How long should I wait before settling a debt?
Date: Mon, 01/11/2010 - 02:24
Is it a good idea to wait a long time before settling an account?
My creditor has declined my settlement proposal because my account is in good standing. But I can no longer make payments to the account and would likely default. I was wondering how the lender would possibly benefit if I default on the debt.
What are my options to make the creditor agree to my settlement request?
My creditor has declined my settlement proposal because my account is in good standing. But I can no longer make payments to the account and would likely default. I was wondering how the lender would possibly benefit if I default on the debt.
What are my options to make the creditor agree to my settlement request?
Most creditors feel if you are ready to settle and you have not
Most creditors feel if you are ready to settle and you have not missed any payments, then why can't you make your monthly payment. People that have not been able to make monthly payments, because they can't are the ones that most creditors will settle with. You need to have missed at least 3 payments, they want to make sure your credit is trashed before they settle with you.
