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Does anyone know about credit card Debt Settlement?
1 Comment · Posted by sanbank in Credit Card Debt Settlement
Is it a good idea to go with a debt settlement company? I know it will affect my credit score for the time being, but it will be affected either way because I can’t make the payments. I have ,000 total. 00 with my GM card, 00 with US Bank, and 00 with Regions. I just want to make sure that debt settlement is the way to go. There’s no way I can afford to pay the ,000. I also had a good realationship with my GM card we were always paying on time or paying in full with our tax money. But this past winter I had a baby and was on maternity leave for longer than required for reasons and my husband was laid off for 4 months so we had no income but some money in savings which didn’t last long. Please can someone help me?
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4 months · Credit Score · Debt Settlement · gm · gm card · maternity · paying on time · realationship · Settlement Company · tax money · us bank
gatewoodcasa · July 10, 2010 at 11:37 pm
I work for an international debt collection agency in Italy ( I’m American by the way) and I think the best advice I could give you regarding a settlement would be to first ask yourself if it is possible to take a small loan. If you can do this and make an offer of settlement for the debt that the company is attempting to recover, your credit standing should remain healthy. After you have ask about a loan, make the settlement company an offer based on the amount that you were able to obtain. If this is not an option make small payments until you can increase your payments when you go back to work. Anything is better than nothing.
Credit Card companies will usally accept a settlement offer for 60 % of the amount owed…. but I think 50% could be good for you and then you should request that the collection company send you a release statement which says that your debt was resolved through settlement and the balance is not due and they will not attempt to collect on the debt ( or balance) any further.
Hope this helps.