Posted on April 22, 2010 at 3:44 am Hi would you advice on do yourself credit card debt settlement? Thanks!

Posted on April 22, 2010 at 4:08 am You mean do it yourself credit card debt settlement? Well, where is your account at?Is it still with the original creditor or with a collection agency?

Posted on April 22, 2010 at 4:17 am advice on do yourself credit card debt settlement-If you\re settling with the original creditor -If you are not yet past due or behind on your accounts - stop your monthly payments, until you fall behind. Creditors don't  negotiate.

Posted on April 22, 2010 at 5:04 am advice on do yourself credit card debt settlement-- I disagree ataturk, creditors do negotiate, they might agree to forgive 25% of the debt and settle for 75% - if the consumer has that ready.

Posted on April 22, 2010 at 5:53 am Hi there, 5-6 months of non-payment would send your account over to a third party collection agency, wherein you can settle your balance for 30-70% more or less.

Posted on April 22, 2010 at 5:55 am  A good question to this is - wouldn't the consumer get sued for deliberate non-payment?

Posted on April 22, 2010 at 6:12 am RE: do yourself credit card debt settlement - wouldn't the consumer get sued for deliberate non-payment? -- it depends on the creditor, but if the consumer is under the care of the settlement company, it shouldn't be that big of a concern,as the whole thing is expected. It's all about negotiation anyway and proving to the creditor that the consumer can't pay the whole amount.

Posted on April 22, 2010 at 6:27 am RE: do yourself credit card debt settlement - If you are not yet past due or behind on your accounts - stop your monthly payments, until you fall behind. Creditors don't  negotiate.Brace yourself for the creditor calls - ignore those because in 6 months time, they are required by the law to write off the account, and they usually turn over the account to collection agencies. (you try to settle with them instead of the creditors)Make an offer that you can afford. Start with a very low percentage, lower than 50% and expect it to be refused. You make another one, it might get refused too. The longer your debt sits there, the cheaper its worth become.Take your time.Tell them you're filing bankruptcy.If they budge, make sure to get everything in writing before you send in payment.

Posted on April 23, 2010 at 9:45 am Thanks!-Hi, in order to settle your own unsecured debt it must be delinquent, meaning you have missed at least one monthly payment. If this is so, you need to explain to your creditors via a hardship letter the reason or reasons for falling behind on your payments. Next send all your creditors a close account letter, cut up your cards as you do should not abuse your credit privileges any more. Once you have done this, normally between three to six months of delinquency you will be offered by your creditors offers on your unsecured debt. You can obviously negotiate lower percentages and if you have the funds available and wish to accept a settlement offer make sure to request a settlement letter, do not make any payments unless this letter is in your possession and all the info on the letter is correct. For those accounts you cannot settle with an original creditor you can negotiate with collection agencies.