I was offered 50% of my current balance, but I can't afford the payments. Is it possible that they would go any lower. Today was the first time I have spoken to them and that is what they offered, I told them I can't afford the payments (they wanted $1400 a month for four months--- are they insane? If I could afford that my payments wouldn't be behind 4 months!!!). Is it possible that they would settle for less with lower monthly payments? I really can't afford what they offered and I want to pay them (after all, it is my debt), but if that is what it will cost I don't think I will ever get out of debt! What do you think? I would really appriciate any responses.
Thank you in advance.
2007-01-26 08:03:58 · 6 answers · asked by macboy987654321 1 in Business & Finance ➔ Credit
your credit card company would be silly to turn down any money that you send. You can easily send $100-$500 a month until paid off and they will accept it. However, it still may show up on your credit report as a late pay. The lowest they will go is about 50% and that is usually if the account is long over due.....like a year or more.
2007-01-26 08:10:59 · answer #1 · answered by Mandrew 2 · 0⤊ 0⤋
I settled with Discover for 30%. And Chase for 50%. But for Discover I think I was about 2 years after having the debt. I don't think they settle for less than 60% if it's within a year.
2016-05-24 02:49:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Look for another credit card company. What they offered you is not going to work then shop the market for balance transfers. Look for something with a very low interest rate for balance transfers. Make them work with you on a payment plan.
DO NOT go for debt consolidations places, or if you decide to then please beware. They are sometimes worse than landsharks in the way they badger you for your money.
The interest rate always depends on your credit report and credit history. If you haven't been very good on it then you might want to expect a 20% or more interest rate. If you have been pretty good then you might be lucky to find a 15% interest rate.
Shop the market and apply to whomever you feel has the best deal for you.
2007-01-26 08:18:49 · answer #3 · answered by nerosbane 3 · 0⤊ 0⤋
50% is probably the lowest they will go. After all, it is your debt? Well after all, it is their money and they want it! They are already losing money by making a settlement with you. Talk to them about lowering your monthly payment, like financing the balance on a long term loan. If they want to get money from you they should work with you on that.
2007-01-29 14:31:07 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Please remember that whatever you don't pay in the settlement is considered income and you will be taxed for it at year end. Also, please remember that it will show on your credit as "settled" not "paid as agreed". Whenever it says anything other than "paid as agreed" it is a negative on your credit.
2007-01-26 08:16:53 · answer #5 · answered by BMW BFD 5 · 0⤊ 0⤋
sounds like a dilly of a pickle.
2007-01-26 08:08:45 · answer #6 · answered by Sgt. Pepper 5 · 0⤊ 0⤋