Debt Settlment
Date: Tue, 05/01/2012 - 08:52
Second, when requesting payoff quote for Chase they offered a only a 35% reduction in the balance, is that OK? I preferred at least a 50% decrease.
Should i also try to settle my car payment or does this really harm my credit?
You can't settle a car loan...it is a secured debt. And your cr
You can't settle a car loan...it is a secured debt. And your creditors may not want to settle with you at a lower rate seeing the car payment and rental property.
You will risk having the vehicle repo'd if you try to settle wit
You will risk having the vehicle repo'd if you try to settle with the creditor. Out of the 3 cards that you have, Chase is the least aggressive. Discover and Citi resort to litigation at the drop of a hat. You should try negotiating with Chase a little harder. Maybe you will get the 50% that you are looking for.
Hi ronlov, It i said that "something is better than nothing". S
Hi ronlov,
It i said that "something is better than nothing". So, if you're unable to repay your credit cards full, you can think of settling your debts and 35% is a good settling offer if you cannot repay the full amount.
As Soaplady said, you cannot settle your car loan but you can refinance it to make the payment manageable.
If you've enough equity in the property, you can opt for cash-out refinancing and use the extra amount to get rid of your other debts.