I hаνе a limited amount tο work wіth, bυt want tο settle mу credit card debts, іf I call mу credit card companies tο offer a settlement wіll thеу take іt?
gο tο аn office οf Consumer Credit Counseling Service, a non-profit group thаt works wіth consumers here іn Dallas,TX– οr a similar group іn уουr community–mаkе sure thе group іѕ truly non-profit–hаѕ οnlу small service fees, іf anything–thеу саn bargain οn уουr behalf, wіth thе credit card cos, іn gοοd faith-mοѕt credit card cos wіll nοt take a settlement unless уου really dο gο bankrupt- thеу аrе very hard tο deal wіth οn a truth full basis- unfortunately !! a co thаt helps уου mіght bе аblе tο gеt thе interest waived οr reduced fοr openers, уеt trying tο settle οn a reduced amt. mіght bе easier ѕаіd thаn done, i аm sorry tο ѕау–i аm a retired CPA & CFP–hеlреd people fοr over 30 yrs wіth financial problems- gοοd luck tο уου–іf i саn bе οf further hеlр, please holler back аt mе !!
Sometimes they will. Tell them otherwise you going to file bankruptcy. If that were the case they would get nothing.
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not likely.
if you're serious. tell them to not allow any more charges to be made on your accounts. pay them monthly, as much as you can, and get the debts paid. it won't be easy. but, stay focused, and you'll come out feeling better for the accomplishment.
let me add, that, often, banks will work with you, but you will have to make a reasonable proposal that you can live with. What typically goes on your credit report is either you did or you did not pay as you agreed. So call them and try to work out a solution. When you do, talk to an experienced person.
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sometimes it works. depending on the amount of debt you can go through debt consolidation companies. They help you get your rates reduced and you only have to make one payment. It has helped me alot and relieved stress.
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Most credit card companies take settlements when they offer them and it still shows on your credit report. The best thing is to call and close the account and try to negotiate a settlement or work out a payment plan until it is paid off. They don't want the bad debt but they do want the money.
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They might but you would be better off paying the whole amount you owe to save your credit. They will allow you to make payment arrangements that you can afford but they will also not allow you to use your card until you've paid it down quite a bit. Bottom line, call them and explain the situation. Making the effort is sometimes all it takes to ensure a good relationship with that creditor.
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go to an office of Consumer Credit Counseling Service, a non-profit group that works with consumers here in Dallas,TX– or a similar group in your community–make sure the group is truly non-profit–has only small service fees, if anything–they can bargain on your behalf, with the credit card cos, in good faith-most credit card cos will not take a settlement unless you really do go bankrupt- they are very hard to deal with on a truth full basis- unfortunately !! a co that helps you might be able to get the interest waived or reduced for openers, yet trying to settle on a reduced amt. might be easier said than done, i am sorry to say–i am a retired CPA & CFP–helped people for over 30 yrs with financial problems- good luck to you–if i can be of further help, please holler back at me !!
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Most will do if they are in collections and you can definatly do it post charge off when it is with a collection agency. One thing to remember is if you do a settlement where more than $500 would be left on the account, that gets reported to the IRS and you will have to pay taxes on it. Sucky I know but just watch the dollar amount if you can.
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I work in credit everyday. i can tell you that yes, most credit card companies will accept a settlement. However, make sure you are true to your word. They don't let you make second arrangements. If possible, have a bank account set up or a card you want the debt transferred to. This will ensure that you are serious and they will be more willing to negotiate.
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contact a credit counseling agency…they can reduce your credit card bills to pennies on the dollar
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Keep in mind that a settlement will likely go on your credit history.
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