my debt is around $2200.00
2007-07-12 04:52:55 · 5 answers · asked by srichie33 1 in Business & Finance ➔ Credit
Settlement is one option. Depending on the age of the debt, and how soon you can pay it off you can get them from anywhere from 40%-80% of the original debt. That is if the debt is fairly old and they have not had any luck getting you to pay, you might be able to get them to take 40% if you pay them off in one payment. However, if you need a few payments they may take 80%. If the debt is fairly new the best you might get is about 60% for one payment.
A couple of things to look at. First how old is the debt. There is something called the Statute of Limitations. This is the time after which they can no longer take legal means to get you to pay. For Credit Card Debt, these are considered open accounts, and will be anywhere from 2-6 years depending on your state. The link below will give you the time for each state. Then there is the reporting period, after 7 years the debt can no longer be listed on your credit report. Both of these times start from the date of last delinquency.
If you are still inside of these dates, you might consider paying in full. When you offer to pay in full have them remove the collection account once paid. Once removed it will be like it never happened, and will help you in the long run. However, before you send any money make sure you get any agrement you make in writting from them.
2007-07-12 05:05:10 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
Most CC companies will take 50% if you pay it off all at once. If you want to break it into 3 or 4 payments, you can get it around 60-75%
2007-07-12 04:55:59 · answer #2 · answered by Nasubi 7 · 0⤊ 0⤋
offer what you can afford. REMEMBER it is a debt you owe so be reasonable. They will break it up into 3 or four pymts if u ask but be sincere in your request and ask to speak with a supvisor to see if they can approve a lower amt if the rep can not.
2007-07-12 06:45:20 · answer #3 · answered by tychja26 1 · 0⤊ 0⤋
Buddy... what if you have a debt around $2200.. if you've used this much amount in actual, you should pay it. If not then atleast pay as much as you've used out of it. ask them to give a weaver of interest & late fines... that fine at the both sides.. :-)
2007-07-12 05:00:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
are you sure you want to settle? that will be a negative mark on your credit report. i suggest you work out a payment plan instead. if you really want to settle they usually take 80% which would be $1760.00 in your case...but again i wouldn't recommend it!
2007-07-12 04:57:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋