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Is it a good idea to offer a credit company a settlement amount for the debt?
Wiki User
∙ 8y ago
Sometimes.. On the other hand, they might just raise your interest rate, thinking you could be a high risk. Depending on the circumstances a creditor is reluctant to settle for less than the full amount, unless a lawsuit has been initiated and is in mediation. You need to look at all the pros and cons before making any proposals.
Wiki User
∙ 8y ago
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Can I get an out-of-court settlement on my credit card?
It is possible to get an out-of-court settlement for a credit card. Credit card companies and collection agencies offer a variety of payment and settlement options for the debtor.
How can one get a credit card settlement?
For one to get a credit card settlement, you would need to be far enough late in your payments for your credit card to consider settlement. If you are late, you would call and make an offer.
How does an agreement on a Chase credit card debt settlement offer affect your credit rating?
A debt settlement offer has no bearing on your credit rating or score. It is only an offer, a proposal. Your credit rating is based on how you have paid the debt in the past 7-10 years. Your credit score is a numerical picture of your assessed risk as a borrower, based on the information in your file at the time the score is requested.
Can a credit card company take you to court and garnish your check if you do not make arrangements to settle your account?
A credit card company can refuse your offer of settlement and proceed with legal action. They must win their court case and have a judgment declared against you before your wages or bank account can be garnished.
What is the visa credit limit?
Credit limit will vary depending on your credit rating and what the credit company is willing to offer you.
You received a settlement offer from a credit card company meanwhile it was turned over to a collections group.How do you get the collections group to turn the case back to credit card company?
If the collectors are an agency acting for the original creditor you can contact the OC to ascertain if the settlement offer is still valid. If the collector is a third pary agency that has purchased the account from the OC, any settlement negotiation will have to be done with them.
Can I get an out-of-court settlement on my credit card?
It is possible to get an out-of-court settlement for a credit card. Credit card companies and collection agencies offer a variety of payment and settlement options for the debtor.
What does the Clear Credit Corporation do?
The Clear Credit Corporation is a company that helps people improve their credit and maintain a good credit rating. The services they offer include the following: credit score optimization, credit restoration, debt settlement, and credit score consulting.
How can one get a credit card settlement?
For one to get a credit card settlement, you would need to be far enough late in your payments for your credit card to consider settlement. If you are late, you would call and make an offer.
How does an agreement on a Chase credit card debt settlement offer affect your credit rating?
A debt settlement offer has no bearing on your credit rating or score. It is only an offer, a proposal. Your credit rating is based on how you have paid the debt in the past 7-10 years. Your credit score is a numerical picture of your assessed risk as a borrower, based on the information in your file at the time the score is requested.
How to reach a credit card settlement payoff on your own?
Contact the company and offer it a specific amount of money to be paid immediately to satisfy the debt. Some companies insist on at least 70% to 80% of the total and would want that paid within a very short period of time, probably no more than 30 days at most. If the debt has been sold by the credit card company to another company, you may be able to get a lower settlement, because that other company probabably bought the unpaid debt from the credit card company for anywhere from 10% to 50% of the debt. If the other company bought a debt for 10% of its value, it might be willing to settle for 50% rather than the 70% the credit card company would insist on.
can the amount per pay check be reduced and can we offer a settlement amount once a garnishment has started ?
Contact your attorney or the court to offer a settlement. You will likely not get your garnishment reduced unless your income has decreased.
Can a credit card company take you to court and garnish your check if you do not make arrangements to settle your account?
A credit card company can refuse your offer of settlement and proceed with legal action. They must win their court case and have a judgment declared against you before your wages or bank account can be garnished.
What is the visa credit limit?
Credit limit will vary depending on your credit rating and what the credit company is willing to offer you.
Pay for deletion letter?
In a â??Pay for Deletionâ?? letter an individual may offer a company an amount of money or payment in order for the company to delete negative information from their credit report.
What services does the Careonecredit offer?
CareOne Credit is a debt consolidation company that specializes in debt relief services. A certified credit counselor will work with you to create a personalized solution based on your situation. They offer Debt Management Plans (DMP), Debt Settlement, Member Benefit Services, and Ongoing Customer Support.
Are life settlement receipts taxable?
There is no clear cut answer for this question as the IRS to date has not provided definitve guidance. I also must make a disclaimer that I am not providing tax or legal advice, and it is always best to consult with your CPA. Generally speaking, the common accepted taxation belief for life settlements is as follows: The amount of the settlement offer that is equal to your annual premium payment - this amount of the offer would likely be treated as non-taxable. The amount of the settlement offer that is equal to the difference between the cash surrender value and the annual premium on the policy - this amount of the offer would likely be treated as ordinary income The amount of the settlement offer that equals the difference between the cash surrender value and the settlement offer - this amount of the offer would likely be treated as capital gains. Hope that gives you a good starting point.
