|
|
negotiating with credit card companies to settle debt |
|
Written by debt consolidation forums
|
|
Friday, 25 January 2008 |
dareeves
Has anyone had any luck with debt settlement with credit card companies?
lostindebtat50
Lots of people have, you generally have to be 90-180 days late and if you are truly insolvent, they will generally settle for 30-50% of the debt you owe. Read some of the blogs - Jen has a very good one about her debt settlement.
_________________
www.lostndebt.blogspot.com
"It's not the hard times that will get you, it's the good times"
erb1953
Yes, I have, but do your research before you approach them, know what the industry standard is, when I did it about two years ago, the industry standard was between 70 to 80 percent and the ones that I dealt with would not accept anything less than that.
Approach them in a manner that is going to let them open to the negotiating, don't go into it demanding because they don't have to accept anything, they can demand full payment with fees. So be civil when you discuss the settlement terms and conditions with them.
Be ready for them to turn you down, again, bite your tongue, they may come around after a few months and decide that your offer is better than nothing.
nesia when they decide that they want more money. G
Goodluck with this and please keep us updated on your progress.
jos82003
It is actually possible to negotiate a pretty good settlement with payments that are broken down into monthly and reasonable payments that you can afford. As erb says, you must have a plan when you call, have a detailed plan ready to go, once you have contacted them, confirm the address and tell them that you will be sending a written proposal, you will need this documentation later to make them follow through with the agreement. Some things that you may want to put in the letter may be:
ount XXXX, with monthly payments of XXXX, paid in # of payments, place monthly payment schedule and final payment information.
2. What results do you want in the end. They agree to remove the negative status and provide the credit reporting agency with updated and improved status of account.
3. Any revision of the agreement will be in writing and approved by both sides of the agreement.
4. Account will be considered paid in full and any remaining balance will be considered satisfied, not to be sold off to another collection agency to start this process all over again.
Goodluck with this, please keep us updated on your progress, It is a long road, went through this with two companies last year, had some pretty satisfactory results. Some of these things I found out the hard way, hope this helps you.
erb1953
If you have questions you can always come here, those of us that have been through it would be happy to help you out.
lostindebtat50
interested in any experiences anyone has had.
_________________
www.lostndebt.blogspot.com
"It's not the hard times that will get you, it's the good times"
jos82003
I had a few issues, but the one that mostly resembles what you want to do is this one.
ount earlier stated was with the addition of all the fees that they take on. There was no meeting in the middle on this one, they would only take payments of $250 a month or they were going to take me to court. They were representing the original creditor in this matter so I know they would have. You need to try to handle things before they get out of the hands of the original creditor, this is when it gets crazy. hope this helps you, wish I would have known this site existed then, that happened about a year and a half ago. I got a paid in full from them and filed it away so that they could not come back later for more money.
jb2007
Yes it is possible, I have settled two cards myself, one for 65% and one for 20%, but usually they won't accept long term payments, they usually want the funds within 90 days. But this can be done, if you have more specifics on your accounts perhaps we can assist more.
_________________
http://downhilldebt.blogspot.com
jos82003
just glad to have it done and over with, got my paid in full letter, It is a pain to have that monkey on your back, I just got so stressed out about it.
|
|
Last Updated ( Friday, 25 January 2008 )
|
|
