This action would be an effort to avoid bankruptcy.
2006-09-20 08:58:19 · 6 answers · asked by Judy S 2 in Business & Finance ➔ Personal Finance
bankruptcy is too scary. With little farm income, four years ago I just plain offered 50% settlements. All of my credit cards accepted 50 - 60%.
The art of bargaining = make your first offer a 40% settlement. Be brave, direct and tell them that even 40% will be difficult.
God will work it out for you.
theoldfarmer
WW2 Vet.
2006-09-20 09:11:37 · answer #1 · answered by theoldfarmer 1 · 0⤊ 0⤋
Call and make an offer. They may refuse at first. Be firm and tell them take it or leave it. Threaten to file bankruptcy. They don't know you're bluffing. If that doesn't work:
Try contacting a credit counseling service, but be sure it's a legitimate one. There's lots of scams. You can usually check them out with the Better Business Bureau.
2006-09-20 16:08:46 · answer #2 · answered by ? 6 · 0⤊ 0⤋
Call them, tell them you have gotten much better offers in the mail and want to stay with them....But not at such an extra cost.
They'll dig a better rate out for you, if not call around and see who gives you the best rate on a balance transfer and go there.
Way to do the right thing and avoid BK!
2006-09-20 16:06:53 · answer #3 · answered by joe b 3 · 0⤊ 0⤋
Just give them a call, asking for a lower rate. Let them know you'll be keeping up the payments.
They'd rather get their money than go through the hassle of collections, so they'll probably be amenable--if you have a reasonably good payment record already.
2006-09-20 16:05:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Be honest with them . Most lenders would rather receive reduced payments than wirte off your debt. If they know that you sincerely mean to pay up they'll probably work with you.
2006-09-20 16:06:15 · answer #5 · answered by Maria 4 · 0⤊ 0⤋
contact a non profit credit counseling service. They are the best ones to help you.
2006-09-20 16:05:51 · answer #6 · answered by Kikka 3 · 0⤊ 0⤋