Debt settlement quick question

I have been wandering on this website for a bit to get as much info as possible, but to clarify a couple of things, here is a quick run down of what we have...we are about 55000 in CC debt and are just recently only making our necessary payments of mort, cars, ins, etc. The last payment to most of the CC's were in Sept. We have one that was last paid at the end of June and a couple in July. We have been ignoring all phone calls from the CC companies. I figure once we are 90 days or so out then I might call back with some settlement offers. Is is good to just not talk to the companies until that point or call them often and deal with their pushy attitudes - which is what I got from Chase a few months ago.

Secondly, when I contact them finally do I just flat out say here is my offer and see what they do? Or do I send a letter of settlement and see what happens?

Thanks to all who post for your stories and information it is super helpful to those of us just starting out, and encouraging - we almost signed up for one of those settlement companies that take you for an arm and leg.

SKR

You can't do settlement on your own.

www.iapda.org

There's a reason Debt Settlement is so expensive.

Explain why a person can't do a settlement on their own, it's been done ya know.

Once they begin calling you I would tell them that you are experiencing a financial hardship . After you have given them the courtesy of telling them why you can not afford the minimums I would avoid their calls until you have enough funds to settle. When you actually have enough funds saved up to settle , call them up and explain your hardship and how you "might" be able to come up with X amount to settle the debt. Do not actually tell them how much you have saved. Don't be surprised if they turn down your first offer and counter offer something else. You two may go back and forth several times till you both agree on something. Try calling to settle with the creditor or 3rd party collector towards the end of the month , that is typically when the collectors quotas are near and you will likely get a lower settlement. Also be sure to have them put the settlement agreement in writing before you send the the settlement money. If it ain't in writing ,it ain't a deal.

You can do debt settlement on your own,I did and my ABC warehouse excepted $3000.00 instead of the $5900.00 i owed them.So do not tell people you cant do it yourself.