I owe a large amount on my credit card and have not made a payment in sometime. I now have a lump sum of money and wanted to see if the cc company would negotiate on the amount owed. Much of that amount is late fees. Can anyone help me?
2007-09-19 05:36:54 · 6 answers · asked by cici 5 in Business & Finance ➔ Credit
Hi,
I used "Credit Solutions" to settle my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://tinyurl.com/2gbdzu
2007-09-19 09:13:09 · answer #1 · answered by Kenny 1 · 0⤊ 0⤋
Credit Card Lump Sum Settlement
2016-12-12 07:53:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I know that congress was actually looking into this type of issue but I don't know that anything has been done about it. Have you tried checking out Suze Orman's web site or her tv program? This actually sounds like a good question for her to answer. What is your FICO score? This can also affect the interest rate charged. I know that part of your FICO score considers your debt ratio. If your FICO is low - then your going to have a heck of a time getting that interst rate down. Do you own your home? If so - a home equity line of credit or second mortgage may have a lower interest rate. Then you can take out the loan and pay off your credit cards. Just be careful - don't get baited into one of those crazy hybrid, interest only, ARM mortgages. Do you have a car that is paid off and is worth over 9000? Take your title to your bank and see if they will give you a car loan against it. I'd be careful of a title loan place.
2016-05-18 06:22:05 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Many times the credit card companies will take advantage of you as the consumer. They do however usually "roll over" for 3rd parties such as settlement companies. I used a company called TDS,LLC and saved 60% on a repossessed car debt......saved me thousands. One thing to consider however, is which credit card company you are talking about. Each has its own standards for chargeoff and settlement. Check out www.totaldebtsolutionsllc.com
they have a free evaluation form and possibly can help you. Don't be satisfied with 20 or 30 percent off if they can save you even more. Good luck.
2007-09-19 07:29:59 · answer #4 · answered by Nicki W 2 · 1⤊ 0⤋
Depending on how old the debt is, you can probably settle it for 50% to 75%. Send them a letter offering half. Get them to sign an agreement to accept $x as full and complete payment of the debt. Don't give them access to your bank account.
You can also ask that the negative be removed from your credit report but don't count on them agreeing to that.
2007-09-19 05:54:34 · answer #5 · answered by bdancer222 7 · 1⤊ 0⤋
You should be able to get them down to 35% of the balance. They may offer you a deal that you hav eto pay 50% or 60%, but don't take it. They will go down to as low as 30% sometimes. I've been through this.
this doesn't happen overnight. If you're not offered the right deal, wait a week, two weeks. Believe me, they'll keep giving you offers once you show an interest in paying.
2007-09-19 14:58:23 · answer #6 · answered by Rob 2 · 0⤊ 1⤋
A small loan consolidation with low interest is the best I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html Good luck!
2007-09-20 02:30:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋