Contact creditors for Debt settlement?
Date: Sat, 07/14/2007 - 19:20
I owe $75,000 in credit card debt. I need them to work with me on cutting this in half. Will they do that?
Hello, I am in a similar situation, first off are all your cards
Hello, I am in a similar situation, first off are all your cards current? Usually they will not settle if your cards are current or if you are still making small payments on them, I just stopped paying on my cards about two months ago and in another month or so I will start contacting them with letters, I could not make these payments any longer so this was the best option for me. You need to evaluate your situation and perhaps get your consultation from this site before deciding what you will do. With debt settlement your credit will be affected until all your accounts are settled and you can start rebuilding your credit.
If you decide to do debt settlement, there is some great information and sample letters in the Do it yourself section, people have been able to get 40% - 60% of the debt settlement, it really depends on the credit card company and how much they are willing to work with you.
You can follow my progress at
jen.yesdebtfree.org
Good luck
