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 Posted: Sun Feb 03, 2008 1:23 pm Subject: How to initiate debt settlement |
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I am planning to send a letter to one of my creditors attempting to settle a debt for less than the balance owed. Is it best to request them to make a settlement offer, or should I suggest a settlement amount? I am hoping to use my income tax return. My living expenses will soon skyrocket (no more free rent) and I won't be able to make the payments. I greatly appreciate any suggestions. Thanks.
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bobsterbob62
Joined: 22 Dec 2006
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| Posted: Sun Feb 03, 2008 1:30 pm Subject: |
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Is the account in collections? Has it been charged off yet? How long has it been since you last made a payment?
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unclewulf
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| Posted: Sun Feb 03, 2008 6:15 pm Subject: |
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No it isn't in collections, nor has it been charged off. I am enrolled in their "hardship program", paying $20 a month. The interest is about that much as well. I inherited this account when my girlfriend died (I had co-signed on it.) one of their cust service people told me back in November it would be eligible to settle in January.
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bobsterbob62
Joined: 22 Dec 2006
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| Posted: Sun Feb 03, 2008 6:45 pm Subject: |
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Offer them $.65-.70 on the dollar, and see what they say.
_________________
Wulfisms: my blog
The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.]
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unclewulf
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Debtcc Points: 19471
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| Posted: Sun Feb 03, 2008 8:28 pm Subject: |
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I would suggest offering less, start with 40% and then if they reject the offer, call them up and see what they say. I would always start lower and then increase or by calling them you can get a feel for what they will accept.
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jb2007
Joined: 01 May 2007
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