You can try but unless you are already in default or have some special circumstances, like medical disability, you probably won’t get a settlement. The credit card companies have no incentive to settle.
Even if you do negotiate a settlement, the account will be reported to the credit bureau as charge off/settled — a negative. You will also receive a 1099 for the forgiven potion and will have to include it in your income tax return.
you can always negotiate. just call in and ask to speak with the collections dept about a payment plan. or you can balance transfer your balance to another company with a lower apr. but if you do keep your balance with them call every chance you get for a lower apr. GOOD LUCK!!
I had over 40 grand in unsecured credit card debts a year ago and I was able to get on an aggresive settlement plan I found through and paid them off in 12 months flat. My credit score took a hit temporarily and it took discipline but my cash flow is back to a comfortable level, matter of fact I am debt free. My suggestion is to go with a settlement program if you are in over your head. I’ll never use a credit card again.
uhm, try to threaten them
=] not literally!
tell them you have a competitor willing to offer a lower interest rate,
and less fees, usually you can make something up
and the bank will match or beat it!
i know a family member did this, but she actually had a better credit offer. when she threaten to move the balance and pay the card off, they treated her like royalty, and gave her the rate she wanted =]
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February 8th, 2010 at 2:35 pm
without serious conditions approaching bankruptcy — none.
credit services like the non-profit CCCS work because all the creditors have experience with them and thus faith that all creditors will be treated equally.
they have none in you, so they won’t dicker at all.