Posted on
February 25, 2010
at
2:41 am
Any credit card settlement tips? I haven't yet decided whether to do this on my ownor respond to the ads...still researching I guess..can you help?
Posted on
February 25, 2010
at
2:43 am
Re: Any credit card settlement tips? - hi there, thanks for stopping by, tips? First, how muchis it that you owe in total? Second, what is the status of your accounts? Third, do you already havesome amount that you can use to negotiate with the creditor?
Posted on
February 25, 2010
at
2:51 am
Re: Any credit card settlement tips? -- If you are doing it on your own: first what do you needreally? Eliminate the whole debt or just manage the payments so you canreduce what you owe much quicker? Professional debt relief programswould do it that way - figure out what you want done and what you can afford and what'sbest for your situation.
Posted on
February 25, 2010
at
4:23 am
If your account is still with your original creditors (your payments are still current) the chancesof them settling for less than the full amount is slim - not unless you have at least %75 of your balance ready to pay them with. If ever they agree to your offer of settlement - don't forgetto have everything in writing and signed by the authorized people before you hand in anymoney.
Posted on
February 25, 2010
at
4:26 am
Right - and if you're behind on payments - if you're behind by months - you canwait for your accounts to just charge off (that is if the creditor won't sue) - unpaidaccounts for 5-6 months are to be written off (IRS law) - so the creditors, to at leastget a portion of the account, pass the account on to a third party collection agency -and once your account reaches them - your chances at a settlement is much greater.
Posted on
February 25, 2010
at
4:30 am
Re: Any credit card settlement tips? - with the collection agency, expectyour balance to go as low as 50% (more or less). So maybe you should startyour offer at 35%
Posted on
February 25, 2010
at
4:37 am
I agree, or do credit counseling first - don't sign up for their Debt Management Plan (it's going to cost you $25/mo for 3-5 years) - then if you think you've learned whatyou need to learn - go up to your creditors/collectors and negotiate on your own.
