0
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.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
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.
Credit Card Minimum Payment Calculator?
Credit Card Minimum Payment Calculator Use this calculator to determine how long it will take you to payoff your credit cards if you only make the minimum payments. Enter your credit card information below and press "View Report" to see your payoff details.
Will a credit counseler help you get a debt settlement on your credit card?
A credit counselor may be able to help you get a debt settlement on your credit card. It will depend on if the counselor only gives you ways to get out of debt or if they are a settlement counselor.
Can a credit card defaulter get house loan after the credit card debt settlement?
yes
What are the specifics of credit card debt settlement?
You should get a hold of a debt consolidator who will then go to bat for you with your credit card companies. They will work out a settlement that can be agreed upon by both the credit card company and yourself.
If a credit card placed a lien on your property and you sold it for payoff do you still have to pay the lien?
Yes.
Will a credit card company accept a lower payoff for a balance if the account is not past due but closed?
No
How can one go about starting a credit card debt settlement?
You need to get in contact with your credit card company and make an agreement on how you are going to pay back your debts. The cost to doing a credits card debt settlement is that you end up with a very bad credit score.
What point can you request a settlement on credit card debt?
Settlement usually occurs when the account is past due and has been closed. You can either try to settle with the credit card company, or the debt collector that the credit company sold the account to.
Can you negotiate a lower payoff on a credit card debt?
The company/bank may be willing to negotiate a settlement to avoid the consumer filing bankruptcy. Or perhaps to avoid pursuing legal remedies to collect the debt. They will not consider a settlement if the consumer is simply asking to pay less than the full amount. For obvious reasons.
How does working with a credit card settlement company affect your credit score?
It is recommended that you pay an old debt through the original creditor. Credit settlement companies are out to make a profit and they will negotiate terms that are not true. Also, it is possible that you can pay the settlement company but still owe the original creditor. It has happened to me. The negative information reported by the credit card settlement company will affect your score negatively.
