Have any of you had any experience with negotiating a cash settlement with CC companies. I have around 10k in debt, that I am wanting to get knocked down so I can pay them off. Any tips or tricks would be helpful. thanks
$$$$ negotiate with credit card company
- Thread starter tigerwoods
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I have a good one... stop spending money you don't have and driving up credit card rates for the rest of us...that is all...
If you negotiate a lower settlement an entry will appear on your credit report that says "settled for less than amount owed" or something similar. This entry will be on your credit for 7 years and will be a huge black mark.
Best to negotitate terms that allow you to pay the full amount over time. I suggest you contact your local credit bureau and discuss this issue with them before you do anything.
Best to negotitate terms that allow you to pay the full amount over time. I suggest you contact your local credit bureau and discuss this issue with them before you do anything.
Just FYI, sometimes people put things like unexpected Medical bills and emergency things on CC that are too much for out of pocket $$.
Don't be so quick to judge. :bored:
i dont care about my credit report, i stopped using credit cards or credit in 2003. If I dont have the cash I dont buy it now. This is old debt that I am sick of making monthly mins on.
How old are you? Do you ever plan on buying a house?
Seriously man, you need to stop and think if you think your credit does not matter!
So you are saying you have been making the monthly minimum payment, are current on the card, and now you want to just blow off the debt? Wow! :dw:
You are right, but if you have enough cash and don't live beyond your means a credit score doesn't actually mean anything.
I celebrated paying off my credit card by getting a loan for a car lol.
Quit making minimum payments and actually pay some off the card. I don't get how you think you can just call up the company and ask them to reduce the debt you built up. Take responsibility for your actions and pay that shit off. I would think 5 years would be plenty of time to pay off that amount. I'm guessing you started off with like $3k in debt and the interest just added up over time.
Quit making minimum payments and actually pay some off the card. I don't get how you think you can just call up the company and ask them to reduce the debt you built up. Take responsibility for your actions and pay that shit off. I would think 5 years would be plenty of time to pay off that amount. I'm guessing you started off with like $3k in debt and the interest just added up over time.
HAHA! We are celebrating with you Dale! :beer:
The best way to go about this is by talking to a local non-profit credit agency like Consumer Credit Counseling Services. My wife had a ton of credit card debt after college and we were able to pay everything off with the help of CCCS.
Don't let these guys get to you, almost everyone has had trouble with credit cards at one time or another.
Don't let these guys get to you, almost everyone has had trouble with credit cards at one time or another.
I'm thinking the same way you are. Paid off my CC's last week and want to pickup a new daily.
I'll be glad to celebrate with you though on your new car purchase. On the way home from JLP? :rockon:
Our cars should be close, except yours will look better.
Dude, he is Tiger Woods. I don't think he needs a loan to buy a house. :bash:
sell as much junk that you dont ever use or need on ebay and craigslist, look in your garage, attic, basement, im sure there are things that could take a big chunk out of that. I was about 7,000 down in debt on a credit card, its because i spent a ton on upgrades and mods on my pickup, and of course, gambling on a cruise ship! but i had an 06 Yamaha R6 that was paid off, that i loved, but i could do without.....i ended up selling my bike for 5,500.....and i just started making bigger payments, now im clear....and use my credit cards for little things, or emergencys....i learned my lesson...goodluck!
Even if it shows up as settled for less than the full amount, you can get that deleted from your credit. Are you talking about settling with the original creditor or a collection agency? If it's a collection agency the damage is already done and a paid collection is 100% as bad as an unpaid one on your report.
:bs: please explain how one goes about "deleting" negative entries from the credit report. The only thing that deletes anything is 7 years of time passing.
I stopped using credit cards years ago. If you don't have enough money to pay cash for it, kill it.
I did have two small store cards, but this past year I closed them both out. It was a total of like $4k on the two cards.
I did have two small store cards, but this past year I closed them both out. It was a total of like $4k on the two cards.
I really screwed myself when I turned 18 with credit cards. I racked up about $30K in cards buying dumb shit like car mods, and neat shit for the house. I ended up taking out a student loan to pay the off the credit cards. I use the credit card checks when they have 0% to make a big payment to the student loan. Then I pay 1000$ a month to the credit card and defer the student loan. May not seem like the smartest idea but it has worked for me. I'll be debt free real soon WOOT. I would really try to do whatever not to take the negative credit hit. And making mins will pretty much guarantee you'll never pay it off
Can you explain the bold a little more?
My roommate had $4000 on a credit card that she hadn't made a payment on in a year. They kept calling her to collect.... finally she answered, told them she didn't have the $$, then they offered a 50% 'forgiveness' if she paid it off in 3 months. They agreed to automatically debit the money out of her account.
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