Negotiating Credit Card Charge Offs
archive
Posted: Wed Jan 12, 2005 11:32 pm
Post subject: Negotiating Credit Card Charge Offs
June
Date: 8/8/2000 12:59 am CDT
I am currently about $23,000 in debt, with "no action" on my part in the past 3 years. Most of this is credit cards, but also includes some medical, and an attorney fee of over $2,000 (for representation for a divorce in which he dropped me due to non-payment).
Most of the credit cards are noted on my credit reports as chargeoffs, and being pursued by collection agencies. I have received settlement offers on many of these accounts from the collection agencies themselves.
I started bankruptcy and stopped it before the filing was ever done, due to my fear of the consequences for many years to come.
I have been offered a personal loan through a relative, as long as I negotiate/pay the bare minimum to settle each account in full.
#1) Being that the original creditors are listed on my credit reports rather than the collection agencies....Who do I negotiate with, the collection agency or the original creditor?
#2) After negotiations, do I send payoff to collection agencies, or the orginial creditors?
#3) Will the original creditors be willing to settle for the lowest amount previously offered by collection agencies and remove from credit reports?
#4) If I negotiate with collection agencies, do they have authority/power to remove/delete negative from credit reports?
I am in desperate need of advice and appreciate any help I can get. Thanks in advance.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Jan 12, 2005 11:33 pm
Post subject: Negotiating Credit Card Charge Offs
Justine
Date: 8/8/2000 3:49 pm CDT
Try locating a reputable debt negotiator. But first, see if you can dispute any of those accounts.
archive
Posted: Wed Jan 12, 2005 11:35 pm
Post subject: Negotiating Credit Card Charge Offs
Caz
Date: 8/8/2000 4:35 pm CDT
> #1) Being that the original creditors are listed on my
> credit reports rather than the collection agencies....Who > do I negotiate with, the collection agency or the ?
> original creditor?
The collection agency most likely bought the debt for pennies on the dollar from the credit card issuer. They now own the debt and are attempting to collect it. The credit card companies now have nothing to do with it now.
> #2) After negotiations, do I send payoff to collection
> agencies, or the orginial creditors?
You'll send your payment to the collections agency.
> #3) Will the original creditors be willing to settle for > the lowest amount previously offered by collection
> agencies and remove from credit reports?
Possibly. Typically, offers range from 30% to 50% of the original debt. They may be willing to work with you for a settlement, but you'll have to be very adamante in negotiations - the agency reps are experts at manipulation and receive commision for what they collect. Don't mention that your getting a loan from a relative or else they'll want the full amount. You might even want to threaten bankruptcy if they don't offer whats acceptable to you
> #4) If I negotiate with collection agencies, do they have > authority/power to remove/delete negative from credit
> reports?
Technically yes, but in most cases your account will read "Paid as agreed" and will remain on your credit report for the standard time frame. Negative information usually won't be removed.
Caz
askus@cardrevolt.com
http://www.cardrevolt.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jan 12, 2005 11:32 pm
Post subject: Negotiating Credit Card Charge Offs
June
Date: 8/8/2000 12:59 am CDT
I am currently about $23,000 in debt, with "no action" on my part in the past 3 years. Most of this is credit cards, but also includes some medical, and an attorney fee of over $2,000 (for representation for a divorce in which he dropped me due to non-payment).
Most of the credit cards are noted on my credit reports as chargeoffs, and being pursued by collection agencies. I have received settlement offers on many of these accounts from the collection agencies themselves.
I started bankruptcy and stopped it before the filing was ever done, due to my fear of the consequences for many years to come.
I have been offered a personal loan through a relative, as long as I negotiate/pay the bare minimum to settle each account in full.
#1) Being that the original creditors are listed on my credit reports rather than the collection agencies....Who do I negotiate with, the collection agency or the original creditor?
#2) After negotiations, do I send payoff to collection agencies, or the orginial creditors?
#3) Will the original creditors be willing to settle for the lowest amount previously offered by collection agencies and remove from credit reports?
#4) If I negotiate with collection agencies, do they have authority/power to remove/delete negative from credit reports?
I am in desperate need of advice and appreciate any help I can get. Thanks in advance.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Jan 12, 2005 11:33 pm
Post subject: Negotiating Credit Card Charge Offs
Justine
Date: 8/8/2000 3:49 pm CDT
Try locating a reputable debt negotiator. But first, see if you can dispute any of those accounts.
archive
Posted: Wed Jan 12, 2005 11:35 pm
Post subject: Negotiating Credit Card Charge Offs
Caz
Date: 8/8/2000 4:35 pm CDT
> #1) Being that the original creditors are listed on my
> credit reports rather than the collection agencies....Who > do I negotiate with, the collection agency or the ?
> original creditor?
The collection agency most likely bought the debt for pennies on the dollar from the credit card issuer. They now own the debt and are attempting to collect it. The credit card companies now have nothing to do with it now.
> #2) After negotiations, do I send payoff to collection
> agencies, or the orginial creditors?
You'll send your payment to the collections agency.
> #3) Will the original creditors be willing to settle for > the lowest amount previously offered by collection
> agencies and remove from credit reports?
Possibly. Typically, offers range from 30% to 50% of the original debt. They may be willing to work with you for a settlement, but you'll have to be very adamante in negotiations - the agency reps are experts at manipulation and receive commision for what they collect. Don't mention that your getting a loan from a relative or else they'll want the full amount. You might even want to threaten bankruptcy if they don't offer whats acceptable to you
> #4) If I negotiate with collection agencies, do they have > authority/power to remove/delete negative from credit
> reports?
Technically yes, but in most cases your account will read "Paid as agreed" and will remain on your credit report for the standard time frame. Negative information usually won't be removed.
Caz
askus@cardrevolt.com
http://www.cardrevolt.com
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 4:22 PM
0 Comments:
Post a Comment
<< Home