Re: Re: How to negotiate reduced credit card debt

Find out the truth about debt consolidation, credit counseling, debt elimination, debt settlement, debt negotiation and debt reduction. Learn the best ways to get debt relief and get out of debt. The meeting place where people just like you come to share their stories and experiences about how to deal with credit and debt.
Discover what really works and what doesn't before you decide which one is best for you.

Get advice, help and support before, during and after filing at

I Want Credit Card Today

Posted by: sobroke on 06/16/05:
In Reply to: Re: How to negotiate reduced credit card debt posted by: just me on June 16, 2005 at 11:37:21:
: if I'm understanding this right here is what I would do...call them explain you cannot keep up the payments and see what they come up with...if they can't reduce this to what you want then stop payments on it..after so much time they will send thru a pay off option amount....take warning tho doing the last will ruin your credit repair. good luck.
:
: : I am 3 years out of Ch 7 bankruptcy, my credit was repaired. Had massive relocation expenses to accept new job across country. Lost job. Not able to find work. Have Bank of America Visa with $10,000 debt. Someone is willing to pay off for me, but I want to reduce the balance. How to effectively negotiate this? Thank you!
....I think Jim probably gave you the best advice. Creditors very rarely reduce balances until the debt is close to being charged off or worse. You have no leverage, since you can't file BK for 3 more years. By that time they will have sued you and be garnishing your wages.
If you have someone willing to pay off the credit card for you let them. Or if they can't pay the balance see if they can pay what they are able to pay in monthly installments, so that you can avoid paying the minimum payment a few months until you get back on your feet.
Good luck.

~ ~ ~
Be careful when considering using companies offering credit counseling and debt consolidation services. Do a little reading to learn from other peoples experiences with debt consolidation and credit counseling. Then you can post questions here to get even more information about either credit counseling or debt consolidation.
~ ~ ~
Follow Ups:

Post a Followup

Name    : 
E-Mail  : 

Subject  : Re: Re: Re: How to negotiate reduced credit card debt

Comments:
: : if I'm understanding this right here is what I would do...call them explain you cannot keep up the payments and see what they come up with...if they can't reduce this to what you want then stop payments on it..after so much time they will send thru a pay off option amount....take warning tho doing the last will ruin your credit repair. good luck.

: : 
: : : I am 3 years out of Ch 7 bankruptcy, my credit was repaired.  Had massive relocation expenses to accept new job across country.  Lost job.  Not able to find work.  Have Bank of America Visa with $10,000 debt.  Someone is willing to pay off for me, but I want to reduce the balance.  How to effectively negotiate this?  Thank you!

: ....I think Jim probably gave you the best advice.  Creditors very rarely reduce balances until the debt is close to being charged off or worse.  You have no leverage, since you can't file BK for 3 more years.  By that time they will have sued you and be garnishing your wages.  

: If you have someone willing to pay off the credit card for you let them.  Or if they can't pay the balance see if they can pay what they are able to pay in monthly installments, so that you can avoid paying the minimum payment a few months until you get back on your feet.

: Good luck.




 





Return To

Learn about credit counseling, debt consolidation, debt negotiation, debt settlement, debt elimination, debt counseling and debt reduction. Get advice, help and support at