Posted on
May 12, 2010
at
3:37 am
Can you guys discuss ways to settle credit card debt? Thanks in advance@!
Posted on
May 12, 2010
at
3:53 am
Can you guys discuss ways to settle credit card debt? - you can do it yourself or via a debt settlement company. You would pay for their services of course, which include, minimizing (not entirely stopping) collection calls, negotiating your entire balance to more or less half, save you from filing bankruptcy (which impacts your credit heavily), and basically keep you on track in your goal to be debt free (in less than 3 years).
Posted on
May 12, 2010
at
5:45 am
ways to settle credit card debt - hi, if you want to do it yourself, know that original creditors don't really like settling while the account is current or still with them because that means that you can afford to pay for the full amount and settling for less than the full amount would not make sense to them. unless you have 75% of your total balance ready to give them, then maybe it's not impossible to settle. if you want to settle for a lesser percentage you are going to have to wait for your account to charge off and be assigned to a third party collection agency.
Posted on
May 12, 2010
at
7:40 am
ways to settle credit card debt - if you're going to enroll in a debt settlement company, expect to be asked to stop all payments to the creditor (if youre current) until your account charges off (5-6months), because they know that your chances of getting a settlement percentage of 30-70% is more likely. Dont forget to ask them about how it's going to affect your credit. What their fee structures are. How about money back guarantee? How about bankruptcy? And choose your company wisely.
Posted on
May 12, 2010
at
7:43 am
Just to add to what Destiny has said, if you are doing settlement diy - expect them to bully you into settling for a higher amount - but don't budge. The worst thing that could happen to you? Get sued for a judgment. But that's really a long ways to go. Try to negotiate and only agree on the amount and terms that you can surely afford. If worse comes to worst, some say to threaten them back with a bankruptcy. Also, you will need this
http://www.debtfreedestiny.com/category/sample-letters/
Posted on
July 28, 2010
at
11:54 pm
Stop making your credit card payments. Companies have no reason to settle with someone who continues to make timely payments. Most credit card companies only settle when they believe that if they don't make some kind of deal, they won't see a penny of the money they're owed.
