Is there a way to settle credit card debts by paying back just pennies on the dollar?

Question

It would take me years to pay back my entire debt to these billion dollar credit card companies, which I don't feel at all guilty about with all the interest that they charge.

However, I want to resolve my debts in order to improve my credit score. Are there any good websites that offer advice and ways to settle these debts at relatively low amounts?

Thanks in advance.

Also, some of my debts have been delinquent for over 5 years and have been sold off to collection companies. How do you settle these if the credit card company is no longer involved in the debt (i.e., they sold the rights to the money).

Answer 1

Interesting that you don't feel guilty about not paying them back. You borrowed the money didn't you? You got the credit card and knew what the interest rate was and the terms of the card was, didn't you?

No one forced you to charge stuff did they?

You went into debt and now you don't want to pay it back and you want someone to tell you how to screw the company out of money because they're a "billion dollar company".

How nice of you. You are part of the problem. When that credit card company charges off your debt, they then have to charge all the rest of us higher fees and rates to make up for the deadbeats that want to get out of paying their bills.

Pay your bills. You got yourself into this mess. To get out and raise your credit score, you do it by paying it off. Anything you "settle" for pennies on the dollar, stays on your record for 7 years so go ahead and settle. In seven years, you'll have a wonderful credit score again.

Additional note re the person that told you bills over 5 years old were probably past the statute of limitations. The statute of limitations starts from the date of the last activity on the account. If there was activity on the account last month, that is the date the statute starts. You will also need to check your state to find out the statute in your particular state. Some are 4 years, some are 5 or 6 years. Regardless, it will stay on your report for 7 years from the date of the start of the statute of limitations.

Answer 2

The answer to your question is yes you can settle for pennies on the dollar.

First of all, you need to look at all your credit card debt and other unsecured debt and divide it by age, class of debt (retail credit card, bank credit card, telecom debt, medical debt, student loan, etc.) Finally, divide the debt by who owns it? Was the debt sold to another company or was it sent to another third party collector. If it was the latter then contact the credit manager of the source of the debt. After one year the value of any uncollected debt is about 3 cents on the dollar. So a $1,000 debt is only worth $30.00. Unless you have experience, it will take some time to settle the debt for a good price but if you paid $100.00 then you just wiped out 90% of the debt.

Also please remember the statute of limitations on these debts. In most states after 5 years the debt is past the statute of collectibility.

If I can be of further assistance contact me here at Yahoo.

Good Luck

Answer 3

Eligibility

To avail of the credit card, you should be at least 18 years of age. You should be employed or have some regular source of income. These are two important criteria and if you can give convincing proof to demonstrate your suitability, you will be easily approved. You may have failed to pay back the old credit card debt or some flaw may be present in your credit report. In this situation, getting a card will be tough.

Answer 4

Ironically, you would be in a better postion to negotiate a settlement if you were severly delinquent with them. But yes, you can always offer to pay off a reduced percentage, many credit cards will do that if they deem you a bad risk. In other words if you are offering them something it's better for them to take it rather than risk losing it all should you decide to declare bankruptcy.

Answer 5

it rather is a classic occasion of ways sequence brokers act. those adult men are so candy! offering to get you off the hook by skill of inquiring for below a fragment of the debt! yet as spoke of interior the previous solutions, right here is what's certainly occurring... a million) by skill of regulation, as quickly as the statute of barriers runs out you no longer have a criminal criminal accountability to pay the debt. This date starts from the date of your final transaction. which skill the final fee, or final fee you're making. in case you're taking those adult men up on their furnish and make a tiny fee on the debt, wager what? you have now reactivated the debt. In some weeks you will get carry of a court docket summons asserting they are suing you for something of the debt! do no longer PAY THEM A DIME! 2) those guy additionally be responsive to that they could't carry mutually in this because of the fact they won't garnish social protection earnings. without domicile or belongings, they have not have been given something they could grab. In different words, you're "judgment evidence". All they could do at this factor is to harass and threaten you into paying. you are able to placed a rapid stop to that by skill of sending them a "stop and desist" letter. while they get carry of it, in the event that they call or write to you back they have violated the FDCA rules, and you will sue them for $1000 for each violation. sequence agencies smash out with this because of the fact they remember on the fact you don't be responsive to the regulation! as quickly as you instruct them which you be responsive to your rights, they are going to bypass away. have confidence me, i've got helped a lot of people out of those real comparable circumstances.

Answer 6

if you owe the money, pay it. collection agents will hound you for it for the rest of your life. Call em one at a time and ask them for a settlement. they will probably go 10 or 15% off but, i doubt they will settle for $30 on a $1000 debt.