IE...if I owe 20K and I offer to make a payment of 16K if they remove the other 4K will credit card companies deal like that?
2006-09-20 13:16:41 · 22 answers · asked by aessedai_shirak 2 in Business & Finance ➔ Credit
Thing is, you owe 20k but by the time you trickle pay it, you might end up paying 40k... as most people do.
So the best way is to just pay it. However you could ask them to lower the interests on it.
There are also Consolidation firms who will pay it off for you then you pay them at a lower interest rate, however there are all kinds of sharks out there so you want to be careful who you choose to use.
Below you will find some interesting reading on these matters:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
cheers
2006-09-21 12:48:55 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Play it well with that 16K; Yessireee bob, you owe the 4K as well.
Call, make a deal - i.e., to lower the interest rate on the remainder and a payment schedule with strict monthly payment etc.... whatever it takes.
You have the cash. You have every intention to pay it back. CC companies do not like the money to be repaid (because they make money on you) but at the same time they also want good customers not to leave. They will relent. Just ask. They can always say no. But be realistic in your demands though.
Good luck. Lesson? No more debts. Just pay off and use cash only instead.
2006-09-20 13:28:25 · answer #2 · answered by Nightrider 7 · 0⤊ 0⤋
If the credit company has already written off your debt as bad, they will be willing to deal with you. Anything you do at this point won't fix your credit though.
I would recommend calling them to see what you can work out, and see if they are willing to lower the balance. DO NOT say that you are willing to pay them $16k!!! Let them offer something and see what you can work out. My guess is that they will ask for a lot less than that. If you tell them that you can't make the payments, they may be flexible as well.
That said, if you just took out the debt, you're stuck paying on it.
Hope this helps!
2006-09-20 15:04:41 · answer #3 · answered by Shofix 4 · 0⤊ 0⤋
I highly, highly doubt it. Credit card companies want you to carry a balance. That is how they make their money (on the interest they charge). They would really gain nothing by wiping out 4K of your balance because you're paying a large lump-sum payment. It's kind of a lose-lose for them.
2006-09-20 13:20:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Sometimes you can call them and talk them into making a deal on a payoff...depending on the condition of the payment history and length of debt they may just settle out. If not talk about a lower interest rate or pay the $16K and lower your payment...
2006-09-20 13:21:06 · answer #5 · answered by Workinmamma 4 · 0⤊ 0⤋
The offer in your example is 80% of the total debt. If they had to send you account to collections, they would probably have to settle for a smaller percentage. If the collect-ability of you account is questionable, they would probably accept such an offer. On the other hand if you can pay 80% as a lump sum, why can't you pay the rest over time?
2006-09-20 13:32:59 · answer #6 · answered by STEVEN F 7 · 0⤊ 0⤋
Call them and make the offer first. They may go for it. A lot of people have gotten their bills lowered by making a simple phone call. But don't do that before you call and make the arrangements or you will still have to pay the remaining balance.
2006-09-20 13:22:51 · answer #7 · answered by Medical and Business Information 5 · 0⤊ 0⤋
Uh, hahaha, no, they won't.
The only way that would ever happen is if you refused to pay and it went to a collections agent, in which case your credit would be shot for a long time, if not permanently.
What you CAN do is call up and ask for a better APR, sometimes THAT will help alot.
2006-09-20 13:19:56 · answer #8 · answered by thedavecorp 6 · 0⤊ 0⤋
Sure... they love it. It's called a settlement and they don't have to hound you for payment if they get the money upfront. They will probably accept. Then, for the next seven years you will have such a bad credit rating with a settlement on your record that you will be lucky to find a new job, home, get insurance, etc. These days your credit report is to the business world as your resume is to your employment.
2006-09-20 13:21:57 · answer #9 · answered by Anonymous · 0⤊ 1⤋
If you own your home and have at least $10,000 in other debt NO MORE Mortgage may be able to help. They help with debt elimination. Including your mortgage. It doesn't hurt your credit, in fact, your credit will go up as a result of the program.
http://www.NoDebt4U.org
2006-09-20 15:04:12 · answer #10 · answered by brendalutoo 2 · 0⤊ 0⤋