How to initiate debt settlement

Date: Sun, 02/03/2008 - 12:23

Submitted by bobsterbob62
on Sun, 02/03/2008 - 12:23

Posts: 37 Credits: [Donate]

Total Replies: 4

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.

Is the account in collections? Has it been charged off yet? How

Is the account in collections? Has it been charged off yet? How long has it been since you last made a payment?

lrhall41

Submitted by unclewulf on Sun, 02/03/2008 - 12:30

( Posts: 3172 | Credits: )

No it isn't in collections, nor has it been charged off. I am en

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.

lrhall41

Submitted by bobsterbob62 on Sun, 02/03/2008 - 17:15

( Posts: 37 | Credits: )

Offer them $.65-.70 on the dollar, and see what they say.

lrhall41

Submitted by unclewulf on Sun, 02/03/2008 - 17:45

( Posts: 3172 | Credits: )

I would suggest offering less, start with 40% and then if they r

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.

lrhall41

Submitted by Justina on Sun, 02/03/2008 - 19:28

( Posts: 138 | Credits: )