Debt settlement question
Date: Thu, 02/11/2010 - 16:47
I have several credit cards in my name only (not spouses), with a total balance of around 40,000. While I am currently making most of the payments, with 2 kids in college, it is becoming more of a problem.
My question is this. Does anyone here have any experience in settling a debt for a longer payment term than 3/4 months.
I want to pay these off over a term of a few years...depending on the balance we settle upon. I would even pay the whole principle if they dropped the interest to zero or low single digits..
I have worked the same job for over 20 years and make over 100000/year, so hopefully they would see me as a better risk than most. (although at this point I realize that is a somewhat foolish statement)
Has anyone had or heard of anyone with success settling in this manner?
Thanks
My question is this. Does anyone here have any experience in settling a debt for a longer payment term than 3/4 months.
I want to pay these off over a term of a few years...depending on the balance we settle upon. I would even pay the whole principle if they dropped the interest to zero or low single digits..
I have worked the same job for over 20 years and make over 100000/year, so hopefully they would see me as a better risk than most. (although at this point I realize that is a somewhat foolish statement)
Has anyone had or heard of anyone with success settling in this manner?
Thanks
Well, you can negotiate the terms with the creditors. You can al
Well, you can negotiate the terms with the creditors. You can also ask if they would reduce the rate on the cards. However, for settling the accounts most would prefer lump sum payment. Hence, the possibilities are less that they would agree to a longer repayment plan. Also, most of the creditors wouldn't talk settlement till you're current on the cards.
Quote:Originally Posted by SC Also, most of the creditors wouldn
Quote:
Originally Posted by SC Also, most of the creditors wouldn't talk settlement till you're current on the cards. |
This seems contrary to what most posters are saying. Most agree that you have to be delinquent on your cards to get a settlement. I AM current and wonder if this is good or bad when trying to negotiate an extended settlement or hardship program.
Quote:Originally Posted by ward bondThis seems contrary to what
Quote:
Originally Posted by ward bond This seems contrary to what most posters are saying. Most agree that you have to be delinquent on your cards to get a settlement. I AM current and wonder if this is good or bad when trying to negotiate an extended settlement or hardship program. |
I think SC made a simple mistake. Most, if not all, will not talk settlement until 120 days or more late. You probably will not be able to negotiate settlements, but a hardship program may be reached.