does that really work?
Date: Thu, 06/28/2007 - 18:55
Does it really work when you offer a settlement for 25%-50% of what you actually owe to a credit company? I'm desperately trying to get out of debt and that type of plan never occurred to me.
Sometimes it will . . . . It really just depends on what the com
Sometimes it will . . . . It really just depends on what the company wants. You can start off low and negotiate. Just be sure to get any terms in writing before you send the money.
debt
I have seen debt settled for as little as 30 to 40 percent. I think how old the account is also has something to do with it. It never hurts to give it a try. Best Wishes KYSIDE38 :)
kyside38- you mean a well established account may work with you
kyside38-
you mean a well established account may work with you more? does that mean you are closing your card, or just paying off the current debt? does this type of negotiation hurt your credit score?
I think she meant that the longer it's been since you paid on th
I think she meant that the longer it's been since you paid on the account, the less they may be willing to settle the debt for. Because since it's been so long they've long given up on even collecting anything, so 30% is a good deal to them.
I'm not sure if you can settle on open, current accounts. It may be possible, I just don't know about it.
The account has to be delinquent at least 4 months before a cred
The account has to be delinquent at least 4 months before a credit card will start thinking about settling. If it is delinquent 4-6 months you might get offers for around 80% of the current balance. As time goes on if they have not sued, you will find it easier to settle for 50% or less. If it is a really old debt you can get offers in the 10-20% range. The downsides to this is it messes up your credit some and you stand the chance of being sued and getting wages garnished or a lien.
