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 Posted: Wed Dec 27, 2006 11:07 am Subject: Settlement Offers |
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I currently owe 2939.00 in consumer debt to several collection agencies. After I have paid that off, I will have no debt remaining.
Most of this amount is fees etc that I would like to have knocked off or reduced if possible.
What I would like to know is what is a good settlement offer... As an example if I a secured credit card for 250.00 dollars at First Premier bank but they are telling me I owe them 642.00 what would be an acceptable settlement that they would more then likely accept.
Thanks 
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laconic1981
Joined: 13 Dec 2006
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| Posted: Wed Dec 27, 2006 11:14 am Subject: |
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depending on the company and the age of the debt, you can ask to settle at anywhere from 80-50%
meaning you will pay .80 or .50 on every dollar.
which isn't so bad huh? 
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BEAUTY1217
Joined: 28 Nov 2006
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| Posted: Wed Dec 27, 2006 11:21 am Subject: |
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My credit report list most accounts as being opened in 2005 or 2006 but I know that some of them are older then that.. do I need to go by the date listed on the credit report or the date that the account was opened?
So if I am sending a settlement letter should I offer to pay .50 or .80 ... what is going to be better (.50 would obviously be better for me but they would probably want .80 cents.. while I can afford to pay the .80 cents I would rather not)
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laconic1981
Joined: 13 Dec 2006
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| Posted: Wed Dec 27, 2006 12:13 pm Subject: |
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Offer that much that is realistic and you are sure of not missing payments in the future. Keep in mind, this is a kind of arrangement for less than actual. Be careful on what you offer.
If you are concerned about the SOL, the date of last payment on the account is taken for calculating the statutes. Check the SOL of these debts if they are already expired.
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mcranberra
Joined: 14 Aug 2006
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| Posted: Wed Dec 27, 2006 1:09 pm Subject: |
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you always want to call to negotiate a settlment you don't want them to counter and its not what you want but because you could not rebuttle, you can't change it, but the gift of gab is the best negotiator.
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BEAUTY1217
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