Posted on March 29, 2010 at 3:22 am can you discuss the how tos of settling with credit card companies

Posted on March 29, 2010 at 4:01 am settling with credit card companies is difficult as they would rather bepaid in full rather than SETTLE for less than the full amount.

Posted on March 29, 2010 at 4:09 am settling with credit card companies - I agree, although it is not impossible especially if you have about 75% of your balance ready to hand over to your original creditor.

Posted on March 29, 2010 at 5:19 am However, you don't have to settle for that percentage..that's a bit high. If your original creditor is not one of those aggressive ones when it comes to suing their clients anyway ... perhaps you should wait until your account charges off .. passed on to a third party collection agency, where you have a chance to settle at 35-70%...

Posted on March 29, 2010 at 5:43 am Right, and your account typically charges off at the 5th or 6th month of non-payment. They are required by the law to do write off bad debts like that. What creditors usually do, to at least get a portion of that debt is assign your account to a third party collection agency - which they also probably own. Creditors, when the account is still with them is hard to negotiate with, but once it's out of there -- your chances are higher, if not sure. It's just really a matter of at what percentage your account is going to be settled.

Posted on March 29, 2010 at 5:56 am How would the consumer know where his/her account is at?

Posted on March 29, 2010 at 6:26 am Are you talking about when the consumer have somehow missed all those calls from the creditor's collection department - - because perhaps he/she was abroad (or something to that effect) - because, I'd think that the creditor would call if you miss a payment by even a month? Anyway, the consumer can just call the creditor to inquire. Or if it has been over 5 months... I suppose a collection agency would contact the consumer. Either way..the debt would find the consumer.

Posted on March 29, 2010 at 6:36 am Hi, settling with credit card companies can be done professionally or by yourself d.i.y. - to better understand the process, read up:==== =Consumer contacts a debt specialist (debt settlement companies).=The specialist assess consumers’ situation and determines the amount that the client can afford monthly.=Sets up a debt settlement account with a third-party payment processing company or requests the client to save money on own account.=Every month the client saves money according to the budget set forth by the settlement company. Once the desired amount is reached (to pay the creditors and debt settlement service fee) the debt relief specialists then contacts the creditors to start the negotiations.=When an agreement is reached, the consumer will receive written notification stating the terms of the settlement. Money is debited from the consumer’s account straight to the creditors (bank to bank transaction) in accordance with that agreement.=Upon payment clearance, the debt is reported to the credit bureaus as “settled in full”, and the consumer can request a statement releasing him or her from any obligation to pay.*For multiple debt settlements or another transaction with the same payment processor, the consumer just continues the regular deposits, until the desired amount is again reached, pay the creditor, and then .