Best time to settle debt
Date: Tue, 07/13/2010 - 06:22
Quote:Originally Posted by papakyieWhat is the best time to sett
Quote:
Originally Posted by papakyie What is the best time to settle credit card debt |
well most places won't even discuss settlement until 90-120 days late.are you in that range yet?if so who are the credit cards.that and how big the balance is are big factors in settling.
It will be after 120 days next month. The credit cards are from
It will be after 120 days next month. The credit cards are from Citi and Chase banks. I have debts greater than $5000.00 and $8000 for chase and greater $5000 for citibank.
Hi Papa, The best time to settle is when you have an offer that
Hi Papa,
The best time to settle is when you have an offer that you can fund.
Creditors generally will make their best offer known just before charge off which is typically at 180 days delinquent.
If the offer at that time is something you can manage, YAY!
If not, you must wait for the debt to be placed wherever it lands and attempt to get a deal you can fund then.
There are increased risks when creditors charge off the debt, so settling prior to 180 days is best whenever possible.
Creditors may place your account with an assignee prior to charge off.
Mileage may vary
