How can I get payoff amounts of credit cards down?
Date: Wed, 02/08/2006 - 07:14
Is there a way to get the balance amount down on my credit cards for a full payoff without the use of a debt consolidation company?
I've been a member here for a couple months and went through the process with a debt rep that I received through this great site etc.etc.
I discussed the debt settlement and debt management programs which seemed much better of course since they are able to get the balance amount or payoff much lower because this is their business. Just wondering if I (the debtor)could negotiate lowering my payoff balances?
I ask because between my wife and I we have about 12 cards and the debt company can only work with 5 cards since one is a credit union card and 6 cards are a shy under $700 and they do not take cards under $700.
Sooo, income tax comes in and I want to pay off the smaller loan amounts or even 1 or 2 higher ones. Can I negotiate this on my own? Any successes or techniques that can be shared? Or will they just say you must pay the full balance amount...
Tony
Tony, you can also do the negotiations from your side by calling
Tony, you can also do the negotiations from your side by calling your creditors and setting a deal with them. They will like to have their money back and you can assure that by making regular payments. If you do not miss the payments, they might even be willing to extend some benefits like reducing the total debt amount and wiping off the late payment fees. This will make the total amount much easier to be paid.
You have to convince your creditors in the same way as the consultant in the program does it for you. Ultimately, it's the money of the creditors and they want to have it without any problems. The benefits of the consolidation program are that you will be able to pay the reduced amount in easier monthly installments. The consultants get the complete agreement in writing so that there is no change of action. You must maintain a file of all your correspondences done with your creditors. You will have proof of everything in case there is a need to dispute later.
Your concern should be to get the payment arrangement well set up with your creditors and then stick to the plan. These are the most important steps that can lead you surely to a debt free life.
