Is it ture that I can call my credit card company and negotiate a debt settlement witch will reduce my debt with them? How does this work and how do I do it. I have a 5000 dollar debt with this card and it hasnt gone down at all with the payments Ive been making. Can i request a lower intrest rate too? Help
2006-12-24 17:36:12 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Oh yes, this can be done. Especially if you are in default on your payments.
If they were to turn over this $5,000 debt to a collection agency the credit card company automatically loses 50%--that is standard. If you offer them any amount over that (60% is good) they will usually take it . You must make sure they mark the debt as paid in full--and you of course, must have the money in hand to pay the debt in full at that time.
2006-12-24 17:40:09 · answer #1 · answered by maamu 6 · 1⤊ 1⤋
You may wish to look at a Credit Card that has a FIXED Interest rate for the Life of the balance(BUT YOU CANNOT SPEND ON THIS CARD!!-They will hammer you with Interest)
The card that Springs to Mind is Capitol One-They Currently have 'Life of Balance' Services!
Alternatively -if you know you can pay it Off in a Fixed period of time,then why not opt for 12 Months Interest FREE and Transfer to a card that Offers this service!
Credit Cards are GREAT! If used wisely and Judiciously!
Hope you get this Resolved!
2006-12-24 17:41:04 · answer #2 · answered by J. Charles 6 · 0⤊ 1⤋
I work for a debt settlement it is the fastest and easiest way to due it. With how little you debt you have I would suck it up one more month and then pay it off in full. If you settle your debt it will lower your credit score a little.
2016-05-23 05:13:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Figure out the principal and then add 50%. Get in touch with them and tell them you're able to pay the principal plus 50%, but no more. If you can pay it in one lump sum, all the better--they'll be more likely to go for it.
2006-12-24 17:39:54 · answer #4 · answered by Ivan The Not So Terrible 2 · 1⤊ 1⤋
Some things are better left to the professionals
2006-12-25 03:11:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
May be may be not. You might want to check out the article I included in my resource box. Good luck!
2006-12-26 10:04:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes
2006-12-24 17:37:45 · answer #7 · answered by ? 7 · 1⤊ 2⤋
yeah you can. you can request it.
2006-12-24 17:45:23 · answer #8 · answered by just hanging around 5 · 0⤊ 0⤋