My first settlement, my citi mastercard had been turned over to capital managment, it was about 120+ days behind.
I'm unable to make a lump sum payment but if I could I would have gotten it at 33%. So we settled on 40%, with payments over 9 months, which is doable for me.
I will slowly start to settle others, i have about 12 more, another citi, I called and they no offer, they're somewhere b/w 90-120 days.
i actually made payments for october on most of my accounts, so Im good for a while and going to try to save up.
I think have a lump sum to offer them immediately is a good negotiation strategy. The other citi account is my 2nd biggest at close to 11k, the rest are lower and I should be able to pay those in lump sum if I do things right.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.