Paying off Debt
Date: Sun, 02/14/2010 - 07:51
I am getting a decent sized Lump Sum (Tax Return) and want to pay off several outstanding Debts (long Charged off on Credit Report). What is the percentage I can expect to negotiate down to? {ex: credit card ABC - I owe $1600 balance - what can I expect them to settle for with a 1 shot payment?}
Mark, it would depend upon the age of the account and also on th
Mark, it would depend upon the age of the account and also on the creditor. When some creditors would easily settle for lower amount, other may demand full payment. Also, older the accounts, better are your chances to settle at lower percentage. But you may divide the amount in such a way that it would cover all the accounts that you have, like a higher balance account would need more money to settle even for the same percentage of a smaller balance account.
Are you trying to do it yourself? Then you can check out the DIY section for guidance.
