Posted on
August 26, 2009
at
3:51 am
The consumer can try and settle his/her credit card debts the do-it-yourself-way or the consumer can hire the services of a credit counseling agency or a debt settlement company.First order of business is to get the total debt amount.Second is the status of the accounts.Third is to find the right agency/company.Unless the consumer is doing it D.I.Y. If this is the case, it's important for the consumer to learn how to settle credit card debts.
Posted on
August 26, 2009
at
4:03 am
How to settle credit card debts-
"First order of business is to get the total debt amount."Via Credit Counseling (DMP) - the consumer must owe $10,000 and below and Via Debt Settlement - the consumer must owe over $10,000 and the accounts must be past due- "
status of the accounts"
Posted on
August 26, 2009
at
4:07 am
How to settle credit card debts:
Third is to find the right agency/company.Aside from checking with the Better Business Bureau (http://www.bbb.org) -
For credit counseling, the consumer can check with the National Foundation for Credit Counseling. (http://www.nfcc.org)
For debt settlement:TASC www.tascsite.orgUSOBA www.usoba.orgIAPDA www.iapda.org
Posted on
August 26, 2009
at
4:11 am
Just to add to the notes on debt settlement companies:The settlement company's program must have a fast completion time and it must also help protect the consumer's credit standing.Aside from the above mentioned accreditation/membership groups, it's a plus if the settlement company is also member of the state Chamber of commerce as well as the US Chamber of Commerce.
Posted on
August 26, 2009
at
4:13 am
Unless the consumer is doing it D.I.Y. How to settle credit card debts?
Posted on
August 26, 2009
at
4:20 am
D.I.Y. How to settle credit card debts:If the accounts are not yet past due, the consumer must stop payments, and make it so. Otherwise, the credit companies won't settle.I do not know exactly how much an opening offer should be, but not more than 25% of the balance seems good. Expect for this to be rejected. You may argue that you can't afford an amount outside of that. Wait for them to make a counter offer. See if you can afford it.
Posted on
August 26, 2009
at
4:25 am
How to settle credit card debts?Tell them you're filing bankruptcy.
Posted on
August 26, 2009
at
4:31 am
and if they don't budge? are you seriously going to make the consumer file bankruptcy?
Posted on
August 26, 2009
at
4:45 am
I don't have the power to do that. Didn't you hear? That my powers are limited to healing the sick and predicting the future x__xAnyway, the logic behind threatening the creditors with bankruptcy is that if the consumer does so-- the creditors may not get anything. As the consumer's debts get older and harder to collect, the more likely it is for the creditors settle on an agreeable amount.
Posted on
August 26, 2009
at
4:51 am
Haha...I see that you have a sense of humor.Anyway, you know what's not going to be funny after the consumer and the creditor have reached a settlement amount? If the consumer forgets to put this agreement into writing. If the consumer fails to document the transaction- it would be as if it didn't happen.
