Instant Debt Settlement? Want to settle debt as quickly as possible.
Date: Sun, 08/07/2011 - 19:23
I took out a loan a few years ago with Med*Choice, which I believe is through World Financial Network National Bank (WFNNB). I believe I'm now 6 months delinquent on the account. I have been making payments, but they have not been for the full amount that they have been asking a month. What originally started off as a $5k loan is now up to $6k. Obviously I'm getting no where. I've given them well over $1k through the course of payments but with high interest and not paying the full amount each month over the past 6 months I'm stuck and want to save my credit score as much as possible. I actually had great credit going into this and I'm scared to even check what it's at now.
So onto my question lol. If I go with a Debt Settlement company, or try and settle it myself how quickly could we come to a resolution and actually pay it all off? I will have roughly $4k next month that I can use to pay off the debt. Does that seem like an acceptable amount? I'd like to just pay it off in one lump sum and not drag it out. If I go with a Settlement company is it possible for them to negotiate a "paid in full" status on the account rather than "settled"?
I just want to fix this mess and repair my credit as quickly as possible. Should I contact the loan company and get the specifics of my account before contacting a debt settlement company?
Thanks for taking a look at my situation and hope someone has some good insight.
Dont waste your money on a settlement company....nobody is going
Dont waste your money on a settlement company....nobody is going to mark a settled account as "paid in full"...it isnt accurate reporting and it doesnt benefit the creditor. Offer them $3000...make sure you offer it at the end of them month when you have the funds...they are more likely to accept. Time will help to heal.
I agree with Soaplady. It is best to settle your debts on your o
I agree with Soaplady. It is best to settle your debts on your own. I think $4K is a reasonable settlement amount. Contact your creditor and inform them that you want to settle the debt. Offer to pay $3K at first. If they don't agree, then increase the settlement amount by a little bit. It will be better to get the specifics of the account before negotiating a settlement.
Once you have settled your account, ask them to update your account status as "paid as settled" or "paid as agreed".
Get help from a settlement company only when you are not able to settle your debt on your own.
You can also grow your own food if you know how to, but if you d
You can also grow your own food if you know how to, but if you don't then you buy it from others. If you have good negotiation skills & experience then settle yourself. If you don't then you need to retain someone's services or you will end up with a mere 40-60% reduction in debt which is not terrible but certainly nothing to brag about. Granted, picking a settlement company is not easy considering all the greedy crooks in this industry. But whether you approach negotiations yourself or through an agent, if you're eager to settle right here right now, then you're giving up patience which is your #1 asset in the negotiation table. When the other party knows that you can't say no to their current offers, they're not going to extend you the good ones.
Debt Settlement
I wouldn't offer $3,000 or $4,000 - they'll probably be willing to accept less than that.
Even though I'm employed in the debt settlement industry, I would encourage you to tackle this by yourself. It's only one account, and that should be easy enough. If you had multiple accounts I wouldn't do it on my own (I've seen a lot of mistakes people make on this forum with their timing, settlement amounts, lack of knowledge and negotiation skills, etc.), but for just one account you should be just fine. I'd start out offering $1,500 and go from there. If they won't accept it, and demand $3,000 you're probably doing something wrong, and your timing is not exactly "on."
Best of luck to you!
Thanks for the great advice everyone. I feel more confident now
Thanks for the great advice everyone. I feel more confident now that I can handle the situation on my own. Is it possible to talk settlement over the phone, or should I handle everything in writing through the mail? Are there any examples of letters anywhere to use as kind of a guideline of how to make an offer?
