With
settlement negotiation you can stop paying credit card debt
STOP
PAYING CREDIT CARD DEBT
Reach a settlement negotiation with your creditor or collection agency, and stop paying credit card debt. You can eliminate late fees, interest and a portion of the unpaid balance.
There are many ways to get out of credit card debt:
Of these options, the fastest; and possibly the easiest, is debt settlement.
Bankruptcy first requires undergoing credit counseling, and a repayment loan;
such as an unsecured debt consolidation loan, simply spreads out payments and
lowers interest.
But debt settlement can eliminate a large chunk of the principal owed, in
addition to late fees and interest charges.
Thanks for the question. I wish I had a ingenious solution to offer you but unfortunately I only have a common sense answer for you and that is to pay off the credit card debts diligently as soon as possible and stop using the credit cards entirely. If you enlist the help of a debt settlement company your credit score will suffer. A debt management program will likely not hurt your credit score nearly as much so that may be something you can look into.
You should follow the instructions of the settlement company you use to a tee. They will let you know exactly what to do and when in order to make the process go as smoothly as possible. Thanks.
I am very sorry to hear about your situation. I am not certain there is an easy solution to your situation without any income unless you have some savings you can tap into. A debt management company can help you lower your interest rate a bit and help with the charges, however you will still need to make steady monthly payments likely for several years to pay off the balance you owe. A debt settlement company may be able to help you reduce the $15,000 balance through a negotiation process but again you will need the cash flow to make monthly payments to them.
If you feel uncomfortable with how things are going with your debt relief company I?d discuss it with them and ask as many questions as possible so you can closely monitor the progress on your accounts. Don’t be shy, stay on top of them. Please realize that it does take time for the debt relief process to be completed but they must provide you with continuous updates. I always feel that steady communication is a key differentiator between a “good debt relief company” and a “not so good debt relief company”.
This question is in regards to the choice between making a higher payment using a debt company than you would on your own with the tradeoff of having your debt paid down sooner using the debt company than if you did it on your own. You also mentioned that your credit score seems to be ok and you don’t sound like you have problems paying what you owe. Nor do you sound like you lack the discipline to pay down the debt yourself through careful budgeting.
Resolved Question: What's the best action for a credit card debt settlement letter? ...long story short, it was a credit card that was in my husband's name...since 2002. It states on his credit report that the "account closed...request, charged off account, bad debt; placed for collections...collection agency (not from Discover), for a settlement amount which is 40% of the debt...
Resolved Question: Question about credit card debt settlement.? ...Bank of America. They offered her settlement in the amount of $4500 rather than the $8900 on the card. She thinks its a deal because half the debt is "vanishing". We checked her credit report and she isn't listed...
