Debt Settlement
Date: Sat, 05/01/2010 - 16:24
Need more info...how behind are you? Usually after about 90 day
Need more info...how behind are you? Usually after about 90 days past due, you can start asking for a settlement. Read thru the forum.
Debt Settlement
Quote:
Originally Posted by SOAPLADY Need more info...how behind are you? Usually after about 90 days past due, you can start asking for a settlement. Read thru the forum. |
I am 4 months behind and am going to see a non profit debt consolidator that I found on the NFFC website (National Foundation for Credit Counseling). I am scared cause I know they are going to tell me I dont make enough and have to many debts. I really need to settle. I am not good at confrentation but am willing to be tough for this. I need to know if anyone has really succeded in this venture. I have alot of debt and hope to get it down to 30%. I might be able to swing that, hopefully.
You can do this yourself. It is surprisingly easy. The compani
You can do this yourself. It is surprisingly easy. The companies that want you to hire them will make you think you can't do it yourself, but the reality is that some credit card companies don't like working with those companies and so it's better for you to do it.
Just take their calls now and then and let them know that you can not continue making payments but would like to settle. Once you open up the topic they will begin to tell you what they can do. Then you just have to wait until it gets to the percentage you want to do.
Credit counselling dont do settlements like you are thinking of.
Credit counselling dont do settlements like you are thinking of...they are a debt management program. They will take you bills and send out proposals for payments to all your creditors, asking them to reduce interest and stop late fees. They do not negotiate settlements. That you can do yourself.
Debt settlement
Quote:
Originally Posted by SOAPLADY Credit counselling dont do settlements like you are thinking of...they are a debt management program. They will take you bills and send out proposals for payments to all your creditors, asking them to reduce interest and stop late fees. They do not negotiate settlements. That you can do yourself. |
Thanks so much for your vote of confidence. I will cancel the appoint,ent with the Debt Consolidation people and go it on my own.
How low will they go on the debt settlement I dont have much mon
How low will they go on the debt settlement I dont have much money?
Quote:Originally Posted by csampsonHow low will they go on the d
Quote:
Originally Posted by csampson How low will they go on the debt settlement I dont have much money? |
It completely depends upon the account delinquency. The more this account get delinquent more good settlement offer you can get. For an example I had 2 credit cards with BOA and HSBC. BOA was past due by 6 months and HSBC was 10 months. I started negotiating with them and I got an offer from BOA of 50% and with HSBC 32%.
Quote:Originally Posted by csampsonThanks so much for your vote
Quote:
Originally Posted by csampson Thanks so much for your vote of confidence. I will cancel the appoint,ent with the Debt Consolidation people and go it on my own. |
Congrats on your decision to forge ahead and tackle it your self!
The snake, boa was easy to setttle @ 120 days.
Owed 38k and settled for 30.1%.
Cap One can be a real challenge....but forum search and you will find lots of great information. And don't be shy about asking for advice or opinions.
Good Luck & keep us informed.
