Debt Negotiation Advice

How can I negotiate my own lump sum credit card debt settlement?

I owe a large amount on my credit card and have not made a payment in sometime. I now have a lump sum of money and wanted to see if the cc company would negotiate on the amount owed. Much of that amount is late fees. Can anyone help me?

Public Comments

1. Depending on how old the debt is, you can probably settle it for 50% to 75%. Send them a letter offering half. Get them to sign an agreement to accept $x as full and complete payment of the debt. Don't give them access to your bank account. You can also ask that the negative be removed from your credit report but don't count on them agreeing to that.
2. Many times the credit card companies will take advantage of you as the consumer. They do however usually "roll over" for 3rd parties such as settlement companies. I used a company called TDS,LLC and saved 60% on a repossessed car debt......saved me thousands. One thing to consider however, is which credit card company you are talking about. Each has its own standards for chargeoff and settlement. Check out www.totaldebtsolutionsllc.com they have a free evaluation form and possibly can help you. Don't be satisfied with 20 or 30 percent off if they can save you even more. Good luck.
3. Hi, I used "Credit Solutions" to settle my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here: http://tinyurl.com/2gbdzu
4. if you do that you are not helping anything to your credit rating. what i suggest is you transfer the balance to a new card with 0% intro period. get 12 months period if you can. pay the minimum on time. during this period you are not accumulating new interest accept annual fee, new purchase fee, setup fee, or late fee. so make sure you pay on time. don't pay in full. when the intro period is near the end transfer again to a new card with 0% intro APR. this intro apr usually only apply for balance transfer not new purchase so you need to clear that things up. continue to do that to build up your credit rating and pay all your debt until you can apply for low apr credit card or until you have high credit rating that allow you easily apply for home loan or other loan.
5. You should be able to get them down to 35% of the balance. They may offer you a deal that you hav eto pay 50% or 60%, but don't take it. They will go down to as low as 30% sometimes. I've been through this. this doesn't happen overnight. If you're not offered the right deal, wait a week, two weeks. Believe me, they'll keep giving you offers once you show an interest in paying.