it is the only credit card I have ever had.Anyway, I will do my best to negotiate based on your recommendations. I will go over you post a few times and jot down a few talking points before I give them a call.Thank you. Your posts gives me a little bit of hope that I can get out of this without trying to come up with with 10k.  <response>: If they sold the debt to a collection agency, the collection agency paid a small fraction of the face value for the right to collect it from you. If they paid 3-5, and you pay 10, they made a profit on you.Great it as old debt. 