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Wanting to negotiate old credit card debts
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Posted by Cassie
on January 21, 2002 at 12:58:03:
I want to negotiate to settle several accounts that have been charged-off and bought by collection agencies. Most have sent us offers to settle letters already - at about 50%. However, I cannot afford to settle that high (plus, that is still over the original debt amount). Most of these accounts are 2 - 3 years old. My states SOL is 4 years. As the creditors would not work with me at the beginning of my financial troubles, I have not made any payments for three years (on advice from an attorney). My questions are:
1. How low do most of these collections agencies settle? 20%, 30%, etc?
2. I want to do this myself but I don't want to do/say something that will damage my case further. Should I do it all in writing or over the phone?
3. I understand that my letter should state that I disagree with the debt and I should also add that this is a restrictive offer only. Have you heard this, too?
4. What are the big "NO NO's" when negotiating? THanks!
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