Confirm my debt negotiation rate ?
Date: Thu, 05/27/2010 - 23:10
Discover refuses to go lower than 40% . They want me to pay 60% . I think that is a lot. Any suggestion on how much I can budge them for ?
Citi - account already turned to attorney who refuses to negotiate.
Amex - turned all accounts over to collection agency who will negotiate for 55%. pay the rest.
I just added all of my cc and its a lot, lets say just say over 100 K.
Should I take this ?
Is it normal for them to ask for the " first " payment than provide Settlement letter ?
I'm provided with 4 installment payments from all party.
I have a attorney for loan that I defaulted on my real estate, well that's another story. My main focus is cc for now. But any here have any experience on default of secure loan. ?
Thank you
Ben, sometimes waiting bit longer may help you in gaining better
Ben, sometimes waiting bit longer may help you in gaining better settlement deal. With time the collectors may agree to more favourable settlement offer. However, your concern should be to stop them from moving to court. Keep negotiating.
The BofA offer sounds okay to me. For the rest keep repeating your story and see if they would budge.
Whether or not you should take the offer would depend on your affordability. If you can pay them what they want, then pay and get rid of them once and for all.
Keep in mind, if you make a payment now, it will reage your acco
Keep in mind, if you make a payment now, it will reage your account. So that "good faith payment" can sometimes screw you. If you're at 120 days past due now, and you make a payment, that might bring you current (depending on the amount) or bring you to 90 days, 60 days, 30 days, etc. This could effect your settlement %. Usually, the further past due you are, the better your settlement. If they are willing to put it all in writing for you, then I'd say go for it. If not, I'd be leery.