Jul/10
2
Can you negotiate settlement on credit card debt?
1 Comment · Posted by sanbank in Credit Card Debt Settlement
I have credit card debt that I have the money to pay off. However, I heard that credit card companies will negotiate a lower amount, say ,000 instead of ,000 in order to get the cards paid in full.
1. Is this true?
2. Does this look bad on your credit report? Or does it even appear?
3. How does this work and how do you go about negotiating with them?
Thanks for your time!
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Cards · Credit Card Companies · Credit Card Debt · credit report · Money · thanks for your time
1 comment
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<< How do I claim for settlement on credit card debt based on verbal agreement?
Spock (rhp) · July 2, 2010 at 11:40 pm
1. rarely … they’ve heard every possible reason at least sixteen times over
2. yes. it is called a charge off. if you were charged off on one credit card, how many other banks do you think would be interested in giving you another one — within the next 7 to 10 years??
3. in your case, it likely won’t work. you’d have to lie. and since they’ve heard every excuse and every lie already, you’ll probably be detected.
***
just pay up — honesty has a refreshing quality to it that pays dividends in the long run.