How low to start negotiating?
Date: Thu, 10/01/2009 - 11:28
My plan is to tell them I can only get $XXX to work with among you and the other companies; first come first serve. I will have to borrow $ from friends/family anyhow to do this so it's certainly not a lie. How low should I start? If they know I have other debts and they may not get paid at all, I'd think they'd be more willing to accommodate a lower settlement. I know Chase and BOA are both fairly easy to work with and my third (Elan) I'm not to sure about. Is starting at 15% a good basis knowing 20-40% is likely more realistic?
Okay, the settlement may also have to do with the age of the acc
Okay, the settlement may also have to do with the age of the account. Older is the debt, better could be the settlement. But anyway, you must start your bargain at a rate you are comfortable with.
Growing up, my mother always told me that if I didn't ask I woul
Growing up, my mother always told me that if I didn't ask I would never know. You are on the right track. Settlements depend on a number of factors. It is about finding a middle ground between what you can afford to pay and how much the creditor is willing to write off. You can offer 15% and explain why that is all you can pay. The worse thing they can do is reject it, and you will be no worse of for making the offer. Hopefully they will make a counter offer and now you have the parameters to begin negotiation.
