when to settle and how to bring it up?
Date: Mon, 04/06/2009 - 10:22
How long till the "s" word comes into play? Should I bring it up or should I let them? So far, 3 months behind on CC's, I have been in contact with them and they want me to come up with the minimum payments asap (as well as contact their credit counseling service which is NOT what I need).
So if I'm "too broke" to pay them the minimum payments (as far as they know) how will I convince them to settle for 40% or what ever if I'm trying to convince them I'm broke?
Should I up and tell them that I got a loan from a family member to pay off debts but I have a limited amount so I need to settle for a fraction of the debt? Any tips on this one would be much appreciated.
Thanks,
Mcstiggens
So if I'm "too broke" to pay them the minimum payments (as far as they know) how will I convince them to settle for 40% or what ever if I'm trying to convince them I'm broke?
Should I up and tell them that I got a loan from a family member to pay off debts but I have a limited amount so I need to settle for a fraction of the debt? Any tips on this one would be much appreciated.
Thanks,
Mcstiggens
I would hang tight until its about to charge off and try and neg
I would hang tight until its about to charge off and try and negotiate at that point. Also don't tell them you already borrowed money from family. Instead word it as " if you would be willing to settle for XXX amount I MIGHT could borrow some money from family. If they agree to that XXX amount make sure they fax or mail you something in writing agreeing to these terms. If it ain't in writing it ain't a deal.
