Wednesday, June 23rd, 2010

How do you settle debt with credit card companies?

debt
tim asked:


I’ve got some debt that’s currently in collections. And I got to talking to one of the debt collectors and he revealed that the average company is willing to settle for about 75% of the debt owed.
But since they’re basically screwing you with outragous interest that never allows you to really pay off the principal debt, are they willing to settle for even less.
What are some useful tricks when dealing with these parasites?

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3 Responses to “How do you settle debt with credit card companies?”

mcgregorjt Says:
June 25th, 2010 at 3:52 am

Educate yourself before you call back the collector. They purchase debts for pennies on the dollar. If charge off was 1000, they could have purchased it for 150.00 and now come after your for the full 1000 plus fees. A charge off at a bank is a lost of profits, this is in the end is great for the bank for it effects amount of business taxes paid. It is a hassle though. Educate yourself. Follow the link below. And do not let them threaten of lawsuit. Court fees cost more than debt, even if they paid pennies on the dollar.

∞infiniti∞ Says:
June 26th, 2010 at 4:09 pm

Do not talk with debt collectors over the phone. No mather how smart you think you are, they are trained to get the best of you.
Instead send them a letter stating that the cannot contact you by phone anymore. Any contact has to be by US mail to an address that you specify. Send letter by certified mail and keep copies for your records.

Never reveal any personal information to a debt collector. They will use it against you. Don’t appear desperate, just play the waiting game with them. Remember, that you have the power, you have the money, and they are the ones who want to get their hands on it.

If they come up with a settlement that seems fair to you, include a “pay for delete” agreement. Don’t pay them a dime before they agree to delete all derogatory information they have placed in your credit files. It is very important that you get the agreement in writing first before you pay.

Good luck.

Dan D Says:
June 28th, 2010 at 8:34 am

I was in debt about till about 6 months ago. I found this free E-Book that basically answered every single one of my question and helped me get totally out of debt. Its at .It was %100 free and within 20 seconds your emailed both ebooks. I now am able to answer the phone every time it rings and actually know for the first time in my life its not a creditor.check out

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