Posted on
April 22, 2010
at
3:48 am
negotiating payoff with credit card companies, how does this work?
Posted on
April 22, 2010
at
4:15 am
negotiating payoff with credit card companies, how does this work? --basically, if you have the money ready, write a proposal/settlement letter, and get them to sign it. First, they have to agree to your proposed amount.
Em Rep Points:
Posted on
April 22, 2010
at
5:17 am
negotiating payoff with credit card companies is also known - in the debt relief industry as credit counseling (Debt Management Plan) and debt settlement. Credit counseling deals with the penalty charges and interest rates and debt settlement is about reduction of the entire balance. So the how tos of negotiations, differ.
Posted on
April 22, 2010
at
5:51 am
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.
Posted on
April 22, 2010
at
6:05 am
Negotiating credit card pay off can be done by the professionals for you. If it's all too complicated for you. Just like what Em's said. If you owe $10k or more and your accounts are past due, try debt settlement. If you owe less than that, and youre still current, try credit counseling
Posted on
April 22, 2010
at
6:23 am
negotiating payoff with credit card companies -- If you're wondering about professional debt settlement -- the program runs for three years, or less, depending on the situation. it would cost you 15% of your total debt amount or 20-25% of the settlement amount.
Posted on
April 22, 2010
at
6:31 am
Right, and after making a list from the TASC directory, you might be wondering what to look for in a settlement company - so here's a guideline::: -The settlement company's program must have a fast completion time. 12-36 months. -The program must be able to protect and improve the consumer's credit standing. -Must also have a good standing with the Chamber of Commerce -A Member of TASC - The Association Of Settlement Companies and the IAPDA or the International Association of Professional Debt Arbitrators
