Debt Negotiation Advice

how do you negotiate with credit card companies to pay the least amount on debt you owe?

if you have a couple of credit cards with large balances and they are trying to collect from you, what is the best strategy to make the best deal to pay as little as possible? How do you approach these people and get the best deal for yourself?

Public Comments

1. as far as i know till these go into collection or judgement the card companies will not reduce the amount owed, by that time your credit will be destroyed, its not a game and you cannot run up legit bills for purchases, cash advances, etc. and think they r going to reduce the principal owed them.once in collection the collection agencies buy the debt for pennies on the dollar, and then the collection agency will normally settle for 40-60 cents on the dollar of what is owed, they are still making a profit, and they will require the entire payment made in one lump sum. to reduce monthly payments to the credit card companies they will take what ever you send but again goodby credit score, and be sure the monthly payment that you send exceeds the minimum payment required or they will add late fees, interest, and penalities each month, yes its a never ending vicious cycle, and they have got u, consider bankruptcy if they are that high, or consumer credit counseling if you feel that you will never get them paid off. gl
2. http://answersinfo.zor.org you can get much information in this website,kindly stay a minute in website and check anyone blue link at a time
3. First off, if you borrowed the money you should pay it back. I mean if you gave someone $1,000 and they didn't want to pay you back I am sure you wouldn't be too happy, or if they only wanted to give you back $300 and call it good you still wouldn't be too happy. Anyway, if your account is very late they may take a settlement for payment in full. Tell them look, you don't have "x" amount of money to pay you but I do have "x" amount and if they would take that as a pay off for the balance. Depending on how later you are with the payments they may say yes. TELL THEM YOU NEED IT IN WRITING FIRST!!!! If you don't they can come back and say you owe them the rest. It will show up on your credit report that you settled with for a lesser amount but it is better then having it written off.
4. if you are trying to get them paid off , say as with income tax , ask them for a debt settlement price . some will be a small bit lower some will settle for half . depends on amount owed and what company.