Internet's first get-out-of-debt community - 134,000 members

Posted: Wed May 28, 2008 1:26 pm Subject: settle debt

How you go about in first step to request to settle the outstanding debt to a lower amount. Do you request verification of the amount owed first. When requesting to settle what information you must give the collector and what do you not.. How you get the best deal in settlement and get the bad listing off your credit report. Thank you Armando

Posted: Wed May 28, 2008 1:51 pm Subject:

Are you dealing with the original creditor or a third party?

Posted: Thu May 29, 2008 12:34 am Subject:

Right, if you are dealing with the original creditor, you first step will be to call them up and show your interest to pay off the delinquent account. Be cordial while calling and also show enthusiasm in repaying the debt. Quote them a realistic amount, say about 50%-70% of the debt. If you can't pay them in lump-sum, try to negotiate a repayment plan.

It is always better if you have the chance to negotiate with the original creditor, however, if the account is already with the CA, your first step will be sending them a proper DV letter. You can also take the help of the sample letters available in the site, to design one.

Hope the input helps. Please let us know if we can be of further assistance.

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