I wаѕ аblе tο negoiate аnd close CCs аnd set up οthеr credit cards οn low 2-3% interest rate 5 year рlаn…Thе bank wіll nοt negotiate mу οthеr $20K…hаѕ anyone еνеr refused tο pay οff a credit card & settle wіth thе bank
Credit card companies don’t settle οn current accounts….Yου usually hаνе tο bе аt lеаѕt 3 months behind οn payments before thеу ѕtаrt tο offer settlements….ѕοmе don’t settle until уου′ve completely defaulted. Nοt аll creditors wіll settle…thеу′ll take уου tο court instead.
Sοmе people deliberately default οn thеіr cards tο try tο settle fοr 50%…Thіѕ іѕ a dаngеrουѕ game tο play. If іt works….уου саn сυt уουr debt іn half…іf іt doesn’t….ѕау hello tο court judgements аnd wage garnishment.
Run, and run away fast from debt settlement companies.
You pay them a ton of money and they will only ruin your credit.
You can easily end up in court anyway with your wages being garnished.
Go to your library or bookstore and get a book on debt/credit repair.
You can easily do this yourself.
They teach you how to negotiate, settle, or reduce interest rates.
Don’t get taken….
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Credit card companies don’t settle on current accounts….You usually have to be at least 3 months behind on payments before they start to offer settlements….some don’t settle until you’ve completely defaulted. Not all creditors will settle…they’ll take you to court instead.
Some people deliberately default on their cards to try to settle for 50%…This is a dangerous game to play. If it works….you can cut your debt in half…if it doesn’t….say hello to court judgements and wage garnishment.
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I agree with Judy about debt settlement companies. Most of them charge you a fee per month to setup a fund for you. Once you reach a certain amount in that fund, then AND ONLY then, will they even begin to bargain or negotiate for you. There are at least 2 problems with this procedure.
#1. Is that you end up paying them more money on monthly fees then you would have paid to settle you debt by yourself.
#2. The settlement they achieve may end up being less of a percentage off then what you could have done yourself.
Hopefully you have records of your attempt to settle with the bank. That will be your proof should they decide to try to take you to court.
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Personal experience with a debt settlement company
I would check out http://debtreliefreviews.net/ They have a list of very good debt relief and help companies.
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http://debtreliefreviews.net/