When should I start negotiating?
Date: Fri, 02/19/2010 - 11:45
Are you late on your payments? No one will negotiate settlement
Are you late on your payments? No one will negotiate settlements with you until you are 120 or more days late.
What % are you looking to negotiate with your creditors? If they
What % are you looking to negotiate with your creditors? If they have purchased the debt as a 3rd party Dont accept less than 10-20% of the total amount. They bought that debt for a little more if not less. If it is with the bank companies themselves then you would be looking at around 60-80% depending on how old the debt is.
Good luck.
Settle it yourself and don't pay an agent. YOU can do it. I di
Settle it yourself and don't pay an agent. YOU can do it. I did and so have many others.
hello sheryl, if you are looking to save money you should get t
hello sheryl,
if you are looking to save money you should get the process started. this being said your creditors usually wont settle till around 150 days late, you will get your best settlements around 150-180 late DEPENDING on your creditors.
If you could please post your list of creditors and amounts? i can give you somewhat of a game plan to go off of to save you the most money and also to hopefully keep you out of legal problems.
every human being has a unique portfolio of debt which has to be evaluated under a microscope.
i hope i can help
Thank you. The amounts are all more than 120 days late now. The
Thank you.
The amounts are all more than 120 days late now. The totals below are P & I. I had negotiated pymt plans with them previously and then became unable to pay on them.
B of A: $14,500
Chase: $14,500
Capital One: $12,200
FI owes about $3,500 to B of A
I did receive a letter recently rom the law offices of Richard C
I did receive a letter recently rom the law offices of Richard Clark regarding my debt with Chase, but I've read such horrible things about them I didn't know how to respond. I also received a letter from Management Services Inc. regarding the Capital One acct.
*Bump* and additional question: Has anyone heard of a bank just
*Bump* and additional question: Has anyone heard of a bank just taking money from your checking if you owe them money on a cc through them?
Quote:Originally Posted by maya*Bump* and additional question: H
Quote:
Originally Posted by maya *Bump* and additional question: Has anyone heard of a bank just taking money from your checking if you owe them money on a cc through them? |
It may happen, it is called Right of Offset.
State chartered and regulated credit unions and banks have the right to exercise the "Right of Offset" on secured and unsecured/open-ended revolving acct.
Federally chartered and regulated banks (i.e. Bank of America, Wachovia Bank, Wells Fargo) have the right to exercise the "Right of Offset" on secured, but not unsecured accounts.
To safe guard your assets, it is always best to keep your checking accounts with banks that are in no way related with institutions where you have cc debt, car loan, mortgage, etc.