Credit Card Settlement Offer Tips
Author: Sandra
Posted: Thu Apr 08, 2004 3:22 pm
Post subject: Settlement Offers
What is the best percentage to offer a collection agency or a credit card company? I have a $1300 "write off" account I would like to settle.
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Author: JackOffAllTrades
Posted: Fri Apr 09, 2004 2:33 pm
Post subject: Credit Card Settlement Offer Tips
Hi..
Start of with an amount and give a reason for it, like all I could borrow from my family was $480 to settle this account, and then they will counter offer with 75%, and you will probably settle for 50% if you do it right.
Check out http://www.creditcardsloan.com for how to write debt letters.
Author: NightStar
Posted: Fri Apr 09, 2004 4:53 pm
Post subject: Credit Card Settlement Offer Tips
Depends on how much you have to work with, and what you want to accomplish... if removal of the tradeline from the credit report, then yes upwards on the amount offered.
If the least amount to be paid, then it depends on how old this debt is, how long it has been outstanding... I know some people can get as low as 35% / 40% to pay.
Just be warned, if the difference you pay is under $500/$600 on what is owed, (forgot the exact) but anyway the collection company can send you a 1099 form to claim the difference as income earned.
Author: Sandra
Posted: Sat Apr 10, 2004 12:40 pm
Post subject:
The account has been written off for about two years; and I haven' t made payments on it since the beginning of 2003.
Author: NightStar
Posted: Sat Apr 10, 2004 11:07 pm
Post subject: Credit Card Settlement Offer Tips
A little early on the debt, may be higher then... to give you an idea, I just seen on another board a person post that on a 6 year old debt the collection agnecy just offered them 22% pay off on their collection.
There is not set rules, it will just differ from one company to the next on how low they will go, so still worth working from the bottom up if you can.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Apr 08, 2004 3:22 pm
Post subject: Settlement Offers
What is the best percentage to offer a collection agency or a credit card company? I have a $1300 "write off" account I would like to settle.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: JackOffAllTrades
Posted: Fri Apr 09, 2004 2:33 pm
Post subject: Credit Card Settlement Offer Tips
Hi..
Start of with an amount and give a reason for it, like all I could borrow from my family was $480 to settle this account, and then they will counter offer with 75%, and you will probably settle for 50% if you do it right.
Check out http://www.creditcardsloan.com for how to write debt letters.
Author: NightStar
Posted: Fri Apr 09, 2004 4:53 pm
Post subject: Credit Card Settlement Offer Tips
Depends on how much you have to work with, and what you want to accomplish... if removal of the tradeline from the credit report, then yes upwards on the amount offered.
If the least amount to be paid, then it depends on how old this debt is, how long it has been outstanding... I know some people can get as low as 35% / 40% to pay.
Just be warned, if the difference you pay is under $500/$600 on what is owed, (forgot the exact) but anyway the collection company can send you a 1099 form to claim the difference as income earned.
Author: Sandra
Posted: Sat Apr 10, 2004 12:40 pm
Post subject:
The account has been written off for about two years; and I haven' t made payments on it since the beginning of 2003.
Author: NightStar
Posted: Sat Apr 10, 2004 11:07 pm
Post subject: Credit Card Settlement Offer Tips
A little early on the debt, may be higher then... to give you an idea, I just seen on another board a person post that on a 6 year old debt the collection agnecy just offered them 22% pay off on their collection.
There is not set rules, it will just differ from one company to the next on how low they will go, so still worth working from the bottom up if you can.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:37 PM
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