debt negotiation
Date: Fri, 07/16/2010 - 19:03
Also, is it possible not to set up a trust account... just an agreement to pay it for like one time payment but with reduce amount say .. only the 60% of the amount owed? or like 3 regular payments..
Also, I plan just to do it myself for me to learn how to do it and save some money.
ThankS!
Generally it is better to negotiate with your creditors. Collect
Generally it is better to negotiate with your creditors. Collection agencies are much harder to negotiate with. As for Quote:
Also, is it possible not to set up a trust account... just an agreement to pay it for like one time payment but with reduce amount say .. only the 60% of the amount owed? or like 3 regular payments.. |
If you want go for debt negotiation, it's better to do it with y
If you want go for debt negotiation, it's better to do it with your original creditors. Collection agencies are generally hired by the credit companies to work on their behalf or the CAs buy the charged off accounts from the creditors. So, they have much lesser margin to work with and you may not get a good deal.
If you've missed payments for atleast 3 months, you can contact your creditors and start the negotiation process. If they agree to debt settlement, get the agreement in writing.
It's better if you go for the settlement process on your own. This will help you to save hundreds of dollars which you might have to pay to the settlement companies. A good negotiation with your creditors might help you to settle your debt by almost 60% of your original debt.
Regarding your last question, i'ld advise you to pay off your debt in one payment. You should also negotiate with your creditor to report your account as 'Paid in Full' instead of 'Paid as settled' and get it in writing.
