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Re: a way to save $$ on debt


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Posted by MomOfTriplets (64.12.96.205) on January 19, 2003 at 23:32:48:

In Reply to: a way to save $$ on debt posted by anonymous bill collector on January 19, 2003 at 22:08:53:

Just to update you Bill COllector!

Did you know that a lot of creditors will settle as low as 35% nearing the charge-off date? I offered 40% to each of mine (after talking the 50% deal)and they are accepting it in return for removing all of the account info from my credit reports and considering the account paid in full without an attempt to collect at a later date or sell the unpaid balance to any collection agency or other debt collection service? MBNA will settle for 35%, but I have the funds to settle for 40% so I offered it. Chase will settle for less than 50%, Discover will settle for less than 50% and so will CitiBank, however I decided to pay Citi in full to keep charging privelages as they have been the best to deal with in my situation. (They only call me once a week vs. 5 times a day from the others) You just have to tell them what you want in return and they will bite. Just get it in writting first! Chances are you have paid enough in interest in the past, they get a write-off for the balance so they are not going to loose out on the deal.

I do not recommend settling, but it is a way out of debt if your credit is becomming toast anyway and you can get the funds together to do it. It is the only way out for me.

Just my experience!

Debt free in 29 days and counting!




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