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October 5, 2013 at 10:40 pm
ShermanChase Visa just sold my account to another collection company.
They called my job yesterday.
My chase balance is $4150, the new place’s first offer is $2800 in 4 monthly payments of $700 each.
I only clear about $1200 a month for everything, so that is way too much for me to afford.
fyi: this is one of three “big debt” credit cards I have, all with about the same balance, all in collections.
This is my first time negotiating a settlement and I could use some help…
Will they settle for LESS than $2800? Is there a percentage I should shoot for or something? How much should I counter-offer them in response? What sort of time frame is acceptable for payback? This lady told me if I needed to stretch out past 4 payments, I’d have to pay the whole $4150, but surely they’d prefer regular smaller payments to the nothing they are getting now?October 5, 2013 at 10:40 pm
ErwinAccording to DR they should be willing to settle for a lot less (like 30-40% of the total). The bought that account for 7-10 cents on the dollar. There is no reason you should settle for 68%. But, you can’t settle unless you have the money in hand. So, if you have the money to offer them 30% then call. If not, there’s nothing you can do. I would start at 20% though and it might not be settled in one phone call.
October 5, 2013 at 10:40 pm
NoeMary Jeane, This post was basically talking to us because I would like to settle the debt with the debt collectors for as low as possible, especially when DH had mentioned that he paid off the $1,000 plus balance over 7 years ago.
CarolinaOctober 5, 2013 at 10:41 pm
MattCarolina – so they have no record of you paying this off? That’s terrible. Do you have an proof that it was paid? I’ve heard Dave say in cases like this to make them prove that you owe the money. I think there may be a letter in the files that you can use for that.
Mary Jeane Mary Jeane, This post was basically talking to us because I would like to settle the debt with the debt collectors for as low as possible, especially when DH had mentioned that he paid off the $1,000 plus balance over 7 years ago.
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