Posted on March 1, 2010 at 1:22 am How to negotiate a credit card pay off?

Posted on March 1, 2010 at 2:21 am First, what is a credit card pay off (?) - for the benefit of our readers.

Posted on March 1, 2010 at 2:31 am I googled it and did not come up with an official definition - becausea credit card pay off is a concept - of negotiating one's debt withthe creditor/lender - in whatever terms (one time lump sum payment, installment..etc)I don't know if I'm at all correct - but I think, a credit card pay off could also be debt settlement.

Posted on March 1, 2010 at 3:43 am Hey there, okay to answer your question - How to negotiate a credit card debt  (pay off)?- d.i.y. right?-call your creditors and ask for their hardship program.(this could be adjustment in payment terms orinterest rates)-prepare proof of your hardship. be honest with just how much you can afford to pay- and when.-don't let them force you into arrangements that you won't be able to fulfill.-wait for their offer. negotiate that if you think it's still too high for you. -if settlement is on the table (negotiation of the balance itself) expect them to sayyes to 75% of your debt (you can try to negotiate it down to 50 below) - but goodluck really.-don't forget to have everything in writing and signed by the authorized person.

Posted on March 1, 2010 at 4:16 am Don't forget to also TRY to negotiate to have your credit report improved. But this depends on what the creditor agreed to do with you - if it's a settlement - it stays on your report for 7 years - if it's like a debt management plan - it'll be noted on the report but only as long as you're inside the repayment time...*somebody verify please

Posted on March 1, 2010 at 5:07 am I think you are correct, it's just like being in a Debt Management Plan - as long asyou are in it, it appears in the report. And as for debt settlement - it appears on the credit report as "settled", "settled for less than the full balance", or "settled in full." - for 7 years.