Getting Started
Date: Mon, 09/20/2010 - 15:14
Quote:Originally Posted by AnonymousI have 5 credit cards (5 dif
Quote:
Originally Posted by Anonymous I have 5 credit cards (5 different companies) that I would like to negotiate to a lump sum payoff for each one but, I do not know where (or how) to start. I see several references to a "DV Letter" but I have yet to find the actual letter. Is this an initial letter that I send to the companies or, do I call each company first and... if I call each one, how do I start the converstaion off? |
btw: I am not behind on any of the payments. They are all current.
Unfortunately, they won't think about dealing with you until you
Unfortunately, they won't think about dealing with you until you are late. And a DV letter isn't in play unless you are disputing your debt with that company - usually this is for third party collections. You'll likely need to endure 3 - 4 months of incessant calls and having a hardship (medical bills, job loss etc.) would be very useful - otherwise they may chose to sue you instead if they feel you are just trying to skip out.
The first thing you should do is call your creditors and let the
The first thing you should do is call your creditors and let them know that you want to settle the debts for less than what you owe. If you're unable to reach an agreement with the creditors, you should get help from a settlement company. The settlement company will negotiate with your creditors to lower the payoff amount.
Normally, debtors send debt validation letter while disputing the debt. In your case, you need not to send a debt validation letter as you're sure that you owe the debt.
You don't need a DV. That's for collection agencies. What you
You don't need a DV. That's for collection agencies. What you need is a settlement offer letter. You can find samples here. http://www.debtconsolidationcare.com/letters/
You'll have to tweak it to fit your situation, especially since you are not behind on payments. Many creditors, as one poster said above, will not consider settlement until you are behind in payments. It never hurts to ask, however. Do you have enough money on hand that you could pay your settlement balance in 90 days?
>Do you have enough money on hand that you could pay your settle
>Do you have enough money on hand that you could pay your settlement balance in 90 days?
yes, I have enough to pay all of them off. My main issue is the horrendous interest rates that they have been charging me for years... all are 25%-30%.
In addition and if it matters, my wife and are just separated, a divorce is on the horizon. the credit cards are in both of our names.
When I make the phone call, I know I'm going to get some trainee on the phone. Do I attempt to negotiate with that person or ask for their bosses boss?
Thank yous to everyone that replied so far.
.
btw: I had already looked at the letters at http://www.debtconso
btw: I had already looked at the letters at http://www.debtconsolidationcare.com/letters/ but did not see an "initial letter of contact", only "counter offer" type of letters.
There are 2 "unsolicited offer" letters. I'd use those as templ
There are 2 "unsolicited offer" letters. I'd use those as templates and tweak them to fit your situation. I'd just talk to whomever you get on the phone. If you don't like their answer, hang up and call back and/or ask to speak to an account manager. Also, make sure, if you do get an offer, you get it in writing before paying anything.