Can You Please Tell Me How to Reach to a Credit Card Settlement?
Posted by Financial Advisor | Filed under Debt, Loans & Mortgages
Hey Everybody, I have been struggling to reach out to my credit card debt settlement for over an year now, but I haven't gained any success yet, I would really appreciate if someone can let me know of any good company that can help me out instantly. Thanks in Advance Folks, Please Reply!
If you have completely defaulted / card has been charged off..then you don't need to hire any company to settle for as you can do this yourself…Offer to settle @ 20% and go from there. You should only make these offers if you have the money to pay it in a one-time, up front payments. They don't like to do settlements if you can only pay in small amounts over several years. Get all terms in writing BEFORE you give them one cent of your money. Never give them your checking account numbers.
- Paying back a credit card after it has defaulted/charged-off will NOT help your credit rating. If your creditors are not actively engaged in collection activity against you, then I advise to sit tight and not renew contact with them as it really won't do any good…You'd probably trigger aggressive collection activity against yourself.
I would highly encourage you to work out the settlement yourself. Why pay someone or a company to save on money if your going to turn around and spend it on paying them. Though, it can be a lot work, phone calls, and time. The money that you save on both ends of settling the debt and not paying someone trust me is well worth.
Best of luck
DO NOT HIRE A COMPANY TO SETTLE YOUR DEBTS FOR YOU!!!!! These companies are scam artists and do not do anything that you can't do yourself.
As for settling, just call the debt collector and make a starting offer around 20%. They will initially laugh and demand much more. Be patient and politely turn down their offers until you reach a number that is affordable to you.
Once you agree to a payment, most people will say to never give your bank account info to make that payment. I have given my account info over on four different settlements and on one of them, they tried to say that there was no settlement and that I still owed money. I agree that you should demand the offer in writing and that you send them a money order if possible. If you pay with your bank account, you are definitely taking a risk.
Hope that helps!
I would visit http://debtreliefreviews.net/ They have a lot of good information on debt consolidation and can suggest a good company and alternatives.
http://debtreliefreviews.net has good reviews on credit counseling programs.
Debt settlement is a program designed for consumers with serious debt problems who are unable to maintain payment obligations and are considering bankruptcy or credit counseling.
Debt settlement is the process in which you stop paying your creditors for some time and save that money so that you can then negotiate with them to settle the debt for a lesser amount. So it
is better to seek help from any reputed debt settlement company. Such companies can handle it properly as they are experts in that field.
If you are in serious debt, debt settlement is a much better option than bankruptcy. Another important factor to remember is that a typical debt settlement program ultimately resolves your debts for much less than other debt relief options. And, unlike bankruptcy, you won't have to sell your house or other assets in order to free yourself of your liabilities.