I am just about in over my head with my credit cards. It's becoming harder and harder to pay the bills. I don't want to declare bankruptcy. Is it possible to call your credit card companies and negotiate a pay-off?? Ex: I owe $8000 could I negotiate to pay only $6000?
2006-08-23 14:54:49 · 8 answers · asked by aint_a_player_no_more 2 in Business & Finance ➔ Credit
It's not going to help much to offer $6,000 on $8,000 if you don't have the $6,000 in cash to give them. You should consider a free (well, almost) consumer credit counseling service to help you with a debt repayment plan. Select the "take the first step" link at the non-profit website below:
2006-08-23 14:59:25 · answer #1 · answered by Anonymous · 16⤊ 5⤋
Contact Credit Counseling Agencies
http://www.debt-loan-refinance-mortgage-credit.com/category/Credit-Counseling-Agencies.html
2006-08-23 23:59:19 · answer #2 · answered by Anonymous · 2⤊ 1⤋
Yes. You can negotiate just about anything with your credit card companies. But be careful. They are very good at being very tricky. Go to www.daveramsey.com he has some very good and very easy to understand info on his site.
2006-08-23 15:01:58 · answer #3 · answered by kcknowsitall 1 · 5⤊ 0⤋
go to a credit counseling program. They have agreements with the credit companies to negotiate terms for people with this type of issue. It may impact your credit rating though.
2006-08-23 15:00:49 · answer #4 · answered by Anonymous · 3⤊ 1⤋
that could be possible, however negotiating a payoff is usually something you do with collection agencies. If your bill has been sent to collections than you can usually talk them down to 40 or 50 cents on the dollar.
2006-08-23 15:00:57 · answer #5 · answered by Nails 3 · 3⤊ 1⤋
yes, it's called a consumer proposal, go to a specialist and they can help you out. We thought that we would have to claim bankuptcy, however we were told abt this, u usually only pay abt 20% back, that's if all your creditors agree to this. Most of them do tho, bc with bankuptcy they get nofin back and at least they get something back this way.
Good luck to u
2006-08-23 15:01:55 · answer #6 · answered by lil_miz_korey 2 · 5⤊ 0⤋
Go to a free credit counselor. They can do that for you. They are able to make deals with companies.
2006-08-23 15:00:22 · answer #7 · answered by tsopolly 6 · 3⤊ 1⤋
Such a negotiation would require cash in hand to pay off the card at that amount, and I suspect if you had it, you wouldn't be in trouble.
2006-08-23 15:53:21 · answer #8 · answered by misslabeled 7 · 2⤊ 4⤋