I just wanted all of you to know that after reading many, many posts on this forum, I have successfully settled a credit card debt with GE MoneyBank for $750. The balance had been $2365. I have not paid anything since March. I originally offered $850 in April. They did not even respond. On my next offer I dropped it to $650. For months they would not budge past $1050. Tonight I was able to get them down to $750 and decided it was time.
I think the key to this settlement business, is staying calm on the phone and saying as little as possible. This account was ready to charge off and the fella on the phone said he absolutely could not go below 35% as that was his company policy.
I am slowly climbing out of debt hell. All my other accounts are with a dmp and they are getting paid in full, just at a slower, more manageable pace. I just want everyone to know that this is possible, there is hope. Thank you everyone for your support and help.
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.