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Credit Card Companies Negotiate A One Time Lump Sum Settlement?

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Hi,
I have a few cards with large balances and over the past year I have been making the minimum payments and while a bunch of them have been late, none of the accounts have reached collection companies.  I would like to stop making the minimum monthly payments and make lump sum payments to pay off the remaining balances however I don't have all the money needed.  I have read in different places that collections companies would be willing to negotiate for a lump sum payment, but since my accounts have yet to reach the collection companies, I am wondering if the credit card companies themselves would be willing to settle with me in the same manner.
Please share your opinions and advice.
Thanks




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Sub: #1 Yes, the credit card companies will settle the debt for less, if
Tue, 03/31/2009 - 03:45

Yes, the credit card companies will settle the debt for less, if you can negotiate with them properly. If you cannot, you can also register with a debt settlement company who will negotiate on your behalf with the creditors and settle your debt for 40 to 60% of the outstanding amount. For settling your debt it is not necessary that the debt has to be sold to a collection agency.




love_my_things

Posts: 1438
Credits: 12832.2

Sub: #2 usually they will settle but not until you are atleast 90 days l
Wed, 04/01/2009 - 05:52

usually they will settle but not until you are atleast 90 days late of non payment.?? Frankly most people have the best settlements once that account goes into collection.
Read up on settlement and see if this is in fact what you need to do.?? Settlement is far from easy but sometimes necessary. You can do settlements yourself or through a company, but this is what they will do they will allow your accounts to become delinquent and start negotiation.?? The longer time goes on usually the better the settlement, but keep in mind, the longer it goes the more likely you are to get sued to.?? So keep that in mind




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