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Creditor has called to discuss payment options - What to do

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What is the cost of a settlement program? I've fallen behind on my credit card debt. One creditor just sent me a letter offering payment options, but also suggesting that my debt will be forwarded to a lawyer for review, and also that no decision has been made to sue me yet. Can they say that? I got scared so I called and arranged minimum payments that the rep said will buy me 30 days."




Daren,
First of all..which state are you from? How many credit card payments you've failed to pay? Normally if you are late for more than 30 days, you account will be marked as delinquent.
If you are comfortable with the payment option he gave you, go for it.
If you want to go for a settlement option, then you must not pay anything to them. Consult a debt management company and ask about your options. The cost of settlement will vary, depending on the company you are working with.

Sub: #1 posted on Thu, 10/12/2017 - 18:36

tiarajoseph11 tiarajoseph11

(Posts: 203 | Credits: 32.56)

They will not sue you as they have offered you a payment plan. You can accept it and repay your debts. You can also consider debt settlement program to pay your debts.

Remember, the settlement fees will be based on your total amount of debt that you enroll- usually 20-25% of the total debt. And it is also based on the amount that you save. Make sure the settlement company is not a scam.

Sub: #2 posted on Thu, 10/12/2017 - 18:51

sanderspatricia29 sanderspatricia29

(Posts: 380 | Credits: 42.84)

Yes, Sanderspatricia is right. It is based on the amount you owe. But remember the settlement companies can't charge anything before they settle a debt. Make sure to choose a reliable company.

Sub: #3 posted on Fri, 10/20/2017 - 18:16

Good Nelly Good Nelly
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(Posts: 2582 | Credits: 524.25)

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