We have credit card (cc) debt we're ready to pay off in full. The debt is in good standing. We've never been late with monthly payments, and we've always paid more than the minimum. The debt is nowhere near collections. It's just a large sum I want to get rid of now that I have the money to do so. Basically, I want to get the lender to agree to a payoff sum that is lower than what we owe. Any tactics you can recommend?Answer Question
Answer by matthewscandi at 11:57 AM on Jan. 30, 2011
Answer by missanc at 11:58 AM on Jan. 30, 2011
Answer by calliesmommie at 12:38 PM on Jan. 30, 2011
Answer by Erica_Smerica at 3:32 PM on Jan. 30, 2011
After 3 to 6 months you can call them up and ask them to settle. Say you owe $10,000 you can offer them say $7500 as payment in full.
The only way you can do that is if it is in collections.
Make sure you get it in writing, return receipt requested, no electronic access to your checking account etc. You will have to have the cash to pay your part of it in full.
Some collection agencies will only agree to settle if they get payment that day.
Answer by matthewscandi at 5:28 PM on Jan. 30, 2011
Answer by Mom2Just1 at 10:23 AM on Jan. 31, 2011
Answer by Erica_Smerica at 10:29 PM on Jan. 31, 2011
Next question overall
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