Is it possible to have the actual amount owed lowered? Does it affect your credit score?
2007-01-03 14:55:22 · 7 answers · asked by dierboy 3 in Business & Finance ➔ Credit
Beware of settlements, if you settle your debt with a creditor it will be income to you and you will be reporting that income on your next tax return. Also your credit rating/score will take a major hit at the same time. Which means that the next time you apply for credit you will be paying a higher interest rate because you are a greater risk.
2007-01-03 15:41:06 · answer #1 · answered by michael45672007 3 · 0⤊ 0⤋
First of all, NO you cannot get them to lower the amt. owed. That's funny though. Only if you declare bankruptcy which is extreme.
Next, if and only if you are a good, ontime payer, you can call them and just ask them to lower your interest rate. Just mention you get credit offers sent to you daily with much lower rates. They rather keep you even at a lower rate than lose you entirely. If you are a sucky payer, u can forgetaboutit!
2007-01-03 15:04:33 · answer #2 · answered by escapegrl1 3 · 0⤊ 0⤋
i won't be in a position to verify your circumstances for you yet i can make some ideas. if your earnings has decreased then get yet another interest alongside with advertising off what you do no longer choose anymore, and removing the junk so for any pass you would be lighter. The radio exhibits like Ramsey propose eating beans on an familiar basis and geting a 2d interest yet that would not paintings for each individual. you're able to desire to be frugal (which you probable are already). the television classes say to talk along with your financial enterprise and mastercard human beings and ask them to decrease your finance costs yet that hardly works. i've got tried to get them to do this and that they reported no. in the event that they hear your earnings has been decreased then for specific they gained't provide help to out. you could attempt to bypass via shopper credit Counseling. They take all your credit enjoying cards and shrink them up, verify how plenty earnings you have, they have the skill to decrease your interest (whilst we don't), and then they positioned you on a fee plan so as which you pay them month-to-month quite of your charges. The CCC is packed on the instant and are putting appointments months forward so in case you want to get in then call them ASAP and get your appointment. it is like going bankrupt yet would not have the lsting stigma a financial disaster does. And it shows on your lenders which you attempt to sparkling up your undertaking and pay your charges (which you're in charge). besides be conscious for nutrients stamps and spot in case you may get them (which will help a tad). easily in case you bypass out of commercial you won't be in a position to record a financial disaster 7, the choose will probable rigidity a financial disaster 13 (because of the fact the regulation replaced some years in the past so the lenders do no longer take a finished loss). A financial disaster can provide help to hold your place and one motor vehicle (would desire to submit extra varieties for that). I heard that now in addition they provide help to renegotiate your very own loan. however the CCC could be your first step.
2016-10-06 10:03:31 · answer #3 · answered by erlebach 4 · 0⤊ 0⤋
Yes, it is possible. Most creditors are willing to work with you if you can pay your account in one lump sum,(meaning a settlement). If your creditors are not willing to negotiate than they will probably accept payments. Other than that, you did sign a contract stating you would pay all the interest,late, and collection fees that have accrued on your account.
2007-01-03 15:22:32 · answer #4 · answered by vsweety 5 · 0⤊ 0⤋
Okay this has worked for me and your mileage may vary BUT:
I've called the collection companies and explained to them that the cost of taking me to court would far outweight what I owe them, and one of two things could happen - I could either NEVER pay them, ignore their phone calls and live happily without ever using credit again, or pay them XX.XX (a preset sum I had in my mind before I called, generally 50-60% of what they are asking for). Good luck!
2007-01-03 15:04:03 · answer #5 · answered by Questionmark of Doom 2 · 0⤊ 0⤋
Yes, it may affect your credit. If you want it lowered...why not trying paying it off? And in the mean time...try cutting it up!!
2007-01-03 15:05:35 · answer #6 · answered by TexasRose 6 · 0⤊ 0⤋
Probably cant lower your debt, but they will work with you on lowering the interest or some type of payment plan.
2007-01-03 15:03:32 · answer #7 · answered by gandalf 4 · 0⤊ 0⤋