Credit Card Debt

Date: Mon, 03/27/2006 - 18:20

Submitted by anonymous
on Mon, 03/27/2006 - 18:20

Posts: 202330 Credits: [Donate]

Total Replies: 3

When a consolidation program consolidates the credit card amounts, do they negotiate the amount to be paid? In other words, can they get the deals that the cc companies send in the mail for 50% off the total amount if paid in full?

Thanks
Andy

Email deleted as per forum rules-Mike

Lamydoc, consolidation programs can definitely cut interest and

Lamydoc,
consolidation programs can definitely cut interest and negotiate payoff deals for you.

lrhall41

Submitted by finsfan13 on Mon, 03/27/2006 - 18:23

( Posts: 6919 | Credits: )

In a settlement program the settlement amount is negotiated.

In a settlement program the settlement amount is negotiated.

In a debt consolidation program (at least in my personal experience) the interest rate and fees (over the limit and late fees) are negotioated.

lrhall41

Submitted by Taquita on Mon, 03/27/2006 - 22:07

( Posts: 287 | Credits: )

If the debt is settled with 50% of the total amount, probably it

If the debt is settled with 50% of the total amount, probably it will be reported as settled, instead of paid in full. Consolidation helps to update the report as paid or paid in full, so that your credit score gets a good mileage.

Moreover, in some cases, the forgiven amount is resold to some other collection agencies if proper care is not taken at the right time. So consolidation seems to be more helpful than settlement.

lrhall41

Submitted by stanley on Tue, 03/28/2006 - 09:28

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