Debt Settlement Offers
Date: Thu, 05/21/2009 - 12:43
I am about ready to make some debt settlement offers to the American Express, Wells Fargo, and Advanta. Any suggestions on the best way to do this? Should I call them or just send them a letter. What success have some of you had.
My goal is to try to settle for around 30% of the balance or lower. Do you think this is realistic?
Any help would be greatly appreciated. I am running low on time with these companies.
Thanks!
Hi teamtrav American Express right now is running a program to p
Hi teamtrav American Express right now is running a program to pay back your debt without the interest and fees attached (so just paying back the principle amount). In some cases that is a good deal but it is a bad deal if a majority of your debt doesn't include that much interest and fees. Now Advanta and Wells Fargo you might be able to get around 30% but probably think somewhere around 40%.
Additional
Make sure to get everything in writing before you commit to giving your finances to any creditors.
JoeDirty, Where did you find out about this deal from America
JoeDirty,
Where did you find out about this deal from American Express and how do you sign up?
I'm curious anout the AMEX deal too! Is this directly thru AMEX
I'm curious anout the AMEX deal too! Is this directly thru AMEX? I just got a 70% offer thre CA over 12 mos which I'm not accepting - I countered 50% and am waiting to hear back.
AMEX went down to 70% and then 18 month payments with no interes
AMEX went down to 70% and then 18 month payments with no interest. I'm curious if they will do 50%.
I've seen them OFFER as low as 40% for a lump sum payment. (One
I've seen them OFFER as low as 40% for a lump sum payment. (One time, I admit. A friend owed over $20,000 and they offered to settle for a little more then $8K). But it had to be a single payment and there were a bunch of caveats like you couldn't apply for a new Amex card ever unless you agreed to pay the difference between the balance and the settlement amount, etc. Probably not a big deal as long as you never want another Amex card.